Solana has opened Q4 with increased on-chain activity that contrasts with its Q3 performance against Ethereum. During the third quarter, the SOL/ETH ratio closed nearly 6% lower, with Ethereum returning 73% compared to Solana's 60% return over the period.
The momentum has shifted in early October. According to Blockworks data, Solana processed over $1.6 billion in spot DEX volume at the start of Q4, representing a more than 50% increase over Ethereum mainnet, all of Ethereum's layer-2 solutions, and Hyperliquid combined.
This divergence in DEX volume reflects broader changes in network activity. According to the RWA Foundation, stablecoin market cap across the top 10 chains grew by $815.7 million in a 24-hour period, with Solana capturing nearly 50% of that growth and adding $378.1 million.
Tokenization Gains Momentum
Solana's growth has been driven partly by tokenized real-world assets. In Q3, tokenized stock trading volume on Solana reached a record $4.4 billion in September. A Nasdaq-listed drone defense company recorded more trading volume on Solana than on its home exchange, according to posts highlighted by the network. Fiserv has also integrated 90 or more banks and credit unions onto the platform.
Solana reported $365 million in Q3 app revenue, marking its tenth consecutive quarter leading in crypto-native assets. While Ethereum maintains broader dominance in the real-world asset space, Solana's Q3 momentum in tokenized stocks and on-chain activity has narrowed the gap between the two networks.
The early Q4 divergence in DEX volume and the continued growth in tokenization activity suggest shifting dynamics between the two leading blockchain networks as the quarter progresses.
