This is exactly why we built the Dune Index.
Fees transfers & transaction counts combined to track real onchain adoption across chains.
Always glad to see @coinbase @base use Dune as their source of truth.

ETH and SOL performance is being driven more by technicals than fundamentals at the moment, which explains the move over the last week. Still, Ethereum's share of onchain activity has been in decline since late 2Q24, while Solana currently owns 44% of all activity. Read more🧵👇

🔹We use the latest @Dune Index data to track consolidated blockchain adoption from combining three key metrics: transaction fees (45% weight), USD transfer volumes (45% weight), and the number of transactions (10% weight)
🔹Fees and transfers are weighted higher since they are more indicative of meaningful activity compared to transaction counts. This provides compelling evidence of a fundamental shift in blockchain adoption patterns over the last 12 months.
🔹Of course, a lot of that Solana activity has been driven by memecoin trading, particularly after the launch of https://t.co/sqhica4mKn in January 2024, becoming a major driver behind Solana's expansion.
🔹The challenge for Solana is that the appetite for memecoins may have peaked in early 2025, though we expect the sector to maintain a fixed place among speculators.

See full report: https://t.co/U1VTqtPIvI