The battle between crypto platforms is no longer about one blockchain winning everything. Instead, different networks are claiming dominance in specialized verticals, with Ethereum cementing its role as institutional infrastructure while Solana captures the consumer payments layer, according to CoinShares’ 2026 outlook.
The shift represents a change in how investors should think about blockchain exposure. Rather than betting on a single winner, the market is splitting into distinct use cases where multiple platforms can thrive simultaneously, the report argues.
This changing landscape shaped the strategy behind CoinShares Altcoins ETF (DIME), which holds a diversified basket of Layer-1 blockchains. The fund launched in October and manages $1.76 million across 10 different cryptocurrencies, according to ETF Database.
Ethereum’s institutional momentum shows clearly in recent adoption metrics. BlackRock’s (BLK) BUIDL tokenized fund has grown to over $550 million, while J.P. Morgan (JPM) is piloting tokenized deposits on Base, an Ethereum Layer-2 network, according to the outlook. These moves signal traditional finance is building on Ethereum’s settlement layer rather than competing chains.
The network processed roughly $40 billion in lending activity through AAVE, one of crypto’s largest lending platforms, placing it among the top 50 U.S. banks by that measure, the report notes. Ethereum’s rollup-centric development strategy has pushed Layer-2 throughput from 200 transactions per second a year ago to nearly 4,800 today.
Meanwhile, Solana has captured the retail and high-frequency application market through dramatically different means. Stablecoin supply on Solana exploded from $1.8 billion to $12 billion in 2025, a 567% increase that reflects its emergence as a payments-focused blockchain, according to the outlook.
PayPal’s PYUSD stablecoin now operates primarily on Solana rather than Ethereum. The network’s parallel transaction processing and sub-second finality make it better suited for consumer applications requiring speed over maximum decentralization, the report explains.
This vertical specialization creates a compelling case for basket exposure rather than concentrated bets. DIME’s portfolio includes Solana positions totaling roughly 8.8% of assets, while also holding exposure to other specialized platforms like Sui, Aptos, and Avalanche, according to ETF Database.
The fund’s structure reflects CoinShares’ view that no single blockchain will dominate every use case. DIME holds positions across different Layer-1 platforms, allowing it to capture growth regardless of which specific vertical expands fastest in coming years.
