Solana has made significant strides in closing the market gap with Ethereum over the past two years. In January 2023, Solana was trading at a 97% discount to Ethereum’s market cap, but that discount has now narrowed to 70%. Despite this improvement, Solana is increasingly challenging Ethereum in terms of on-chain activity and network usage metrics, raising the question of whether the market is still dislocated.
To evaluate this, we can look at four key data points:
1. Network Fees:
In the second quarter, Solana generated $151 million in fees, accounting for 27% of Ethereum and the top Layer 2 solutions. Over the last 90 days, this ratio has increased to 49%, indicating a growing share of network fees for Solana.
2. DEX Volumes:
Solana saw $108 billion in decentralized exchange trading volume in Q2, representing 36% of Ethereum and the top Layer 2 solutions. In the last 90 days, this volume surged to $153 billion, capturing 57% of the market share.
3. Stablecoin Volumes:
In Q2, Solana recorded $4.7 trillion in stablecoin volume, nearly double that of Ethereum and the top Layer 2 solutions. However, over the last 90 days, this figure dropped to $963 billion, accounting for 30% of the market share. The decrease is attributed to the influence of bots and algorithmic trading in Q2.
4. Total Value Locked (TVL):
Solana’s TVL stood at $4.2 billion at the end of Q2, representing 6.3% of Ethereum and the top Layer 2 solutions. Currently, Solana’s TVL has increased to $8.2 billion, capturing 12% of the market share.
Based on these data points, it appears that Solana’s valuation is being re-priced relative to Ethereum. While the gap between the two networks has narrowed, investors should consider qualitative differences and potential catalysts as they assess their investment decisions heading into the end of the year and beyond. Are you tired of the same old routine and looking for a way to shake things up in your life? One of the best ways to do that is by trying something new and exciting. Whether it’s a new hobby, a new sport, or a new adventure, stepping out of your comfort zone can be incredibly rewarding.
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