Ethereum losing the L1 race to Solana?

Ethereum may be “losing the L1 race to Solana?” depends on which metrics matter, the article argues, as the two chains diverge sharply in on-chain activity. By mid-2026, Solana leads on trading volume, active users, and fee revenue, while Ethereum still holds the “money” side of the comparison. The piece notes that ETH trades around $1,714 after a difficult second quarter, including a 29.5% 30-day drawdown to June lows, its worst stretch in years. SOL trades near $81, down about 78% from its cycle high. It traces the rivalry through three phases: Solana’s 2021-2022 run as a fast, venture-backed challenger; Solana’s 2023-2024 resurgence tied to growing ecosystems like Jupiter and Jito; and Ethereum’s 2024 Dencun upgrade, which cut L2 costs by an order of magnitude but reduced fee burn that supported the “ultrasound money” narrative. The conclusion frames the competition as effectively different “sports” rather than a single contest.