Ethereum Under Pressure, But Remains Unshakeable According To Sygnum

Solana has always shone under the spotlight of the press and crypto influencers. The community is full of praise, relaying record after record. Between social dominance, transaction volumes, and record staking, Ethereum seems relegated to the shadows. But a study by Sygnum sets the record straight. What if the storytelling masks the real flaws of the so-called “Ethereum Killer”?

Unstable revenues under blinding spotlights

Sygnum, a crypto banking group, remains cautious about Solana’s ability to surpass Ethereum. According to their analysis, Solana’s revenues come too much from memecoins, a sector considered too volatile.

The revenues are unstable, too concentrated in memecoins.

Sygnum Report

Fees and revenues of protocols – Ethereum/Solana ratio – Source: Sygnum

In the medium term, the choices of institutions will make the difference. And they favor stability, security, longevity. All values embodied by Ethereum, solid despite its recent technical underperformance.

The study highlights that most of the fees on Solana benefit the validators. Little value flows back to the SOL token. Solana remains dynamic but lacks reliability to attract large wallets. A serious project is not built solely on Twitter enthusiasm.

The crypto-sphere often gets excited quickly, but institutions observe with coolness. On this ground, Ethereum remains king. Nothing currently indicates a true structural takeover.

Solana shines, but Ethereum builds

Despite Sygnum’s doubts, Solana racks up visible victories . More staking than Ethereum, dominance of Layer 1 fees, increase in TVL: the numbers impress. The crypto community loves these flashy headlines.

On networks, Solana surpasses Ethereum in presence. But as often, appearances can hide fundamental weaknesses. BlackRock, via its BUIDL fund, keeps 93% of its assets on Ethereum. This choice is no coincidence. It reflects trust in Ethereum’s structure and regulation.

Tokenization, stablecoins, DeFi: Ethereum remains dominant in serious use cases. Projects supported by governments, banks, and traditional players turn to it. Solana can shine for a moment, but Ethereum remains anchored. Like ancient empires, it does not falter easily. Its foundations are built to last.

The “Ethereum Killers” come and go, Ethereum remains. A throne is not overthrown with memes, but with sustainable structures.

The numbers don’t lie

Sygnum reminds that despite Solana’s upswing, Ethereum continues to dominate the essentials. Ethereum’s revenues are 2 to 2.5 times higher than Solana’s. Even losing speed, it remains ahead on tokenization (57%) and stablecoins (>50%). Recent figures:

• Solana progresses in DeFi: market share rose from 9.5% to 11.5%;
• Stablecoins on Solana: 5%, compared to over 50% for Ethereum;
• Tokenization: Solana remains under 3%.

These gaps are structural. They show the depth of the divide between the two chains. Solana impresses but remains young. Its business model is still in development. A proposal to reduce SOL inflation was rejected. This illustrates the lack of long-term consensus.

Ethereum, on its side, adjusts its course methodically. The post-Dencun strategic pivot is already showing positive effects. The fight continues, but the heir still has to learn the governance of the kingdom.

In the chain war, Ethereum and Solana attract attention. But other crypto players are advancing as well. Binance, with its updates and reduced fees , is blazing its trail. The future of Web3 will not be a duel but a field of multiple conquests and coalitions.