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Solana overtakes Ethereum: what this historic flippening means

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Update on : April 29, 2025

In a move that few could have predicted just a year ago, Solana (SOL) has achieved a major milestone — one that could signal a new chapter in the ongoing rivalry between blockchain giants. While Ethereum (ETH) struggles to maintain its dominance, Solana has quietly pulled off a “flippening” that is sending ripples through the crypto world. Here’s what happened — and why it matters.

Solana Staking Surpasses Ethereum

It’s no secret that Ethereum has been facing headwinds. Despite constant technical improvements, the price of ETH hasn’t kept pace, weighed down by a market reluctant to ignite a true alt-season and by the growing strength of Layer 2 solutions siphoning off value from the main chain.

The consequences of this trend are starting to show. As Alex Svanevik, CEO of Nansen, highlighted, Solana has now overtaken Ethereum in terms of total value staked — a development that would have seemed unthinkable not so long ago.

A closer look at the numbers confirms it:

Over 388 million SOL are currently staked on the Solana network, representing a value north of $54.16 billion.
In contrast, about 34 million ETH are staked on Ethereum, totaling just under $53.83 billion.

With this shift, Solana has claimed the title of the largest Proof-of-Stake (PoS) blockchain — at least by this metric.

A Complex Comparison Between Two Networks

Before anyone declares Ethereum’s defeat, it’s important to recognize a few critical nuances. First, price fluctuations can quickly reshape the current picture. A surge in ETH’s value or a dip in SOL could easily reverse the trend.

Second, while both Ethereum and Solana operate on PoS systems, their underlying structures are quite different. Solana, for instance, has a network where just 20 nodes control 33% of the blockchain’s operations across 1,305 validators. Ethereum, by comparison, boasts over 1 million validators, offering a broader — though not perfect — degree of decentralization. It’s worth noting that concerns about centralization aren’t unique to Solana; on Ethereum, staking services like Lido account for over 20% of all validators.

So, while Solana’s achievement is impressive, it’s not a direct apples-to-apples comparison. Still, it’s an important warning shot for Ethereum developers and investors alike.

What This Flippening Means for Ethereum

The fact that Solana has managed to surpass Ethereum in any core metric is more than just symbolic. It’s a sign that Ethereum’s once-unquestioned leadership is now under real pressure. While Solana still trails far behind Ethereum in areas like Total Value Locked (TVL) in DeFi, the momentum is clearly shifting.

For Ethereum, this flippening should serve as a wake-up call. The rise of nimble, high-speed competitors like Solana shows that innovation — and accessibility — matter more than ever. Without addressing scalability and user costs effectively, Ethereum risks ceding ground not just to Solana, but to an entire new generation of blockchains.

The Current State of Play

At the time of writing, SOL is trading at around $138.66, down 1.5% over the past 24 hours, while ETH sits at $1,576, having dropped 4.3%. Prices aside, it’s clear that the battle for blockchain supremacy is far from over.

Whether you’re an investor, developer, or simply a blockchain enthusiast, one thing is certain: the competition between Ethereum and Solana is heating up — and the next few years could define the future of decentralized networks.

In the end, Solana’s staking victory doesn’t mean Ethereum is finished — but it does mean that the game has changed. And in crypto, change is the only constant.