Solana on Its Way to Surpassing Ethereum, Top VC Says

Alliance DAO's Qiao Wang, seasoned cryptocurrency analyst and co-founder of Messari, shared the statistics of founders applying for funding to his fund in 2022-2025. Ethereum ($ETH) is losing its dominance for 30 months in a row — and the community is surprised by the names of some other top popular blockchains.

"Momentum favors Solana": Crucial metric highlighted by Qiao Wang

When it comes to the number of projects asking for funding in Alliance DAO, Solana-based and Ethereum-based protocols are competing nose-to-nose in 2025. At the same time, Solana's ($SOL) metric is getting traction and Ethereum ($ETH) might soon lose its supremacy.

Momentum favors Solana ($SOL), Qiao Wang says, and the network might very soon become the largest chain for new founders. As per the chart shared by the analyst, in H1, 2025, Ethereum's ($ETH) share in the metric dropped below 50% for the first time in history.

Solana ($SOL) has been increasing its share since late 2022. Post-FTX collapse, Solana ($SOL) managed to get rid of the associations with SBF-related products.

Targeted by massive criticism, Polkadot (DOT) surprisingly remains in the top 10 by the number of projects applying for funding.

Filecoin (FIL), Cosmos (ATOM), $BNB Smart Chain (BSC), Bitcoin (BTC), Avalanche (AVAX), Sui (SUI) and Aptos (APT) are also in the elite club.

Ethereum ($ETH) still controls over half of DeFi TVL, Solana ($SOL) sits at 7.77%

At the same time, for some metrics, Ethereum ($ETH) remains the dominant blockchain amid all programmable networks.

For instance, as per the DefiLlama tracker, Ethereum's ($ETH) protocols are responsible for over 51.2% of global DeFi TVL. Out of $102 billion in equivalent, the oldest smart contracts network still covers over $52 billion.

Solana's TVL is sitting at mediocre 7.77%. Meanwhile, by the number of active addresses, Ethereum ($ETH) is lagging behind Solana ($SOL), Tron (TRX), and is ready to slip below $BNB Smart Chain (BSC).