Solana Surpasses Ethereum in Total Economic Value

Solana has outpaced Ethereum for the first time in its history, as its Total Economic Value (TEV) has surpassed Ethereum. According to Blockworks Research, Solana generated $2,248,681 in TEV, surpassing Ethereum’s $1,977,416. TEV is used to analyze the utility and adoption of a blockchain network. However, critics argue that comparing Solana’s TEV with Ethereum’s without considering Layer-2 (L2) solutions is misleading. L2 solutions are designed to enhance scalability and reduce fees by offloading activity from Layer 1 (L1). Despite the criticism, comparing TEV across blockchains remains valuable. As Burniske explained, each L2 operates in its own blockspace environment, and TEV comparisons are typically made on an L1-to-L1 basis.