How to View Solana On-Chain Activity? What Are the Differences from Ethereum?

When discussing on-chain activity, Solana and Ethereum are two unavoidable names, and also the most debated chains.

As a newcomer looking to stay in this space long-term, you'll eventually face questions like "Which public chain should I focus on?" and "Which ecosystem is more active?" Those who constantly jump between trends are often the ones who lose money.

This article won't offer subjective conclusions but will present facts and data. I'll explain clearly in plain language: Both chains are rising, so why focus on activity? What advantages does Ethereum actually have, and what did Solana do right? After reading, you should know how to use a few key indicators to determine which chain deserves more attention at any given time.

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First, Look at Core Data: How Big is the Gap?

Let's start with the macro numbers to get a big-picture view, then break down the details.

In early 2026, the total value locked (TVL) in the entire blockchain DeFi (Decentralized Finance) sector was approximately $238.5 billion, and analysts predict this could grow to over $770 billion by 2031. Ethereum still dominates this space, with its DeFi TVL around $45.4 billion, accounting for about 54% of the global DeFi market. The next four chains—Solana, BNB Chain, Bitcoin, and Tron—have shares compressed between 6.6% and 6.1%, with less than 0.5 percentage points separating them. Simply put, Ethereum's scale is still far ahead, but the competition for "second place and beyond" is in a deadlock.

Looking at TVL from another angle, in early 2026, Solana's DeFi TVL was about $9.228 billion, while Ethereum's major L2s combined had a TVL of roughly $9.05 billion—almost neck and neck. This shows that in terms of "active capital" in DeFi, Solana is not far behind.

However, if we shift our focus from "TVL" to "Total Value Secured" (TVS)—a broader measure that includes idle funds bridged to L2s—the gap widens immediately: Ethereum L2s have a TVS of $40.5 billion, while Solana's figure in this category is almost incomparable. This structural difference is key to understanding the capital flow logic of the two chains.

The table below compares Solana and Ethereum L2s across several core dimensions as of early 2026:

*Data source: MEXC / Gate.io as of early 2026*

Understanding the Difference Between TVL and TVS at a Glance

Before comparing, we need to clarify what TVL and TVS mean. TVL (Total Value Locked) counts active capital locked in DeFi applications like DEXs (Decentralized Exchanges) and lending protocols. TVS (Total Value Secured) counts all assets bridged to L2s, including funds sitting in wallets not participating in any protocol.

Think of it this way: TVL is like the money spent on a meal—spending reflects activity. TVS is more like your total wallet balance. Solana's TVL being roughly equal to L2s shows its high capital efficiency. However, Ethereum L2s' higher TVS means a large amount of capital is bridged to L2s but sits idle, waiting for the right opportunity to be deployed. This "reservoir" effect creates a deep defensive moat for the Ethereum ecosystem.

In other words, the Ethereum ecosystem has more long-term, settled capital, while capital on Solana is more inclined towards active on-chain economic activity.

Active Addresses, Transaction Volume, Fee Revenue: Who's Higher?

Having covered the structural differences in TVL and TVS, let's switch to user activity, a dimension that truly reflects usage scale.

In early 2026, Solana's daily active addresses stabilized between 3 million and 6 million, peaking over 7 million. Even during increased market volatility mid-year, Solana's daily active addresses remained around 1.8 million to 2.7 million, with daily non-vote transactions between 35 million and 86 million. About 35% of its roughly 285 million total daily transactions were non-vote, real transactions. Ethereum mainnet's daily active addresses were around 980,000. Even adding L2s like Arbitrum, Optimism, and Base, overall user activity still lags significantly behind Solana.

This gap stems directly from transaction costs. Solana's per-transaction fee is about $0.0002, almost negligible, while Ethereum mainnet's gas fees, even during low periods, are in the single-digit dollar range. High cost-effectiveness drives high-frequency activity. Conversely, Solana's network fee revenue is actually lower than chains like Tron, which focus on stablecoin transfers—Solana's daily fees are about $620,000, while Tron's were around $948,000 in the same period. High frequency doesn't equal high profit; the relationship between usage scale and monetization capability isn't as direct as one might think.

Solana's Ecosystem Drivers: Meme, AI, and DePIN

Beyond transactions themselves, Solana's recent growth has also benefited from the explosion of several new sectors.

The Meme coin craze was a major engine driving SOL's growth in the previous cycle. From late 2024 to early 2025, Solana, powered by the Pump.fun platform, sparked a "Meme Summer," with daily new token issuances once exceeding 10,000 and trading volume peaking over $60 billion, pushing SOL to a high of $295 in early 2025. The frenzy has since cooled, but about 34% of Meme coin trading activity is now completed by AI autonomous wallets—as of June 2026, over 120,000 AI agent wallets were actively running on Solana.

Simultaneously, Solana has become a primary battleground for DePIN projects. DePIN (Decentralized Physical Infrastructure Networks) essentially uses token incentives to coordinate and share hardware resources. With sub-second transaction finality and fees under one cent, Solana naturally became the preferred settlement layer for projects like GPU compute-sharing platform io.net and community 5G network Helium. The global AI computing market is projected to reach about $1.36 trillion by 2026, and Solana, through its deep DePIN ecosystem, is continuously absorbing long-tail computing supply.

