Over the course of several months, there have been many questions about the “stability” of the Ethereum blockchain.
This is not about doubts related to the technical capabilities of this blockchain. This is not indications of problems in this respect, and is related to actual use by the user.
In fact, Ethereum was created not as a financial asset like Bitcoin, but as a network of computers that run smart contracts in a decentralized, unreliable, and indifferent way. That goal was always the case Provide services to users, Rather than providing financial assets.
In the 2014 Ethereum white paper, Vitalik Buterin wrote:
“What Ethereum is trying to provide is a blockchain with a fully integrated Turing complex programming language that can be used to create ‘contracts’ that can be used to encode any state transition function.
Ethereum blockchain in crisis?
Nevertheless, Ethereum’s true success was to enable the launch of many tokens in the crypto market, beginning with the ICO boom in 2018 and passing through the 2021 Memecoin Boom.
for example, Inu’s Kibib It was released as an Ethereum token.
However, starting in 2023, Ethereum began to face competition with Solana from this perspective, so now it is mostly in Solana that new tokens will be released.
In fact, in Solana, launching tokens is very simple, cheaper, faster, and this activity has been made accessible to virtually anyone. Meanwhile, Ethereum is a little behind in this regard.
This handover symbol was the launch of Donald Trump’s official token on January 18th of this year, and was launched specifically on the Solana blockchain, not that of Ethereum.
Nevertheless, the average number of daily transactions recorded on the Ethereum blockchain It doesn’t seem to decline.
In 2021, this number was well above the 1 million mark. In 2023, I settled down to this level.
Solana had stole the role of Memocoin leader from Ethereum between 2024 and 2025, but the average number of daily transactions recorded on the latter blockchain first exceeded 1.1 million and then over 1.2 million.
From a technical standpoint, the Ethereum blockchain appears to be in the bear market at all, as the 2025 recession has not returned to one million.
Defi Problem
The real problem is a Purely financial Nature.
For example, Defi’s TVL at Ethereum at the end of 2024 peaked at $77 billion.
Furthermore, in 2025, it was below 50 billion, in line with the level 12 months ago.
These numbers do not suggest that there is an actual crisis going on, but show a bit of suffering.
Ethereum’s domination in TVL Defi is still very high (52%), but Solana is growing (7%).
The fact is, at the end of 2024, Solana hit a record high on TVL Defi, reaching nearly $12 billion for the first time in history. However, the peak in 2021 was stopped at 10 billion.
But even Solana saw a massive decline in 2025 to the current $6.6 billion, but still quite a bit higher than the figures 12 months ago.
In other words, it’s clear that Solana has slowly stolen Ethereum’s TVL shares.
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Dex
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The greatest competition with Solana is DEX or decentralized exchange.
In fact, Solana has taken away Ethereum all users who trade small amounts of Dex at a much lower price, which has also led to overtaking.
If we only use DEX’s daily total trading volume as reference, Ethereum people peaked at $7.6 billion in 2024, with an average of about $3 billion at the end of the year.
Instead, the people of Solana went on to over $35 billion incredible spikes the day after the launch of Trump Memecoin, and experienced an average of nearly 5 billion at the end of 2024.
Analyzing monthly volumes in Ethereum DEX in December 2024 showed that it exceeded $92 billion, falling to 86 in January 2025 and to 64 in March. It is worth noting that in May 2021, the highest ever peaked at $117 billion.
Instead, in the case of Solana in December 2024, they rose to $120 billion, rising to 258 in January and back to 52 in March. It is worth noting that in 2021 there were still not a significant amount of Solana’s dex volumes, but it is also worth noting that in March, Ethereum’s dex volumes returned to surpass the Solana people.
Memecoin
All of this has been heavily influenced by the memokine boom. This can sometimes appear in the crypto market and disappear until the next reappearance.
When analyzing the use of the Ethereum blockchain in light of these memocoin booms, the current situation does not seem to be good at all. However, when you ignore Memecoin Booms, there is still a clear dominance over Solana and all other blockchains.
In other words, during the period where there is no Memecoin Boom, Solana actually doesn’t outperform Ethereum on all metrics, except for the number of transactions recorded on that blockchain every day.
However, when the new Mimecoin boom arrives, Solana explodes, but Ethereum is somewhat stopped.
ETH Price: Beyond the Ethereum Blockchain
Clearly, ETH prices are affected. This is because it was very positively affected, especially by the usage boom linked to the MemeCoins boom.
In recent years, a huge speculative bubble has swelled into the price of ETH generated by the use of memokines at Ethereum, which did not form again as it moved to Solana last year.
It is important to remember that the more Ethereum blockchain is used, the more Ethereum blockchain is used, the more market demand for ETH increases.
When Ethereum moved from proof of work to proof of independence in September 2022, it is important to emphasize that the circulating supply of ETH increased and remains significantly stable at around 120 million ETH.
