Following its remarkable resurgence from the ashes of the FTX and Alameda collapse, Solana has firmly established itself as a top-tier blockchain. While native teams have driven much of this progress through community-led efforts, the stabilization of SOL's price and the growth of its DeFi metrics have now created opportunities for non-native protocols to join this expanding ecosystem.
Native Solana Protocols Pave the Way
SOL’s surge from a low of $8 in December 2022 to $210 just a few months ago represents one of the most impressive recoveries in the current crypto cycle. However, the wealth generation within the Solana ecosystem hasn’t been limited to native token holders.
Solana developers have consistently captured market attention, starting with the PYTH airdrop in November. This event distributed tokens to addresses that had interacted with the Pyth oracle across 27 different networks—including Ethereum and its Layer 2s—marking a turning point that offered direct economic incentives for users from other ecosystems to explore Solana.
Shortly afterward, Jito Labs, a native liquid staking protocol, conducted its own airdrop. Users qualified by simply holding jitoSOL deposit receipts, earning over 100 points to receive token allocations often worth five-figure sums. These generous distributions turned Solana into a prime destination for airdrop hunting and spurred the widespread adoption of point-based incentive systems, which have proven highly effective at attracting users and capital.
A Shifting Landscape
Although native protocols laid the foundation for Solana’s broader adoption, the network is increasingly becoming a host for Ethereum developers.
This shift may be gradual, but it is unmistakable. As more projects recognize the high level of on-chain activity within Solana, they are eager to capitalize on the opportunity. Migration from Ethereum to Solana is becoming inevitable.
Render, a decentralized GPU computing network, was an early supporter of Solana’s vision, choosing to migrate its token to the SPL standard in November. MetaMask, though often perceived as lagging in user experience improvements, was among the first Ethereum-native applications to introduce Solana compatibility. Its September launch of "Snaps" allowed users to access Solana applications directly from MetaMask. To date, the Solflare Snap integration has attracted over 500,000 users.
Solana also hosts several native lending markets, but none offer the same time-tested security as Ethereum’s blue-chip lending protocol, Aave. Seeking to leverage its established reputation, the Aave DAO approved a temperature check with 83% support in January. This approved the deployment of a minimal viable version of its V3 isolated markets via Neon EVM—a fully Ethereum-compatible development environment on Solana.
More recently, a community-led proposal appeared in the governance forum of GMX, a leading perpetual exchange in the EVM ecosystem. The proposal seeks to establish an independent exchange deployment on Solana called GMSOL. This new deployment would use the GMX token for all valuations and storage, implement the GMX buyback mechanism, and return a significant portion of fees to the GMX treasury to build a GMSOL treasury.
In exchange for the benefits of this new deployment, the GMX DAO is expected to cover all costs related to protocol audits and grant a license to use and replicate its front-end code.
There is also widespread speculation that other major Ethereum projects, such as Ethena and Pendle, will deploy on Solana in the near future. Both have thrived in recent months due to the rising interest rate environment in crypto markets.
Long-Term Trends and Strategic Diversification
Applications serve users, not blockchains. While blue-chip protocols should maintain high standards when considering new deployments, it would be unwise to ignore environments where users and activity are concentrated. In the absence of established protocols, users will inevitably seek alternatives, putting the market dominance of existing applications at risk—especially when their home chain begins losing market share to competitors.
Ethereum and Solana have adopted fundamentally different scaling approaches. Ethereum has chosen network sharding to allow broader validator participation, while Solana uses a monolithic design for a unified state. Although greater decentralization at the validator level helps maintain Ethereum’s network integrity, it also introduces certain limitations, making Solana’s model attractive in several respects.
The crypto industry is still in an experimental phase. No one can say with certainty what it will look like in ten years. Just as investors diversify their portfolios to mitigate risk, applications can also diversify their blockchain deployments to protect their market share.
Developers aiming for maximum success must acknowledge that the future of finance will not have a single center. They should deploy their applications accordingly—whether on Ethereum, Solana, emerging platforms like Monad that combine EVM and SVM, or even regulated settlement networks operated by banks. The industry must cross a vast chasm of uncertainty to evolve from its infancy into a mature state capable of achieving true adoption and onboarding trillions in traditional assets.
Until then, application developers who blindly adhere to chain maximalism may risk losing both money and market relevance.
👉 Explore more strategies for cross-chain deployment
Frequently Asked Questions
Why are Ethereum-based protocols expanding to Solana?
Ethereum protocols are diversifying to Solana to tap into its growing user base, high transaction throughput, and increasing on-chain activity. This strategic move helps them capture new markets and mitigate the risks of being confined to a single blockchain.
What advantages does Solana offer over Ethereum?
Solana offers lower transaction fees, faster settlement times, and high scalability due to its monolithic architecture. These features make it attractive for applications requiring high-frequency interactions, such as trading and gaming.
How do users benefit from cross-chain deployments?
Users gain access to a broader range of financial products and services without leaving their preferred ecosystem. They can also participate in airdrops, incentive programs, and new investment opportunities originating from established protocols expanding to Solana.
Are there risks associated with using bridged or multichain protocols?
While cross-chain interactions introduce new possibilities, they also involve risks such as bridge vulnerabilities, smart contract bugs, and consensus failures. Users should always exercise caution and use audited, well-established protocols.
What is the future of multichain ecosystems?
The future will likely involve increased interoperability between blockchains, with users and liquidity flowing freely across networks. Protocols that adopt a multichain strategy early may be better positioned to capture value and sustain long-term growth.
How can developers prepare for a multichain future?
Developers should focus on building modular and adaptable systems, conducting thorough audits, and engaging with diverse communities. Staying informed about emerging technologies and layer-2 solutions is also crucial for maintaining competitiveness.