On April 20, Solana briefly overtook Ethereum in total staked dollar value, marking a significant milestone in the ongoing rivalry between the two major blockchain networks.
According to staking data shared by Nansen CEO Alex Svanevik, over $53.9 billion worth of SOL was staked at its peak. This figure narrowly surpassed Ethereum’s staked market cap of $53.7 billion on the same day.
However, the lead was short-lived. At the time of reporting, Ethereum had regained its top spot, with a staked value of $56 billion compared to Solana’s $54 billion.
Solana vs Ethereum staking
Despite Solana’s temporary lead, the event has reignited debates about staking incentives, network security, and user behavior across both ecosystems.
Market observers pointed out that one of the most significant factors behind Solana’s rise is its attractive staking yield.
According to Staking Rewards data, SOL currently offers a network-level return of 8.31%, significantly higher than Ethereum’s 2.98%. This disparity may prompt users to stake their tokens rather than participate in lending or liquidity provision through DeFi protocols.
Moreover, Solana boasts a staking participation rate of around 65%, highlighting strong community involvement. However, it lacks aggressive slashing mechanisms for validators who misbehave.
As a result, critics like Ethereum researcher Dankrad Feist argue that while Solana encourages staking, it sacrifices economic security in the process.
He wrote:
“It’s very ironic to call it ‘staking’ when there is no slashing. What’s at stake? Solana has close to zero economic security at the moment.”
Meanwhile, Uddalak Das, a crypto content marketer, warned against drawing direct comparisons between the two networks.
He emphasized that each chain has different priorities, evidenced by Solana’s focus on broad participation and Ethereum’s balance of rewards with network resilience and broader DeFi engagement.
Ethereum’s staking ratio is about 28%, partly because users often find better returns elsewhere in the ecosystem. In contrast, the minimal risks associated with staking SOL make it more appealing but arguably less secure.
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