Trading volume on decentralized exchanges on the Solana network has dropped to 94% compared to Ethereum, marking the lowest level in the past 12 months.
For context, in January, the blockchain of the "people's cryptocurrency" peaked at 218%.
Both networks are processing around $45 billion in monthly trading volume.
Ethereum has maintained its position due to deep liquidity and the stability of the DeFi sector, which is less reliant on speculative demand.
Solana targets retail users with low fees and high speed, and its growth is often linked to hype around meme coins and AI tokens.
Ethereum's advantages include an influx of institutional capital and a high total value locked (TVL).
The supply of stablecoins on Solana shows an upward trend, currently at $15.44 billion, compared to $165 billion on the leading altcoin network.
Ethereum still leads in the total value of circulating stablecoins, but Solana's growth rate indicates increasing competition among layer-one networks.
As a reminder, in April, activity on Ethereum hit a new high, with the 100-day moving average reaching a record of 587,000.