Sygnim, the banking group with digital active ingredients with Swiss regulation and Singapore, has sparked a new debate on the hierarchical order of intelligent contract platforms with the publication of its “digital nugget” commentary, titled Solana is exceeded Ethereum?
Solana vs. Ethereum
In the reportThe Sygnim Research Office recognizes that Ethereum retains an “undisputed” advance in income and institutional adoption, but concludes that the market's account has decisively changed in Solana's favorite – a sufficiently dramatic reversal for the bank describing Solana as the system “is currently going beyond its older rival in Share of mind, if not in absolved foundations.
“Strategic pivot of Ethereum […] led to an outperformance of 5 to 10% of the Ether on Solana, “observes the note, citing the chain restarted roadmap on the main scalability and the user experience. Nevertheless, the authors concede that “the feeling of Ethereum remains poor for the moment” despite its “main position continues and the generation of income still higher”.
Sygnum analysts dissect the measures often entrusted with fees, income and the value of the tokens. While Solana recently “dominated the generation of expenses”, his protocol income “continues to considerably relax Ethereum (with the exception of the brief period around the program of the Trump on Solana family's tokens).” The bank quantifies the gap of approximately two and a half in favor of the ETH – an edge which continues even after the frantic rise of Solana in the volumes of retail transactions.
The dynamics of layer 2 on Ethereum, long -criticized for the siphoning activity far from the main channel, receives a balanced treatment. The report reiterates that the Rollups have “led the market to consider Ether as less precious”, but adds a little incited parallel: “a comparable problem affecting the value of the Solana token is neglected”. Because “most of the costs are paid to the validators and do not develop the value of the Solana token”, the solana monetary premium can be just as vulnerable.
The economic self -assistance in Token is not on the immediate horizon: a community proposal to modify the Solana inflation calendar – an initiative sygnum says that “would have had a similar effect” to the ETH remuneration mechanic – “was voted in a recently conclusive manner”.
The market capitalization paints a different image of the track. With Solana worth about a third of ether but already generating half of its income, Sygnim calculates “more space so that Solana outperform – in particular with the rear wind of a better story and feeling”. Even thus, the report provides that Solana's income flow is “very concentrated in the same sector” and therefore judged by investors as “less stable”. The involvement: evaluation discounts can be rational rather than sentimental.
By figures
The entrenchment of Ethereum among the regulated institutions provides the counter-time. “Tokénisation, Stablecoins and Defi” are the use cases “showing the traction and have the support of traditional governments, regulators and financial institutions”, writes Sygnim, noting that 57% of the tokenized assets of Ethereum – to be reached by an additional 20% on the cohort of layer 2. “93% of its assets on Ethereum”, a decision that the asset manager links to “decentralization, credibility and security of the network”.
On the other hand, the Solana slice of the tokeke tart “remains below 3%”, and its doubling on the part of Stablecoin of the year which leaves it “just more than 5%”, always an order of magnitude behind Ethereum. The area where Solana has moved the most convincing needle is the total locked challenge: its share increased from 9.5% to 11.5% compared to the Ethereum slide from 63.5% to 55% since January.
“The stories continue to strongly promote Solana”, concedes Sygnim, even after the internal reshuffle of the Ethereum Foundation and the public wish to “adjust its strategy of marketing and clarifying and articulating the value proposal”. However, the story alone will not decide on guard mandates or regulation rails for traditional finance.
“We do not yet see convincing signs that Solana would be the favorite choice because the safety, stability and longevity of Ethereum are very appreciated,” concludes the bank, reminding readers that network effects in crypto “are very difficult to overcome – just as they are in other technological fields such as social media”.
Indeed, the call of “Ethereum killers” of history is an edifying story: “most have been faded so far”, despite technological ingenuity. In this backdrop, the summary of the report is both sober and striking: “The 2-year underperformance of Ethereum against Solana has been temporarily stopped from the strategic pivot … [and] The value of the tokens continues to be supported by the revenues operating at duplicate the rate of Solana income. »»
The analysis of Sygnim continues to declare an irreversible power gap, but its framing is unambiguous: in the current cycle of short stories, Solana enjoys above in perception, while the ETH retains the top in the fundamental principles. Whether this juxtaposition is equivalent to Solana “exceeding” Ethereum or that the drafting of its Silmstream will depend, says the bank, of the chain which wins the confidence of global finance in the “medium term”.
For the moment, as Sygnim delicately says, “the market has focused on the largest Solana transaction volumes”, even if “protocol income continues to considerably relax Ethereum”. In the May 2025 dashboard, Solana can claim the crowd, but Ethereum still holds the belt.
At the time of the press, ETH exchanged $ 2,344.
Star image created with dall.e, tradingView.com graphic
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