Solana vs. Ethereum: Key Metrics for June 2025

Summary

• • • Solana experienced a significant decline in key performance metrics in June 2025:
      • REV (revenue from fees and operations): $63 million, down 48% MoM
      • App Revenue: Fell to $150 million (-38%)
      • DEX Trading Volume: Dropped to $90 billion (-35%)
    • Despite declines, Solana remains the leader in app revenue share (35%) and dominates the meme coin market (61% of volume)
    • On June 30, xStocks launched — enabling trading of tokenized U.S. equities
    • Ethereum continued attracting institutional capital:
      • ETH ETF inflows reached $1.2 billion , the second-best month ever
      • Declining futures funding rates indicate more cautious trader behavior
      • Stablecoin volumes on ETH hit ATH
    • Ethereum is emerging as the core infrastructure for RWA (Real World Assets), which could grow to $40–120 trillion by 2030–2034
    • In the U.S., new legislation (the Genius Act) could push stablecoin volumes to $2 trillion, reinforcing Ethereum’s dominance

Solana Performance – June 2025

Key Metrics Overview

In June, Solana saw a notable contraction across its major on-chain indicators:

Revenue (REV)

• • • Total transaction and operational revenue (REV) stood at $63 million, representing a 48% drop from May
    • However, Solana increased its global REV market share to 31%, surpassing both Tron (28%) and Ethereum (23%)

Application Revenue

• • • App revenue totaled $150 million, down 38% MoM
    • Solana retained its position as the blockchain with the highest app revenue share (35%), ahead of BSC (17%)

Top Revenue-Generating Apps (June 2025):

DEX Trading Volume

• • • Total DEX volume fell to $90 billion , a 35% decrease from May, but still 50% higher YoY (vs. June 2024)
    • Approximately 61% of this volume was attributed to meme coins

Stablecoin Supply

• • • Stablecoin supply declined by 6.5% to $10.8 billion
      • USDC dropped by $1 billion (-12%)
      • FDUSD tripled from $104 million to $304 million

New Launches

• • • xStocks launched on June 30, enabling users to trade tokenized U.S. equities
      • First-day transaction volume on July 1 was $8 million
    • On July 2, the first SOL ETF debuted in the U.S. with a trading volume of $33 million on day one

Ethereum Performance – June 2025

Key Metrics Overview

Ethereum continued to draw institutional interest during June 2025:

ETF Inflows

• • • ETH ETF inflows totaled $1.2 billion, marking the second-highest monthly inflow since launch

Futures Funding Rates

• • • The funding rate between longs and shorts on perpetual futures dropped from 6.7% in May to 4.6% in June, signaling increased caution among traders

Options Market Sentiment

• • • Short-term options showed a shift from bullish bets to hedging against downside risk
    • Long-term sentiment remained cautious but began showing signs of improvement

Fundamental Indicators

Stablecoins

• • • Stablecoin value on Ethereum hit an all-time high (ATH)
    • Ethereum holds $126 billion out of $258 billion total stablecoin market cap

Market Share in REV

• • • Ethereum’s share of transaction fees and revenue (REV) was 23%, trailing behind Solana and Tron

Growth Catalysts: RWA, DeFi & Stablecoins

Ethereum is increasingly seen as the foundation for future global financial infrastructure.

Stablecoins

• • • The volume of stablecoins as a whole has reached $258 billion ($126 for ETH), while after legislative decisions in the US (Genius Act), growth to $2 trillion is predicted (by US Secretary of State Bessent).

Real World Assets (RWA)

• • • RWA sector grew from $5.2 billion in 2023 to $24.3 billion today
    • Analysts estimate that tokenizing 30% of global assets could lead to a $40–120 trillion RWA market by 2030–2034

Ethereum Dominance in RWA

• • • 95% of BlackRock’s BUIDL fund is deployed on Ethereum
    • Securitize, with 15% market share in RWA, manages ~$3.7 billion in tokenized assets, of which 80% are on Ethereum
    • The Ethereum Foundation restructured and launched Etherealize, a dedicated division to engage with Wall Street institutions

DeFi Integrations

• • • Securitize issued specialized tokens (sBUIDL, sACRED ) usable as collateral on Euler and Morpho
    • Ethena utilizes USDtb, with 90% of reserves invested in BlackRock’s BUIDL fund

Conclusion

• • • Solana remains a retail-focused blockchain, excelling in meme coins, experimental applications, and user engagement (e.g., tokenized stocks via xStocks)
    • Ethereum is positioning itself as the infrastructure layer for institutional finance, with RWA, stablecoins, and DeFi shaping the next phase of decentralized finance
    • Based on current momentum, Ethereum appears better positioned to serve as the base layer for the next major liquidity cycle in crypto

Sources

• • Solana Metrics:
    🔗 Blockworks Research Tweet
  • Ethereum Metrics:
    🔗 Blockworks Research Tweet
    🔗 Trend Research Tweet