SOL/ETH Ratio Hits Another All-Time High

The SOL/ETH ratio, which compares the price of SOL to that of ETH, hit a fresh all-time high on Sunday of 0.08, slightly surpassing the previous weekly high set during the TRUMP memecoin mania in January.

The ratio’s surge can be attributed to SOL’s strong bounce over the last week, while ETH continues to underperform most major cryptocurrencies. SOL is up 25% over the last seven days, while ETH is up 6.6%, and BTC is up 9%.

The trend is even clearer on higher timeframes, with SOL up 440% over the last two years while ETH is down 14%. BTC is up 215% in the same period.

Solana’s DeFi ecosystem has been a major beneficiary of the chain’s growth. Solana’s total value locked (TVL) hit an all-time high of $13 billion following the Trump memecoin launch and currently stands at $8.5 billion, up 63% over the last year and 1500% over the last two years.

Ethereum’s DeFi TVL, on the other hand, hasn’t made a new high since November 2021 and sits 61% off its all-time high of $130 billion.

That said, Ethereum’s TVL still dwarfs Solana with $50 billion locked in DeFi. Aave is Ethereum’s largest protocol by TVL with almost $16 billion, just ahead of Lido with $15.3 billion – both of which are 80% larger than the entire Solana DeFi ecosystem.