Crypto Daily™9 minutes ago

Published on March 27, 2025 14:46 GMT+00:00edited on March 27, 2025 14:49 GMT+00:00

The Solana blockchain ecosystem has had quite a good run over the past year, with memecoin activity taking the centre stage. What’s even more interesting to observe is that this DeFi chain is finally living up to the 2021 bull run hype when it was touted as the ultimate Ethereum challenger. 

Solana’s total value locked (TVL) has grown from a mere $1.4 billion at the beginning of 2024 to a whopping $9.3 billion as of writing. While this figure is still a fraction of Ethereum’s current $58 billion TVL, the latest on-chain metrics tell a different story. According to a recent report by OKX, Solana dominated close to half of the DEX volume in January 2025, “drinking the Ethereum milkshake”. 

The latest data from Messari also tells a similar story; Ethereum’s daily active addresses …