Mid-year momentum: What are Ethereum and Solana up to?
S’abonner à la newsletter
Les perspectives de notre recherche
->
,

Mid-year momentum: What are Ethereum and Solana up to?

Jul 4, 2025
Mid-year momentum: What are Ethereum and Solana up to?Mid-year momentum: What are Ethereum and Solana up to?Video Thumbnail

By Matt Mena

We’re halfway through 2025, and it’s already been a big year for smart contract platforms like Ethereum and Solana. These networks are making major upgrades that could change how the crypto world works in the second half of the year.

Ethereum is back in the spotlight

In the first half of 2025, Ethereum (ETH) made a major upgrade called Pectra. This update brought big changes:

  • It introduced smart accounts, which can make Ethereum easier to use for everyday people.

  • It raised the limit for validators (the people who help secure the network) from 32 ETH to 2,048 ETH, making staking more flexible for larger players.

  • It also improved how Ethereum connects with Layer 2 networks, which helps the system handle more transactions without losing security.

While Ethereum's activity hasn’t fully bounced back from levels seen at the start of the year, there are signs of growth. For example, monthly revenue from the network has nearly tripled, from about $8 million in March to over $19 million in June.  

The Ethereum Foundation is now focusing less on deep technical research and more on real-world products. More companies are also building on Ethereum. Robinhood, for example, recently announced its own Ethereum-based Layer 2 network, another sign that big institutions are getting more involved. New efforts like Etherealize, a project focused on bringing traditional finance into Ethereum, are also picking up. 

While Ethereum's fees haven’t fully returned to previous highs, the tools and upgrades for a strong comeback are starting to fall into place. Ethereum’s price has increased by 100% since April, indicating that the market is starting to take notice. 

Solana is focusing on long-term growth

Solana (SOL) price is down around 20% this year. A big reason for that drop is the decline in memecoin hype, which also caused trading activity on Solana’s decentralized exchanges (DEXs) to fall from $82 billion in March to $58 billion in June.

But there’s more to the story. Even though prices and trading volume dropped, Solana’s user activity stayed strong. Daily active users remained in the millions, and in June, Solana hit 7 million users in a single day, close to its all-time high in January during the peak of the political memecoin craze.

On the technology side, Solana is upgrading its infrastructure:

  • Firedancer, a new software client, now powers around 7% of the network. It’s designed to make Solana faster.
  • Alpenglow, another upgrade, aims to reduce wait times for transactions.

While the hype may have cooled, Solana is building for the long term. It’s shifting focus from trends like memecoins to real usage and better performance, a move that could pay off as the network continues to grow.

Conclusion

This year, Ethereum and Solana took different paths. Ethereum focused on scaling and bringing in big players, while Solana worked on speed and user experience. With the market calming down, the rest of the year will be more about real progress than big stories.

This report has been prepared and issued by 21Shares AG for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however, we do not guarantee the accuracy or completeness of this report. Crypto asset trading involves a high degree of risk. The crypto asset market is new to many and unproven and may have the potential not to grow as expected.Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment.Nothing herein does or should be considered as an offer to buy or sell or solicitation to buy or invest in crypto assets or derivatives. This report is provided for information and research purposes only and should not be construed or presented as an offer or solicitation for any investment. The information provided does not constitute a prospectus or any offering and does not contain or constitute an offer to sell or solicit an offer to invest in any jurisdiction. The crypto assets or derivatives and/or any services contained or referred to herein may not be suitable for you and it is recommended that you consult an independent advisor. Nothing herein constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation. Neither 21Shares AG nor any of its affiliates accept liability for loss arising from the use of the material presented or discussed herein.Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors.This report may contain or refer to material that is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject 21Shares AG or any of its affiliates to any registration, affiliation, approval or licensing requirement within such jurisdiction.

Evolutions du marché

Tout voir

Tout voir
Welcome to 21shares
Country of residence
Exchange
Investor Type
Retail Investor
Professional investor
Choose your investor type to continue.

General Disclaimers

This website belongs to and is issued by 21 Shares (consisting of 21Shares AG and its affiliates). 21Shares publishes this website solely to provide information on 21Shares and its products. This website does not constitute a public offering of financial products.  Nothing on this website should be considered advice or a recommendation to any person to subscribe for financial products or investment services and activities. 

No information published on this website constitutes a solicitation, offer or recommendation to buy or sell any investment instruments or to conclude any other transactions or any legal acts whatsoever.

The website may contain forward-looking statements. 21Shares makes no assurance that products based on crypto currencies, digital assets and indices referencing them will provide positive investment returns. Do not invest before carefully considering the risks associated with investing in such products and read in detail all pre-contractual documentation and periodic reports. Refer to the section entitled “Risk Factors” in the relevant Prospectus (consisting of all its Supplements) and the Final Terms for details on the risks associated with an investment in the products offered by the issuers before investing. Seek your own independent investment advice on all applicable legal requirements, exchange control regulations and taxes in your jurisdiction.

Charts and graphs are provided for illustrative purposes only and past performance is not an indication or guarantee of future results. The investment performance of any security referred to on this website can be volatile and can go up or down in value and you can lose your entire investment. Exchange rates may affect the value of investments. Investments in foreign currencies are additionally subject to exchange rate fluctuations and therefore carry a higher level of risk. Therefore, 21Shares cannot guarantee that any capital invested will maintain its value or increase in value.

21Shares does not guarantee the accuracy, completeness, timeliness or availability of the website information and will not be responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the content. 21Shares will not be liable for damages (including damages for loss of earnings, business interruption, loss of information or other economic losses of any kind whatsoever) arising from the use, in any form or for any purpose, of the data and information contained on the website.

The entire content of the website is protected by copyright, with all rights reserved by 21Shares. You may save or print individual pages or sections of the website only if copyright and proprietary notices remain intact. Any saving or copying of data acknowledges that copyrights and ownership rights remain with 21Shares. The website does not grant any license or right to use images, trademarks, logos, or software, and downloading or copying any part does not transfer title. 

This website and the materials herein are directed only to certain types of investors in certain jurisdictions in which 21Shares’ products may be distributed. Accordingly, the website is not directed at any person in any jurisdiction in which (by reason of that person's nationality, tax residence or otherwise) publication of or access to the website is prohibited. Persons in respect of whom such local restrictions apply must not access the website.

Agree and continue