On April 20, 2025, Solana's network briefly surpassed Ethereum in total staked value, with over $53.9 billion worth of SOL staked by 505,938 unique wallet holders, earning an 8.31% annualized return. This milestone has sparked debate regarding its potential impact on Solana's DeFi ecosystem.
Ethereum currently has $53.93 billion secured from 34.7 million staked tokens. The SOL/ETH price ratio has risen nearly tenfold since June 12, 2023, according to CoinGecko data.
The higher staking return for SOL may attract users away from DeFi activities. Concerns exist about Solana's economic security due to the absence of an automatic slashing mechanism, which Solana Labs plans to address later this year. Some analysts suggest that a high percentage of staked SOL could limit the token's utility within its ecosystem.