- Solana is rapidly gaining traction among Web3 developers and may soon surpass Ethereum as the top blockchain for new projects, says VC Qiao Wang. Despite Ethereum’s lead in DeFi TVL, Solana’s momentum and active user growth signal a major shift in the crypto landscape.
Solana (SOL), once written off after the FTX collapse, is now on a fast track to outpace Ethereum (ETH) as the leading blockchain for builders. According to Qiao Wang, co-founder of Alliance DAO and former Messari analyst, momentum is shifting — and Solana is taking the lead in one of the most crucial growth metrics in crypto.
Wang recently revealed data from 2022 to 2025 showing that Solana is neck-and-neck with Ethereum in terms of projects applying for funding at Alliance DAO. Remarkably, Ethereum’s share in this metric has fallen for 30 consecutive months, dropping below 50% for the first time ever in the first half of 2025. In contrast, Solana has steadily gained traction, shaking off its SBF-linked baggage and becoming the go-to chain for new developers.
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“Momentum favors Solana,” Wang noted, highlighting that the chain’s rise isn’t just a passing trend but a sustained push driven by real developer interest.
However, Ethereum still holds significant weight in decentralized finance (DeFi). As of now, ETH accounts for over 51.2% of total value locked (TVL) across all DeFi protocols, according to DefiLlama. Solana trails with 7.77%, showing there’s still a gap in terms of on-chain capital.
That said, Ethereum’s grip may be loosening elsewhere. In terms of active addresses, it now lags behind Solana, Tron (TRX), and is on the verge of being overtaken by BNB Smart Chain (BSC). This suggests a shift in user engagement that could further tilt the balance in Solana’s favor.
Interestingly, other chains like Filecoin (FIL), Cosmos (ATOM), Avalanche (AVAX), and even Bitcoin (BTC) are also seeing a surprising number of builder applications, indicating a broader diversification of the Web3 landscape.
While Ethereum remains the dominant DeFi powerhouse, Solana’s growing appeal among developers could signal a changing of the guard. As Qiao Wang puts it — the builders are speaking with their feet, and they’re marching toward Solana.