Solana’s Staking Volume Matches Ethereum’s: A Bullish Signal?

The total market value of assets locked in Solana staking has reached parity with Ethereum, amounting to $55.47 billion compared to $56.15 billion.

In recent days, Solana briefly surpassed Ethereum in “staking market capitalization,” driven by the rise of SOL/ETH.

Currently, the yield from locking SOL stands at 8.31% annually, while for ETH it is 2.98%.

According to DeFi Llama, the total market value of liquid staking tokens in Ethereum is estimated at $21.9 billion, and in Solana — $7.22 billion.

Is There Cause for Celebration?

Experts have questioned the positive interpretation of Solana’s success.

“65% of Solana’s capitalization is locked in PoS. […] The token has no other use, which is a bearish factor. […] Ethereum is a new financial system,” stated Builda protocol developer known as JC.

Solana having 65% of it’s marketcap staked means there’s no other use of it’s token, it’s actually a bearish.

Staking SOL isn’t a choice, it’s the default, because of poor demand elsewhere.

ETH is useful onchain for many things, especially DeFi.

Staking ETH is not the most… pic.twitter.com/wR25fIhtZ3

— JC (@delzennejc) April 20, 2025

User dapriddle also highlighted Ethereum’s greater decentralization — 1.07 million validators compared to 1,642 for its competitor, as well as Ethereum’s institutional trust (RWA) and mature DeFi.

Love ETH & SOL, but Solana’s staking market cap is a tree hiding Ethereum’s forest: 28% staking ratio vs. 65%, 1.07M validators vs. 1,642, validator diversity, slashing, 0.35% inflation vs. 4.7%, mature DeFi, institutional trust (RWA).

— dapriddle.eth (@dapriddle) April 20, 2025

Ethereum developer Dankrad Feist pointed out the absence of a slashing mechanism in Solana.

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. https://t.co/TRGanN5I46

— Dankrad Feist (@dankrad) April 20, 2025

“It’s very ironic to call it ‘staking’. […] What’s at stake? Solana’s economic security is close to zero at the moment,” he commented.

Back in January, ConsenSys founder Joe Lubin noted that issuers of spot Ethereum ETFs in the US are counting on the “imminent” approval of staking by the SEC.

In February, VanEck forecasted Solana’s rise to $520 by the end of 2025.