The Myth of the “Most Used” Blockchain | The Breakdown - The Breakdown Recap

Podcast: The Breakdown

Published: 2026-02-05

Duration: 24 min

Summary

This episode unpacks the debate surrounding the claims that Solana is the 'most used' blockchain compared to Ethereum, exploring the metrics that support or refute this assertion. The discussion reveals the complexities of blockchain usage and the implications for market value.

What Happened

The episode kicks off with the recent claims made by Solana Foundation president Lily Liu, who stated that Solana is the 'most used chain,' asserting that it has greater usage than the entire rest of the industry combined, times two to three. This statement ignited a fresh round of the ongoing Ethereum vs. Solana debate, prompting various opinions across the blockchain community. Notably, Nansen CEO Alex Svanovic supported Liu's claims by citing metrics such as Dex volumes and transaction counts, while others like DeFi Dad questioned the validity of these claims.

As the discussion unfolds, the host David Kanellis highlights the importance of metrics in evaluating which blockchain is truly the most used. He emphasizes that while Solana may boast impressive transaction counts and active users, the underlying value metrics tell a different story. For instance, Ethereum's stablecoin transfer volumes significantly outstrip Solana's, demonstrating Ethereum's dominance in that area. The episode also touches on the total value locked (TVL) in DeFi, where Ethereum far surpasses Solana, suggesting that when it comes to actual usage for stablecoins and yield farming, Ethereum remains the leader.

Key Insights

Key Questions Answered

What did Lily Liu say about Solana's blockchain usage?

Lily Liu, the president of the Solana Foundation, claimed that Solana was the 'most used chain,' suggesting that it had greater usage than the entire rest of the industry combined, times two to three. This bold statement triggered a variety of reactions within the community, including skepticism from figures such as DeFi Dad, who challenged the basis of Liu's assertion.

How does Ethereum compare to Solana in stablecoin transfer volumes?

David Kanellis pointed out that Ethereum's mainnet consistently sees more than double the stablecoin transfer volume across USDC and USDT compared to Solana, and even nearly triple on occasion. This illustrates Ethereum's significant advantage in stablecoin transactions, which are considered vital for blockchain usage.

What is total value locked and how does it compare between Ethereum and Solana?

In the episode, it's explained that total value locked (TVL) in DeFi protocols is a critical metric for evaluating blockchain usage. Ethereum holds between 60 and 70% of the total crypto value locked in DeFi, translating to nearly $70 billion, while Solana ranks a distant second with only $8.5 billion, further underscoring Ethereum's dominance in this area.

Why is the term 'most used blockchain' considered misleading?

David Kanellis argues that the term 'most used blockchain' is vague and often lacks substance. The episode discusses how the number of active addresses can be artificially inflated through bot activity, leading to misleading interpretations of actual user engagement on a blockchain. This highlights the difficulty in accurately assessing genuine usage.

What insights did John Ma provide regarding Solana's on-chain activity?

Artemis CEO John Ma shared metrics that positioned Solana at the forefront of on-chain activity, claiming it had 98 million monthly active users and 34 billion transaction counts in 2025. However, the episode cautions that these numbers may not represent actual users meaningfully, as active address counts can be skewed by non-meaningful transactions.