Solana’s journey from the depths of a brutal bear market to reclaiming its throne as a top-tier blockchain is nothing short of remarkable. Once labeled the “Ethereum killer,” Solana surged to fame during the 2021 bull run, only to face near-collapse in 2022 amid the FTX implosion and broader crypto winter. Yet, in a stunning reversal, Solana has not only recovered but shattered records in transaction volume, network fees, and total value locked (TVL).
On July 29, Solana surpassed Ethereum in 24-hour trading volume, fees, and revenue — a milestone that signals a powerful resurgence. By July 30, its TVL had ballooned to approximately $5.5 billion, more than tripling since the start of 2025. In the week of July 22, Solana’s weekly fees exceeded Ethereum’s for the first time, generating around $25 million compared to Ethereum’s $21 million. Weekly active addresses on Solana also hit a record high of 10 million.
👉 Discover how Solana became the fastest-growing blockchain ecosystem in 2025.
But what exactly fueled this dramatic comeback? How did Solana rise from the ashes when many counted it out? The answer lies in a powerful combination of financial backing, technical resilience, low-cost asset creation, and alignment with emerging Web3 narratives.
Financial Backing and Strategic Support
From its inception, Solana was built with elite support. Founded in 2019 by Daniel Leonhardt (often misattributed as Daniel Albert), a former Qualcomm engineer, Solana quickly attracted top-tier investors including a16z, Polychain Capital, and Multicoin Capital. This early funding established Solana as a well-capitalized contender in the blockchain space.
Further momentum came from Sam Bankman-Fried (SBF) and FTX, who not only invested heavily but also launched Serum — a decentralized exchange built on Solana — to provide critical liquidity infrastructure. This Wall Street-meets-Silicon Valley pedigree gave Solana a unique advantage: deep pockets, strategic partnerships, and strong institutional credibility.
Even after FTX’s collapse and SBF’s imprisonment, new capital entered the ecosystem. Investors from Dubai and the Middle East began accumulating SOL at depressed prices, providing much-needed market stability. This influx helped restore confidence and laid the foundation for recovery.
Technically Superior and Developer-Friendly
While funding matters, long-term success in crypto depends on technology and community. Solana’s core architecture — designed for high throughput, low latency, and minimal transaction costs — has proven resilient even under extreme network stress.
With a current throughput of around 3,000 transactions per second (TPS) and average fees under $0.01, Solana offers a user experience that rivals traditional web applications. This performance makes it ideal for real-time applications like gaming, social media integrations, and decentralized finance (DeFi).
Despite the turmoil of 2022–2023, Solana maintained one of the most active developer communities in crypto. Continuous investment in developer grants, hackathons, and ecosystem incentives fostered innovation and kept builders engaged. Projects like Magic Eden (NFT marketplace), Jito (liquid staking), and Stepn (Move-to-Earn) emerged from this vibrant environment, reinforcing Solana’s reputation as a launchpad for breakthrough ideas.
👉 See how developers are building the next generation of apps on high-performance blockchains.
Low-Cost, High-Speed Meme Coin Factory
One of Solana’s most unexpected strengths is its emergence as the premier platform for meme coin creation. In today’s speculative market, meme coins are not just jokes — they’re cultural movements and liquidity engines.
Tools like pump.fun allow anyone to deploy a token in seconds with near-zero cost. These tokens can then be traded instantly across decentralized exchanges like Raydium and Orca. The frictionless nature of this process has turned Solana into a bustling hub for retail traders and speculative capital.
According to CoinGecko, the total market cap of Solana-based meme coins reached $9.1 billion** in mid-2025. Tokens like **$NEIRO, which achieved a $40 million market cap within 15 hours of launch, and **$FWOG**, which recorded $44.7 million in trading volume in just five hours, exemplify the explosive demand.
This meme-driven activity generates massive transaction volume — directly increasing network revenue through fees. More importantly, it brings millions of new users into the ecosystem, many of whom go on to explore DeFi, NFTs, and other Web3 applications.
Alignment with Emerging Web3 Narratives
Beyond memes, Solana is strategically positioned at the forefront of three major Web3 trends: AI, DePIN (Decentralized Physical Infrastructure Networks), and SocialFi.
AI & DePIN: Built for Scale
AI and DePIN applications require frequent, small-value payments — such as rewarding users for sharing computing power or sensor data. Ethereum’s high fees make it impractical for microtransactions. Solana’s low-cost infrastructure is tailor-made for these use cases.
Projects like Render Network (RNDR) and Helium (HNT) have either migrated or expanded their operations onto Solana due to its scalability. With the upcoming Firedancer upgrade — an independent validator client developed by Jump Crypto — Solana aims to scale to 1 million TPS, making it capable of supporting global-scale AI and IoT networks.
SocialFi: Bridging Web2 and Web3
Solana’s most innovative leap may be in SocialFi. In mid-2025, it launched Blinks — a suite of browser-based actions that let users interact with Solana dApps directly from platforms like Twitter/X.
Imagine clicking a link in a tweet and instantly swapping tokens, minting an NFT, or voting in a DAO — all without leaving the page. Blinks effectively turns social media into a gateway for on-chain activity.
This seamless integration addresses one of crypto’s biggest challenges: user retention. By embedding financial actions into familiar Web2 interfaces, Solana lowers the barrier to entry and creates a flywheel effect — more engagement drives more value, which attracts more developers and users.
Frequently Asked Questions
Q: Is Solana really faster than Ethereum?
A: Yes. While Ethereum averages 15–30 TPS post-upgrades, Solana currently processes around 3,000 TPS with sub-second finality. The upcoming Firedancer upgrade could push this to 1 million TPS.
Q: Why are meme coins so popular on Solana?
A: Thanks to tools like pump.fun and ultra-low transaction fees, anyone can create and trade tokens instantly. This ease of use has made Solana the go-to chain for viral meme coin launches.
Q: Can Solana sustain its growth long-term?
A: Its combination of speed, low cost, strong developer support, and alignment with AI/DePIN/SocialFi trends positions it well for continued expansion — provided it maintains network stability.
Q: What is Blinks and why does it matter?
A: Blinks allows users to perform blockchain actions directly from social media via simple URLs. It bridges Web2 and Web3, making crypto more accessible to mainstream audiences.
Q: Did Solana recover from the FTX crash?
A: Absolutely. Despite heavy association with FTX, Solana’s price dropped to $8 but has since rebounded strongly. Its TVL has tripled since early 2025, and key metrics now surpass Ethereum’s.
Q: How does Firedancer improve Solana?
A: Developed by Jump Crypto, Firedancer introduces a new validator client that enhances decentralization, security, and scalability — potentially enabling 1 million TPS.
Solana’s revival isn’t luck — it’s the result of robust technology, strategic vision, and perfect timing. By embracing both speculative energy and foundational innovation, Solana has transformed from a fallen star into one of the most dynamic ecosystems in crypto.
As AI, DePIN, and SocialFi continue to evolve, Solana stands ready to lead — not just as a fast blockchain, but as a platform where the next internet economy is being built.