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 emerged as the fastest-growing Layer 1 blockchain of 2025, with developer growth outpacing Ethereum (ETH) and notable advancements across DeFi, payments, and AI, according to the latest State of Crypto report by 21Shares.
Solana’s processed $364 billion in transaction volume during the first two months of the year, surpassing both Ethereum and Coinbase. The network also now serves over 100 million active users each month.
Solana’s efficient and low-latency framework—delivering average transaction costs under $0.01 and sub-second finality—has attracted adoption from both crypto-native users and major institutions.
Visa, Shopify, and Stripe now settle stablecoin transactions on Solana, while PayPal and First Digital hold over $100 million in Solana-native assets.
DeFi, Memecoins, and AI Drive Momentum
The stablecoin supply on the network increased by 600% year-over-year, surpassing $12 billion by the end of the first quarter.
Solana’s DeFi ecosystem has doubled in size since 2024, reaching a total value locked of $8 billion. It now represents 16% of Ethereum’s market share, significantly reducing a previous 20:1 ratio to just 5:1.
The Solana network hosts three of the top 10 decentralized exchanges by trading volume and ranks third globally in stablecoin market capitalization.
Memecoins continue to drive network activity, contributing to more than half of the on-chain transaction volume. The Official TRUMP token, launched earlier this year, generated $30 billion in trades within 48 hours and temporarily pushed Solana’s throughput to match Nasdaq-level performance.
Apart from speculative use, the network is witnessing swift expansion into infrastructure and artificial intelligence. Solana has secured its position as the leading blockchain in DePIN market capitalization, reaching $4.2 billion. The network actively supports initiatives such as Helium, Hivemapper, and Render Network.
Valuation Models Indicate Major Growth Potential
Solana is leading the crypto-AI sector, accounting for 66% of AI agent activity on its network. Usage of platforms like ElizaOS and Arc continues to grow.
The report highlights rising concerns about validator centralization, speculative trading behavior, and inflationary pressures following the end of transaction fee burns.
However, the report argues that Solana remains fundamentally undervalued. Using a discounted cash flow model, it estimates SOL’s fair value between $520 and $1,800—substantially above its current trading price of around $150, depending on projected growth rates.
If Solana captures even half of Ethereum’s market capitalization, it could drive further expansion in payments, artificial intelligence, and institutional engagement.
The report concludes that Solana stands as the leading Layer 1 contender and serves as the foundational framework for the next generation of blockchain infrastructure.
