## Solana Truly Is a 'Blast Furnace' – Is ETH About to Be Overtaken?

The year 2025 will witness an explosion of Layer 1 blockchains. If last year Solana was underestimated, the current situation is completely different. SOL's annual revenue has reached $2.5 billion — an impressive figure compared to Ethereum's $1.4 billion. This is not a coincidence but the result of the massive on-chain growth that Solana is experiencing.

## RWA Growth: Where Solana Shows Its True Strength

The Real World Assets (RWA) sector has become a major battleground among L1s. This year, RWA has increased by 240%, adding approximately $14 billion to the total market value. Solana has grown 372% in this sector, while Ethereum has only increased 198%. This indicates that RWA capital flow into Solana is twice that of Ethereum, reflecting increasing confidence in SOL's scalability.

From a protocol revenue perspective, this trend is even clearer. From $28 million in 2021, Solana has increased tenfold to reach $2.5 billion. In contrast, Ethereum, which peaked at $5 billion, has decreased to $1.4 billion. This shift is not just a number; it reflects a weight transfer within the blockchain ecosystem.

## SOL/ETH Ratio: A Positive Signal Amid Price Volatility

In the market, the situation appears more complex. The SOL/ETH ratio in 2025 has declined, erasing the 27% advantage from the previous year. Currently, Solana (price $142.84) and Ethereum (price $3.16K) are still undergoing correction.

However, it is noteworthy that in early January, the SOL/ETH ratio reached 0.93 — a 12-month high. Despite the overall decline, Solana has shown relative strength in recent months. With the ratio fluctuating around 0.042 on the weekly chart, there are still many opportunities for SOL to continue competing (or even surpass) Ethereum in upcoming rallies.

## Will On-Chain Dominance Reflect in Price?

The gap between on-chain data and current price action is significant. Solana is leading in real usage metrics, while the SOL/ETH exchange rate has not fully reflected this. This could be an opportunity for investors, as markets often cannot ignore fundamental signals for long.

As Solana's on-chain development continues to accelerate, and with clear revenue advantages, it seems only a matter of time before this begins to be reflected in the price. If this trend persists, 2026 could be the year Solana truly "blasts off" in the financial market.