Cryptocurrency Platforms Divide as Solana and Ethereum Dominate Areas
January 2, 2026
The competition among various cryptocurrency platforms has evolved into a scenario where distinct networks are staking their claims in specific sectors, with Ethereum solidifying its position as institutional infrastructure and Solana establishing itself as the go-to platform for consumer payments, according to a recent report by CoinShares.
This new landscape signifies a departure from the notion of a single blockchain emerging as the ultimate victor. Instead, the market is now witnessing a division into specialized use cases where multiple platforms can coexist and thrive concurrently, as highlighted in the report’s analysis.
This paradigm shift has influenced the strategy behind the creation of the CoinShares Altcoins ETF (DIME), which comprises a diverse selection of Layer-1 blockchains. The ETF, launched in October, manages an impressive $1.76 million spread across 10 different cryptocurrencies, as reported by ETF Database.
The dominance of Ethereum in the institutional realm is clearly evident from recent adoption statistics. Notable instances include BlackRock’s BUIDL tokenized fund surpassing $550 million and J.P. Morgan piloting tokenized deposits on Base, an Ethereum Layer-2 network—an indication of traditional financial institutions leveraging Ethereum’s settlement infrastructure rather than exploring alternative chains.
Ethereum’s prowess is further underscored by the network’s handling of approximately $40 billion in lending activities through AAVE, positioning it among the top 50 U.S. banks by this metric. The development focus on rollups has significantly boosted Layer-2 throughput on Ethereum, escalating from 200 transactions per second a year ago to nearly 4,800 presently.
In a contrasting trajectory, Solana has emerged as a dominant force in the retail and high-frequency application arena through a markedly different approach. The explosive growth of stablecoin supply on Solana, skyrocketing from $1.8 billion to $12 billion in 2025 (a 567% surge), signifies its emergence as a blockchain primarily centered on payments.
The migration of PayPal’s PYUSD stablecoin to operate predominantly on Solana rather than Ethereum underscores the network’s appeal for consumer applications necessitating speed over maximal decentralization, as explained in the report. This specialization in verticals makes a strong case for diversified exposure through basket investments rather than concentrated bets.
The DIME portfolio reflects this approach, encompassing significant Solana positions representing about 8.8% of assets, while also including exposure to specialized platforms like Sui, Aptos, and Avalanche, as detailed by ETF Database. This investment strategy aligns with CoinShares’ belief that no single blockchain will monopolize every use case, hence the need for spread across different Layer-1 platforms to capitalize on growth in various verticals in the foreseeable future.
