PANews reported on April 21 that, according to Cryptoslate, on April 20, the total Staking value of Solana (in USD) briefly exceeded that of Ethereum. Based on Staking data shared by Nansen CEO Alex Svanevik, the SOL tokens Staked on Solana were worth over $53.9 billion at their peak. This figure was slightly higher than Ethereum's $53.7 billion Staking market value that day. However, Solana's leading position was short-lived. At the time of writing, Ethereum had reclaimed the top spot, with its Staking value at $56 billion, while Solana was at $54 billion.
Although Solana was only temporarily ahead, this event reignited discussions about Staking incentives, network security, and user behavior in both ecosystems. Market observers noted that one key factor in Solana's rise was its attractive Staking yields. According to Staking Rewards, Solana currently offers a network-level return rate of 8.31%, significantly higher than Ethereum's 2.98%. This difference might encourage users to choose Staking tokens over participating in lending or providing liquidity through DeFi protocols. Additionally, Solana's Staking participation rate is around 65%, demonstrating active community involvement. However, Solana lacks severe punishment mechanisms for misbehaving validators. Therefore, critics like Ethereum researcher Dankrad Feist argue that while Solana encourages Staking, it does so at the expense of economic security.
