Looking at Solana’s key stats, the undervaluation narrative starts to gain more weight.
On the RWA front, Solana’s latest Q2 report showed $5.8 billion in Tokenized Asset Volume, up 114% QoQ and marking its sixth quarterly ATH.
Tokenized Equities alone accounted for 84% of total volume, making Solana a major hub for institutional RWA activity. But the momentum doesn’t stop there.
Digging deeper, Solana currently dominates tokenized stock trading, accounting for 96% of total volume, with xStocks driving over 80% of the activity. In this context, the latest xStocks expansion adds another layer to this growth story, moving beyond U.S. stocks to bring other global equities on-chain.
According to Dune data, dormant wallets returning to Solana DEXs jumped to 62k last week, up 400% week-over-week. This suggests that previously inactive users are coming back on-chain as new opportunities continue expanding across the ecosystem.
However, the bigger story behind Solana’s growth goes beyond its RWA market or DEX volume. The real impact is how this activity is translating into network adoption, with rising dormant activity being just one piece of the puzzle.
According to Chainspect data, Solana has generated more revenue than Ethereum for 23 consecutive days. With Solana bringing in around $515k compared to Ethereum’s $133k, the network generated roughly $382k more revenue, or nearly 3.9x Ethereum’s total.
In this context, xStocks’ expansion adds another catalyst for Solana to continue building on this momentum.
As the chart above shows, the $SOL/$ETH ratio is approaching the 0.035-0.04 range, a zone that previously triggered a strong rally in May as capital rotated into Solana. With Solana’s on-chain strength improving against Ethereum and $ETH facing resistance around the $2k level, the setup could favor further upside in the $SOL/$ETH ratio.
This rotation may be more than just a short-term technical move. With Solana’s on-chain growth continuing to accelerate, it could signal a broader divergence between $SOL’s strength and $ETH’s performance through the rest of Q3.
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