Ethereum $ETH continues to lead with a total value locked (TVL) of $64.370 billion, but changes in blockchain activity are generating debates. In January 2025, $SOL surpassed Ethereum in fee generation, generating $167 million compared to Ethereum's $122.9 million, according to Token Terminal. Additionally, the staked value of Solana is approaching the ETH held on the Beacon chain, highlighting its rise as a hub for rapid tokenization.