Solana’s native token climbed past $175 on Wednesday, extending a rally that saw it breach the $170 mark earlier in the day. The advance adds to this year’s gains for the sixth-largest cryptocurrency by market value and comes amid growing on-chain activity and investor demand. Data compiled by blockchain analytics firms show that tokenized real-world assets issued on Solana have increased 218% since January to about $554 million, narrowing the gap with market-leader Ethereum. The growth has been led by yield-bearing products such as Ondo Finance’s OUSG and USDY, which account for roughly 60% of Solana’s tokenized asset base. Developers and analysts also pointed to the network’s performance improvements, noting sustained throughput above 1,400 transactions per second—well ahead of most public blockchains—as a factor drawing new projects and capital. Ethereum remains the dominant venue for tokenized assets at about $7.7 billion after an 81% year-to-date rise. In the second quarter, Ethereum’s layer-1 chain saw a 48% jump in real-world assets, a 43% increase in DeFi lending activity, and a 58-fold surge in Ether held by public entities, while exchange reserves fell to their lowest level in eight years.