In a bold forecast that has stirred debate across the crypto community, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, has predicted that Solana (SOL) could eventually surpass Ethereum (ETH) in market capitalization. Speaking at the DigiAssets 2025 conference, Scaramucci declared, “I think SOL will turn ETH around.” While he emphasized this wasn’t a dismissal of Ethereum’s achievements, his confidence in Solana’s long-term trajectory is clear — and backed by real investment decisions.
SkyBridge Capital currently manages approximately $300 million in its digital asset fund, with significant allocations not only to Solana but also to Avalanche, Polkadot, and Bitcoin. This strategic positioning reflects a belief in next-generation blockchains capable of scaling efficiently while maintaining robust developer and user ecosystems.
But can Solana truly overtake Ethereum? Let’s dive into the data, analyze key performance indicators, and explore whether this prediction is grounded in reality or remains speculative optimism.
The Case for Solana: Speed, Adoption, and User Growth
One of Solana’s strongest selling points is its high throughput and low transaction costs. With the ability to process thousands of transactions per second at fractions of a cent, it has become a magnet for retail users and decentralized application (dApp) developers alike.
Recent on-chain metrics underscore this momentum. On June 18, Solana recorded 5.29 million daily active addresses, a figure that peaked at over 10.3 million in January — a staggering number compared to most blockchains. For context, Ethereum reported just 370,238 daily active addresses on the same day.
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This surge in activity can be attributed to several factors:
- The explosive growth of meme coins and retail trading on decentralized exchanges like Raydium and Orca.
- Increased adoption of Solana Pay and NFT marketplaces such as Magic Eden.
- Strong community engagement fueled by low-cost microtransactions and fast settlement times.
These dynamics suggest that Solana has successfully captured user attention — especially among younger, tech-savvy investors drawn to fast-moving trends and viral projects.
Ethereum’s Enduring Strength: DeFi Dominance and Institutional Trust
Despite Solana’s user growth, Ethereum continues to lead in critical areas that define long-term blockchain viability — particularly Total Value Locked (TVL) in decentralized finance (DeFi).
As of the latest data, Ethereum holds a commanding 55.8% share of the global DeFi TVL, amounting to $62.54 billion. This dwarfs Solana’s position, which, despite its traffic surge, has yet to break into the top tier of DeFi ecosystems in terms of capital depth.
Why does TVL matter? Because it reflects not just user numbers, but real economic value secured within smart contracts — including lending pools, liquidity providers, yield farms, and institutional-grade protocols like Aave and Lido.
Moreover, Ethereum benefits from:
- First-mover advantage in smart contract functionality.
- A mature developer ecosystem with extensive tooling and documentation.
- Ongoing scalability improvements via rollups (e.g., Arbitrum, Optimism) and the full realization of Ethereum’s roadmap (e.g., proto-danksharding).
- Strong regulatory clarity due to its upcoming spot ETF approvals.
While Solana excels in speed and accessibility, Ethereum remains the preferred platform for developers building complex financial infrastructure and enterprises seeking stability.
Price Outlook: What Do Analysts Say?
Market sentiment aside, price projections from major financial institutions offer a more grounded perspective.
Standard Chartered recently released long-term forecasts estimating:
- Solana (SOL): $500 by 2029
- Ethereum (ETH): $7,500 by 2029
Even under optimistic assumptions, these targets imply that Ethereum’s market cap would remain significantly larger than Solana’s — assuming no dramatic shifts in supply or macro conditions.
It's also worth noting that the SOL/ETH trading pair has been range-bound throughout 2025. Over the past two months alone, Solana has underperformed Ethereum by 32%, now approaching the lower boundary of its consolidation channel. Some technical traders interpret this as a potential reversal signal — an opportunity for a bounce if support holds.
However, sustained outperformance would require more than short-term speculation. It would demand deeper institutional inflows, greater protocol revenue generation, and broader adoption beyond retail-driven narratives.
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These terms reflect what users are actively searching for when evaluating the competitive landscape between leading Layer 1 blockchains.
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Frequently Asked Questions (FAQ)
Will Solana ever surpass Ethereum in market cap?
While possible in the long term, it remains unlikely in the near to mid-term. Ethereum’s lead in developer activity, institutional adoption, and DeFi TVL creates a wide moat. For Solana to close the gap, it would need sustained innovation, improved network resilience, and broader enterprise use cases beyond consumer dApps.
Why is Solana growing so fast?
Solana’s rapid growth stems from its high-speed architecture, low fees, and strong community-driven culture. It has become a hub for meme coins, NFTs, and decentralized exchanges where fast trades matter. Additionally, tools like Solana Pay and compressed NFTs have expanded its utility in payments and digital ownership.
Is Ethereum still the best smart contract platform?
Yes, for now. Ethereum remains the most secure, decentralized, and widely adopted smart contract platform. Its ecosystem includes the majority of DeFi protocols, stablecoins, and Web3 applications. Upgrades like EIP-4844 (proto-danksharding) are enhancing scalability without compromising security — reinforcing its leadership position.
What risks does Solana face?
Solana has faced criticism over past network outages and centralization concerns. While improvements have been made, reliance on high-end hardware and fewer validator nodes compared to Ethereum raises questions about long-term decentralization. Additionally, much of its current activity is retail-driven, making it vulnerable to speculative bubbles.
How does TVL impact a blockchain’s value?
Total Value Locked (TVL) measures the amount of capital staked or deposited in DeFi protocols on a blockchain. Higher TVL generally indicates stronger ecosystem health, investor confidence, and earning potential for token holders through fees and yields. It's a key metric for assessing fundamental strength beyond price speculation.
Could a Solana ETF change the game?
A spot Solana ETF could significantly boost institutional adoption — similar to the impact seen with Bitcoin ETFs. However, regulatory hurdles remain high. Unlike Bitcoin or Ethereum, Solana may face greater scrutiny over whether it qualifies as a security, delaying any potential approval.
While Anthony Scaramucci’s bullish take on Solana highlights growing confidence in alternative Layer 1 blockchains, the path to overtaking Ethereum is steep. SOL’s strengths in speed and user engagement are undeniable, but ETH’s dominance in value preservation, developer mindshare, and financial infrastructure remains unmatched.
The blockchain race is far from over — but for now, flipping Ethereum requires more than momentum. It demands maturity, trust, and time.
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