In January 2023, solana was trading at a 97% discount to ether's market capitalization, but this gap has narrowed to a 70% discount over the past two years.
In January 2023, solana was trading at a 97% discount to ether's market capitalization, but this gap has narrowed to a 70% discount over the past two years. Despite the decreasing discount, solana is starting to rival ether in terms of on-chain activity and network usage metrics, raising questions about whether the market is still dislocated, says Michael Nadeau.
However, solana is starting to challenge ether in terms of on-chain activity and important network usage KPIs.In this short piece, we explore this key question with relative analysis across four key data points. Let’s dive in.Data: Artemis, The DeFi Report, Gas Fees Only . Please note that we’ve included the following L2s in the comps data: Arbitrum, Base, Optimism, Blast, Celo, Linea, Mantle, Scroll, Starknet, zkSync, Immutable, and Manta Pacific.
L2s create new demand for Ethereum L1 block space and increase the network effects of ETH the asset. Therefore, we include them in our comp analysis for solana.Solana did $108B in DEX trading volume in Q2: 36% of ether + the top L2s.We think this drop is mostly due to bots/algorithmic trading that was juicing the numbers in Q2.
Furthermore, only 6% of Solana’s stablecoin volumes are peer-to-peer transfers per Artemis. On Ethereum L1, this figure is closer to 30% – an indication that ether is used more for non-speculative activity than solana. In terms of stablecoin supply, solana has just 4.1% of ether + the top L2s on-chain value today, up from 3.5% at the end of Q2.Solana’s TVL is currently $8.2b: 12% of ether + the top L2s.49% of ether’s fees 30% of ether’s stablecoin volumes 12% of ether’s TVL With that said investors should consider qualitative differences between the two networks as well as potential upcoming catalysts as we head into year-end and 2025.
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