Solana vs. Ethereum: Who’s Winning the DeFi Race in 2025?

The DeFi race between Solana and Ethereum has intensified in 2025, with both ecosystems pushing hard for dominance. Ethereum continues to lead in total value locked (TVL), boasting around $30 billion across its L1 and L2 platforms, supported by a mature infrastructure and institutional trust. However, Solana has emerged as the fastest-growing contender, offering lightning-speed transactions (50,000+ TPS) and near-zero fees, which have attracted a new generation of DeFi apps and users. Solana's TVL has surged past $5 billion, fueled by platforms like Jupiter and MarginFi, challenging Ethereum’s dominance. While Ethereum relies on Layer 2 scaling solutions, Solana’s native speed and simplicity are winning developer mind share. The battle is far from over but in terms of retail momentum and raw speed, Solana is gaining serious ground.