Solana has been positioned as a frontrunner in the realms of DePIN and crypto-AI, with 66% of AI agent activity being attributed to its network, supported by the growing adoption of tools such as ElizaOS.
Solana (SOL) has been identified as the most rapidly expanding Layer 1 blockchain of 2025, with its developer growth having exceeded that of Ethereum (ETH), and notable progress being made across sectors such as DeFi, payments, and AI, as outlined in the most recent State of Crypto report by 21Shares.
During just the initial two months of the year, a transaction volume of $364 billion was handled by Solana, surpassing both Ethereum and Coinbase. Additionally, the network is now being utilized by over 100 million active users each month.
With average transaction costs kept below $0.01 and finality achieved in under a second, Solana’s efficient and low-latency framework has been credited with attracting adoption from both crypto-native participants and large-scale institutions.
Stablecoin transactions are now being settled on Solana by Visa, Shopify, and Stripe, while more than $100 million in Solana-native assets have been held by PayPal and First Digital.
DeFi, Memecoins, and AI Drive Momentum
A year-over-year increase of 600% has been recorded in the stablecoin supply on the network, with the total surpassing $12 billion by the conclusion of the first quarter.
Solana’s DeFi ecosystem has been expanded to reach a total value locked of $8 billion, reflecting a 100% increase from 2024. It now represents 16% of Ethereum’s market share, significantly reducing a previous 20:1 ratio to just 5:1.
Three of the top 10 decentralized exchanges by trading volume are hosted on the Solana network, which has also been ranked third worldwide in terms of stablecoin market capitalization.
Memecoins have continued to be recognized as a major force behind network activity, accounting for over half of the on-chain transaction volume. The Official TRUMP token, which was introduced earlier this year, was responsible for generating $30 billion in trades within a 48-hour period, temporarily elevating Solana’s throughput to levels comparable to those of Nasdaq.
Apart from speculative use, the network is witnessing swift expansion into infrastructure and artificial intelligence. Solana has been positioned as the leading blockchain in terms of DePIN market capitalization, reaching $4.2 billion, with support extended to initiatives such as Helium, Hivemapper, and Render Network.
Valuation Models Indicate Major Growth Potential
The crypto-AI sector is being led by Solana, with 66% of AI agent activity attributed to its network and increasing utilization of platforms such as ElizaOS and Arc being observed.
Rising concerns have been highlighted in the report regarding validator centralization, speculative trading behavior, and inflationary pressures that have emerged after the cessation of transaction fee burns.
However, it was argued in the report that Solana is still fundamentally undervalued. Based on a discounted cash flow model, SOL’s fair value has been estimated to range between $520 and $1,800, depending on projected growth rates—significantly higher than its present trading price of approximately $150.
If only half of Ethereum’s market capitalization is captured by Solana, further expansion could be expected in areas such as payments, artificial intelligence, and institutional engagement.
It was concluded in the report that Solana has been positioned as the leading Layer 1 contender and is viewed as the foundational framework for the next generation of blockchain infrastructure.
