Solana has overtaken Ethereum in 24-hour perpetual futures trading volume and revenue, according to data provider DefiLlama, underscoring traders’ growing preference for the network’s faster settlement times and lower fees. The shift in derivatives activity adds to a run of momentum that has pushed open interest in Chicago Mercantile Exchange Solana futures to record highs. Capital is also flowing into the ecosystem. Solana’s outstanding stablecoin supply climbed back above US$12 billion—its highest level in three months—after the network logged the largest single-day stablecoin inflows among all major blockchains during the past 24 hours. The broader market is awash with fresh liquidity: research firm CryptoQuant tracked US$1.82 billion in stablecoins moving into Binance on 15 Aug., while CoinGecko put total stablecoin capitalization above US$280 billion. Rising network activity is translating into higher fee income. Solana-based decentralized applications generated US$209 million in revenue during July, a 25% increase from June and a 139% jump from a year earlier, lifting the chain’s share of dApp revenue to 42%. The combination of surging derivatives trading, swelling stablecoin balances and expanding application revenue positions Solana as the fastest-growing large-cap blockchain going into the second half of 2025.