Solana’s revenue race with Ethereum intensifies as SOL/ETH ratio stays under pressure in 2025

In 2025, Solana’s network revenue has accelerated, with yearly figures reportedly on track to exceed Ethereum’s for the first time as on-chain activity and RWA growth surge. Data shows Solana’s revenue rising from $28 million in 2021 to $2.5 billion YTD in 2025, while Ethereum has declined to about $1.4 billion. Although the SOL/ETH price ratio has spent 2025 in a bearish trend, Solana still logged a 12-month high around 0.93 in mid-January, keeping the contest between the two L1s firmly in focus going into 2026.