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Saved February 14, 2026
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The article analyzes Solana's impressive growth metrics, including a tenfold increase in total value locked (TVL) and a significant rise in user base, transaction counts, and fees since 2023. It contrasts Solana's performance with Ethereum and other Layer 2 chains, arguing that while Ethereum remains valuable, Solana is currently leading in several key areas.
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Joel John highlights significant growth metrics for Solana compared to Ethereum, emphasizing Solana's rising total value locked (TVL), transaction volume, and user base. Since 2023, Solana's TVL jumped from 0.7% to over 9.5%, while Ethereum's share has declined. Solana accounted for around 29% of on-chain transaction volume, matching Ethereum’s performance during peak meme coin activity, which saw Solana surpass Ethereum by six times in value transfer.
Despite some skepticism around Solana’s growth, John argues that the metrics show Solana outperforming Ethereum across several dimensions, including user count and transaction volume. While Ethereum still holds significant value as a smart contract platform and has a dedicated developer community, it has seen a steep decline in its user base — dropping from 20% to 6% of the total market. In contrast, Solana’s user share increased from 6% to 28%, indicating a shift in user preference and engagement.
John acknowledges Ethereum’s strengths but insists that dismissing Solana's achievements is disingenuous. He stresses the importance of recognizing Solana's success in the decentralized finance (DeFi) space, including its dominance in decentralized exchange (dex) aggregation and overall transaction metrics. The conversation emphasizes that while both chains have their merits, Solana's rapid growth and increasing user engagement reflect a significant shift in the blockchain ecosystem.
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