The Scoop: Solana is giving Ethereum a run for its money

This column was co-written by Frank Chaparro, director of special projects at The Block, and Laura Vidiella of MNNC Group. The views expressed in this column are their own and do not reflect the opinions of their employers.

Solana has been on an eye-watering tear over the last year, and according to Syncracy's Ryan Watkins, this might just be the beginning. Watkins joined The Scoop last week to share his insights on why Solana is catching up to — and in some cases surpassing — Ethereum across key metrics, driven by explosive growth in its ecosystem and real-world adoption.

The conversation highlighted how Solana's story has evolved over the past year. A year ago, Syncracy's public thesis focused on Solana's potential, emphasizing its speed, cost-efficiency, and scalability. Back then, the argument relied heavily on technical merits, with supporting data still in development.

Today, Watkins argues, the case for Solana is firmly grounded in hard data. Metrics like stablecoin volumes, DEX volumes, active addresses, transactions, and total application revenue show that Solana is now either matching or surpassing Ethereum in key areas, showcasing its powerful network effects and increasing economic value.

Recent data from The Block further underscores Solana's rise:

• Chain fees: Solana's chain fees are now 80% of Ethereum's, up from just 1.36% last November.
• Protocol fees: Solana protocol fees have surged to $343 million this month, compared to Ethereum's $178 million—a massive leap from just 4% of Ethereum's fees a year ago.
• DEX volumes: Solana's decentralized exchange volumes are now 199% of Ethereum's this month.

According to Watkins, this dramatic growth positions Solana as a blockchain ecosystem that is no longer defined by potential but by measurable success.

"It's no longer about opinions or technical advantages; it's about undeniable data," he said.

The Block’s Frank Chaparro serves up the latest headlines, charts, trends, and views on crypto and DeFi from around The Block, Twitter, and The Scoop pod.  Subscribe to The Scoop newsletter , which hits inboxes on Tuesday and Friday mornings.