$SUI just printed " -$79 " 👀
But the surprising part is that three other chains are also generating numbers that look weak relative to their valuations:
→ $ALGO : $117 on an $880M market cap
→ $S: $95 on a $79M market cap
→ $SEI : $40 on a $348M market cap
Some Solana killers look like they might be killing themselves first. 👀💀
is still the standout here, but not for a good reason.
A negative revenue print means the chain is effectively subsidizing its own usage based on these figures.
That can work in the short term, but it’s difficult to sustain indefinitely without real demand eventually showing up. 📉
The other three aren’t necessarily in crisis.
Some are still early in building their ecosystems, and fee generation can naturally lag behind actual usage.
The problem is that the market doesn’t always give that explanation enough credit. 🤔
Revenue is one of the harder metrics to fake.
TVL can be mercenary capital.
Price can run purely on narrative.
But revenue answers a much more important question:
Are users actually paying to use the network? 💰📊
So the real question is:
Which one of these chains turns it around first? 👀🔥
But the surprising part is that three other chains are also generating numbers that look weak relative to their valuations:
→ $ALGO : $117 on an $880M market cap
→ $S: $95 on a $79M market cap
→ $SEI : $40 on a $348M market cap
Some Solana killers look like they might be killing themselves first. 👀💀
is still the standout here, but not for a good reason.
A negative revenue print means the chain is effectively subsidizing its own usage based on these figures.
That can work in the short term, but it’s difficult to sustain indefinitely without real demand eventually showing up. 📉
The other three aren’t necessarily in crisis.
Some are still early in building their ecosystems, and fee generation can naturally lag behind actual usage.
The problem is that the market doesn’t always give that explanation enough credit. 🤔
Revenue is one of the harder metrics to fake.
TVL can be mercenary capital.
Price can run purely on narrative.
But revenue answers a much more important question:
Are users actually paying to use the network? 💰📊
So the real question is:
Which one of these chains turns it around first? 👀🔥
