Solana Briefly Overtakes Ethereum in Staked Tokens Market Cap: A New Era for Proof-of-Stake?
In a landmark moment for the proof-of-stake (PoS) ecosystem, Solana (SOL) briefly surpassed Ethereum (ETH) in market capitalization for staked tokens, solidifying its position as a leading blockchain network. This achievement underscores Solana’s rapid growth and its increasing adoption among developers and investors. With over 64% of SOL tokens staked, the network’s high throughput, low fees, and fast confirmations have become key drivers of its success. As of April 2025, this milestone highlights the shifting dynamics in the blockchain space and Solana’s potential to challenge Ethereum’s dominance.
Solana Briefly Surpasses Ethereum in Staked Tokens Market Cap
Solana (SOL) briefly eclipsed Ethereum (ETH) in market capitalization for staked tokens, marking a pivotal moment in the proof-of-stake (PoS) landscape. At its peak, Solana emerged as the largest blockchain by staked value, a testament to its growing appeal among developers and investors. The network’s high transaction throughput, minimal fees, and rapid confirmations have fueled a surge in staking activity, with over 64% of SOL tokens now locked in staking positions. By contrast, Ethereum trails with just 28% of its total supply staked. The shift underscores Solana’s rising dominance in a sector where speed and efficiency increasingly dictate market preference.
SOL Strategies Secures $500M Deal to Buy More Solana
SOL Strategies, a Canadian investment firm listed on the Canadian Securities Exchange under the ticker HODL, has inked a landmark $500 million convertible note agreement with ATW Partners to acquire Solana (SOL). The deal marks the largest financing facility of its kind within the Solana ecosystem, underscoring growing institutional confidence in the blockchain platform. The firm already holds a substantial position of 267,151 SOL, worth over $40 million at current market prices. The move reflects a broader trend of traditional finance players deepening their exposure to digital assets. Convertible notes, a hybrid debt-equity instrument, offer flexibility for institutional investors navigating crypto’s volatility while positioning for upside. Solana’s high-throughput blockchain has attracted attention as a potential Ethereum competitor, particularly in decentralized finance and non-fungible token applications. Market observers view the transaction as a bellwether for institutional adoption. "When investment firms start committing nine-figure sums, it’s no longer speculative money," noted a senior analyst at a competing crypto fund. The financing comes as Solana shows renewed momentum after weathering last year’s market downturn, with its native token gaining over 200% year-to-date.
DeFi Development Raises Solana Holdings to $48M
DeFi Development Corp (JNVR) has bolstered its corporate treasury with an additional $9.9 million worth of Solana’s SOL tokens, bringing its total crypto holdings to 317,273 SOL—equivalent to roughly $48 million. The acquisition was executed via BitGo’s over-the-counter desk and included a portion of locked SOL tokens, which trade at a discount to spot prices. "By accessing locked, discounted inventory through a trusted partner like BitGo, we’ve accumulated SOL below market rates while reinforcing our commitment to the Solana ecosystem," said CEO Joseph Onorati. The move underscores a growing trend among institutional players to leverage structured deals for strategic crypto exposure.
SOL Strategies Secures $500M Convertible Note for Solana Expansion
SOL Strategies has obtained a $500 million convertible note facility from ATW Partners to expand its Solana validator operations. The facility will allow SOL Strategies to acquire and stake SOL tokens, strengthening its dominance in the Solana blockchain network. Interest on the notes will be paid in SOL, linked to staking yield. The agreement provides an initial payment of $20 million and allows for a drawdown of $480 million through specified requirements.
