As momentum continues to build around Solana, one of the most talked-about blockchains in the crypto space, co-founder Anatoly Yakovenko has stepped in with a timely dose of realism. While SOL, the network’s native token, has been climbing steadily—recently breaking above $136—and on-chain activity has been surging, Yakovenko is urging the community to keep expectations grounded. Despite the bullish narratives taking over social media and trading circles, he reminded enthusiasts that Solana’s journey is far from complete.

Over recent weeks, optimism around Solana has reached new heights. Some industry voices have gone as far as predicting that Solana could end up supporting 95% of all crypto users in the future. From lightning-fast transactions to surging daily volumes, there’s no shortage of data backing the idea that Solana is gaining serious ground. Yet Yakovenko’s latest remarks serve as a crucial reminder: success in crypto is not measured by hype alone—it requires sustained growth, long-term user retention, and deep financial infrastructure.

Yakovenko’s statement was not intended as a critique of Solana’s progress, but rather a recalibration of expectations. He acknowledged the significant strides the network has made but stressed that converting rising engagement into meaningful adoption is a far more complex task. According to him, it’s one thing to attract users in a high-speed, low-fee environment, but it’s another thing entirely to build the ecosystem, capital depth, and trust that are required to maintain that growth over time.

When examining the numbers, Solana’s recent performance certainly stands out. The network now leads all blockchains in daily decentralized exchange (DEX) volume, boasting over $1.7 billion in 24-hour trading. That figure surpasses Ethereum’s $924 million and BNB Chain’s $654 million, highlighting Solana’s rising dominance in transaction throughput and user activity. These metrics point to a growing preference for Solana among traders seeking efficiency and affordability.

However, there’s a difference between transactional activity and ecosystem maturity. In terms of total value locked (TVL)—a metric that reflects the amount of capital committed to decentralized finance (DeFi) protocols—Solana still trails Ethereum by a wide margin. Solana’s TVL stands at approximately $8.8 billion, while Ethereum holds over $50.2 billion. This indicates that while Solana is leading in day-to-day usage, Ethereum remains the go-to platform for deeper financial operations.

The disparity continues when comparing stablecoin activity. Solana supports about $12.7 billion in stablecoins, most of which are denominated in USDC, accounting for more than 76% of the supply. Ethereum, on the other hand, dominates with over $122 billion in stablecoins circulating on its network. These assets are vital for lending platforms, derivatives, and various DeFi instruments, and Ethereum’s lead in this space signals its more established ecosystem.

Validator incentives are another area where Solana may need to evolve. Currently, validators on the network earn around 424 SOL annually, which translates to roughly $35,000 at today’s prices. While this may cover operational costs, it pales in comparison to rewards seen in other networks with higher staking returns or more robust fee-sharing models. For Solana to attract and retain a larger pool of infrastructure providers, more competitive validator economics may be necessary.

Yakovenko’s reality check comes at a pivotal moment for Solana. The network is clearly gaining traction, and its technology is proving it can handle real-world usage at scale. But for it to claim a long-term leadership role in crypto, it must go beyond raw performance. That means developing stronger financial infrastructure, creating incentives for developers and validators, and ensuring that new users become long-term participants.

Solana has already shown it can capture attention. Now the challenge is converting that attention into lasting adoption. Yakovenko’s message is a reminder that in a fast-moving industry like crypto, long-term success isn’t won with speed alone—it’s earned through durability, depth, and continued innovation.