Ethereum's "Ecological Moat": More Than Just Scale

Having discussed Solana's growth engines, it's necessary to look at the other side of the coin—Ethereum's barriers might not lie in transaction volume, but in capital, developers, and compliance.

In 2026, Ethereum's DeFi share has declined somewhat, but its overall user structure is more robust. The developer commit count for Ethereum mainnet plus L2s (about 45,000 in the last 90 days) is nearly 3.6 times that of the Solana ecosystem, reflecting deeper and more diverse technical accumulation. Furthermore, Lido's TVL exceeding $27 billion shows that Ethereum's core staking and application scenarios remain difficult for competitors to fully replace.

More importantly, traditional institutions like BlackRock and Franklin Templeton tend to favor the Ethereum ecosystem for sectors like tokenized treasuries and RWA (Real World Assets). The growth of the RWA compliance narrative relies on security, not transaction speed. When market focus shifts from speculation to asset tokenization and institutional access, Solana's design philosophy of pursuing extreme efficiency may not perfectly match the security requirements of these scenarios.

Current Market Changes: Both Chains Face Challenges

By Q2 2026, market sentiment had clearly cooled, putting pressure on both chains.

Solana's monthly active users dropped from nearly 46 million at the start of the year to about 34.1 million in early June, its lowest level since mid-2024. Its TVL also fell about 56% from its August 2025 peak, settling in the $5.5 billion range, indicating some capital has exited the ecosystem. Ethereum mainnet's situation is also not optimistic, with daily active addresses dropping to around 450,000. However, it's worth noting that the TVL gap between the 2nd and 5th ranked chains remains less than 0.5 percentage points, meaning any share change could trigger a "reshuffling" of capital flows.

This year also saw a new trend: newcomers like traditional exchange Base are catching up quickly, with its TVL share reaching 5.44%, rapidly closing the gap with top-ranked chains. Although only about 3% to 8% of tokenized RWA assets have actually flowed into the DeFi application layer, an undeniable fact is that the future competition among public chains has completely shifted from simply comparing speed to who can capture "real" economic activity faster and establish solid institutional partnerships.

Future Landscape: Complementarity May Outweigh "Us vs. Them"

Back to the initial question: Solana's activity is significantly higher than Ethereum's, but where exactly is the big gap?

I believe the path differentiation between Solana and Ethereum is becoming more pronounced. The former is better suited for high-frequency, low-value, low-cost P2E (Play-to-Earn), AI automated trading, and consumer-grade applications. The latter continues to serve as the "stronghold" for institutional entry, RWA title registration, and high-value DeFi settlement. In the long run, these two chains are likely not an either/or proposition but will naturally evolve towards designs fitting their underlying architectures.

When making allocations, you can't just look at "who has higher trading volume." Solana and Ethereum represent two different usage models and technical tendencies. It's best to decide your asset allocation based on which scenario you plan to operate in.

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The only certainty in the crypto market is uncertainty. Indicators are always lagging, but if you learn how to interpret them, you can at least avoid some costly mistakes.

FAQ

1. Which chain should I start investing in or using?

If you're a new retail investor, you can start by familiarizing yourself with basic DeFi operations on mainstream Ethereum protocols (like Lido, Aave). If your budget is limited, you prefer high-frequency trading, or want to participate in GameFi or AI narratives, Solana's low fees and high efficiency might be more suitable.

2. Why did Solana's monthly active users suddenly drop?

Since Q2 2026, the ebbing of Meme coin trading and heightened macroeconomic risk aversion have led to a decline in speculative demand. Additionally, as AI agent trading volume increased, traditional retail users' enthusiasm for newly issued tokens cooled, resulting in lower genuine user retention. Industry analysts point out that Solana's monthly active addresses have fallen to their lowest point since mid-2024.

3. Besides TVL, what other indicators can I track long-term?

It's recommended to monitor active address growth rate, the proportion of non-vote transactions, whether on-chain fee revenue matches transaction volume, stablecoin supply trends, and capital inflow/outflow data for each chain during narrative shifts like Meme or AI. Comparing Ethereum and Solana's TVL changes quarterly can help you gauge the direction of market sentiment.

4. Will Ethereum's L2 development cause Solana to lose its advantage?

In the short term, Solana's overall transaction activity and low cost still lead. Ethereum's multi-chain system does dilute its mainnet's single transaction volume. However, the value of L2s lies in inheriting Ethereum's security and liquidity. In the long run, the two models may coexist for different scenarios. Furthermore, Solana has already established a differentiated competitive edge in DePIN and AI computing.

5. For retail investors with limited capital, which on-chain data should they focus on?

Retail investors can focus on tracking the trend of active addresses for each chain over the latest 30 or 90 days—this indicates whether genuine user participation is growing. Additionally, changes in stablecoin supply and on-chain fee revenue can help you determine whether assets are effectively "circulating" within the network or just sitting idle.