- Solana processed around 637 million transactions last week per Chainspect data, dwarfing Ethereum’s 15 million on L1, thanks to sub-cent fees and memecoin frenzy.
- High-velocity trading in assets like PUNCH and WIF drives Solana’s dominance, with SOL near $84 and a $48B market cap positioning it as the retail settlement king.
- ETH’s low L1 count masks massive L2 activity on Base and Arbitrum post-Dencun; it focuses on high-value DeFi settlement with strong ETF inflows.
Ethereum has been the most favored blockchain in terms of transactions since its inception, taking the crown of the most used Layer 1 chain. According to the latest data from Chainspect, there is a massive disparity in network activity for the last seven days, where Solana has dominated Ethereum by recording a vastly high number of transactions.
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