Multicoin co-founder Kyle Samani makes a highly controversial call: during this market cycle, the $SOL market cap may surpass $ETH .
His rationale is straightforward: Solana is easier to use and more feature-rich, so more and more crypto companies will prioritize it; whereas Ethereum today mainly relies on stablecoins, with stablecoins minted by borrowing against ETH helping to maintain its network position. He even goes so far as to say, “Almost nobody truly uses Ethereum,” and is bearish on ETH’s ability to capture value.
The data also shows subtle shifts: DefiLlama indicates that over the past 30 days, Solana’s on-chain fee revenue was about $23 million, ranking fourth; Ethereum’s was about $12.6 million, ranking sixth. Fees can reflect a portion of on-chain activity, but they can’t alone equate to long-term value.
Whether a “flip” can actually happen ultimately depends on user retention, the developer ecosystem, application revenue, and network security. Do you think this is Solana’s real rise—or just new narrative at the top of the cycle?
#Solana #Ethereum
His rationale is straightforward: Solana is easier to use and more feature-rich, so more and more crypto companies will prioritize it; whereas Ethereum today mainly relies on stablecoins, with stablecoins minted by borrowing against ETH helping to maintain its network position. He even goes so far as to say, “Almost nobody truly uses Ethereum,” and is bearish on ETH’s ability to capture value.
The data also shows subtle shifts: DefiLlama indicates that over the past 30 days, Solana’s on-chain fee revenue was about $23 million, ranking fourth; Ethereum’s was about $12.6 million, ranking sixth. Fees can reflect a portion of on-chain activity, but they can’t alone equate to long-term value.
Whether a “flip” can actually happen ultimately depends on user retention, the developer ecosystem, application revenue, and network security. Do you think this is Solana’s real rise—or just new narrative at the top of the cycle?
#Solana #Ethereum