The following is a guest post and an opinion of Michael Egorov, Founder of Curve Finance.
As Defi gets closer to regular financing, the neutrality, safety and transit must balance. In 2025, that balance is increasingly determined by two competing architectural visions.
The evolution of Defi always depends on one key question: what kind of infrastructure do we want to build the future of finance? As the space ripens and focuses on integration with worldwide financial systems, the urgency of this question only becomes intensive.
In 2025 this decision is no longer purely technical. It is a competition between two visions: the modular, decentralization-first stack of Ethereum and the powerful, monolithic approach of Solana. The outcome will help determine what the next phase of blockchain-based finances looks like and shaping the architecture of the worldwide financial systems of tomorrow.
In this article I share my perspective on how both networks position themselves for the future, and which will probably get ahead in the long term.
Ethereum: The basis of serious Defi
Ethereum is more than just a blockchain – it is the foundation of modern Defi. It is where safe, composite applications can thrive and where long -term financial infrastructure is built. Institutional players turn to Ethereum if they want to with confidence token -size and capital flows for safety here. The fact that More than 55% Total value locked (TVL) on large chains lives on Ethereum testifies to its dominance.
Unlike Solana’s One-Size-Fits-All Layer 1, Ethereum has embraced a modular scale approach. Layer 1 remains the core foundation, while layer 2s handle specific workload, such as microtransactions or gaming, which avoids congestion in the main chain. This structure retains decentralization and makes scale possible. With the rollout of Proto-Danksharding in early 2025, the transaction costs of Layer 2 have fallen considerably in Ethereum in modular architecture.
That said, the model of Ethereum has considerations. The dependence on Laag 2S can introduce fragmentation. Some Defi -Primitives must live on low 1 for full composability. Although insulated applications such as the Dexs orderbook can function on L2S, these solutions often feel like a temporary solution, not a long -term design. Really integrated Defi requires synchronous composability in chain what works best when everything works on the same basic layer.
But the greatest power in Ethereum is the uncompromising dedication to decentralization. It is one of the most politically neutral block chains that exist – an important feature in an increasingly regulated environment. Speed and user experience can be optimized over time, but decentralization is a set -up principle. Once compromised, it is almost impossible to recover.
Developer experience is a different lead. Writing smart contracts on Ethereum is considerably easier than on Solana, so that developers can produce safe, well -tested code. This maturity is part of the reason why Ethereum developers are comfortable to make contracts unchangeable – confidence in safety. It is no coincidence that almost every major defi -innovation originated on Ethereum. With more than 1,388 implemented protocols compared to Solana’s 232, the figures Speak for themselves.
When security, composability and development of developers are coordinated with each other, the entire ecosystem benefits.
Solana: fast and efficient, but centralized
Solana starts the same scale challenge from a different angle. The monolithic architecture keeps everything on a single layer 1. This offers tangible benefits: extremely fast transactions, low costs and a seamless user experience.
From an unprocessed performance point of view, Solana is compelling –suitable of the processing of 3,000-4,000 transactions per second (TPS) today, with expectations to reach more than 1 million TPS through the upcoming Fieldancer Validator. These figures, based on test results, are impressive compared to the average of Ethereum of 15-30 TPS.
However, these achievements come up with considerations. The design of Solana includes a piping node that sequented transactions. Although this improves the transit, the centralization risks introduces. The network is distributed, but not really decentralized. That distinction is important – especially in a world where institutions give priority to political neutrality and resistance of censorship.
However, not every Use Case requires deep decentralization. Internal CBDCs or consumer -oriented applications in gaming and fintech can, for example, benefit from the transit and UX of Solana. It would not surprise me if we see adapted versions of Solana in controlled environments.
Despite the momentum of Solana, Ethereum remains the favorite platform for what I call ‘serious money’.
Structural reliability versus mass -acceptance
The Core Defi debate in 2025 – and further – Centers about what the sector should optimize for: structural integrity or mass acceptance? Should we build resilient, decentralized and composite systems, even if they are slower and complex? Or give priority of scale and UX at the expense of the Core Crypto values?
Having on adoption without structural reliability is short -sighted. If protocols compromise on safety or decentralization, regulators will inevitably impose the same restrictions that tax traditional financing. At that moment the promise of Defi would be lost.
That is why Institutional Capital Ethereum continues to favor – and why I believe it will be preference. Neutrality and safety cannot be applied afterwards; They must be built into the base layer from the start.
If we want Defi to survive the hype cycles and form the backbone of a new global financial order, Ethereum offers the most robust path ahead. It gives us the best chance to build financial rails that are resilient, safe and UNCO-Optable.
