Solana to Surpass Ethereum in Yearly Revenue

Solana founder Anatoly Yakovenko has shared new data that shows Solana has outperformed Ethereum in yearly revenue, highlighting what he sees as a pivotal shift in how value may be distributed across the crypto market.

The infographics by DeFi Development Corp. show the projected chain revenue comparison of Ethereum and Solana. According to the analyses, Solana revenue is expected to reach $1.4 billion against $522 million by Ethereum.

In another post on X, Yakovenko described the past year as “crazy” and questioned whether open, permissionless protocols can sustainably grow and maintain revenues over time. He argued that this challenge remains unresolved for much of the industry.

Yakovenko said he believes the total cryptocurrency market capitalization will continue to expand, but added that it will eventually need to be “split by revenues,” rather than purely by narratives or speculation. In that context, he suggested that Layer-1 blockchains have a single clear path to long-term relevance.

“L1s’ only shot at this is in the execution layer,” Yakovenko wrote, adding that the most successful networks will be those that provide “global, decentralized, low-latency, high-throughput censorship resistance.”

It’s been a crazy year. Can open permissionless protocols actually grow and maintain revenues is still an open question.

I am a believer that the entire crypto mcap will continue to grow and eventually it will have to be split by revenues. L1s only shot at this is in the… https://t.co/J0A7UPJYSK

— toly 🇺🇸 (@aeyakovenko) December 20, 2025

The comments come amid growing debate over revenue generation and real economic activity across major blockchains, including Ethereum, as investors increasingly focus on fundamentals rather than usage metrics alone.

Solana institutional adoption

According to the American financier, a slew of large-scale companies of the likes of BlackRock, Blackstone, and JPMorgan could start using the network for transactions.

Earlier this month, Scaramucci predicted that Solana would be among the “big winners” when it comes to tokenization. He has publicly predicted that Solana could surpass Ethereum in market cap.

The data from Farside shows that the Solana ETFs have recorded nearly $700 million in cumulative flows since their emergence a few months ago. This rapid growth is not a surprise as the ETFs have been seeing strong demand since the launch of the first Solana

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