Solana (<a href=”https://www.coindesk.com/price/solana” target=”_blank”>SOL</a>) was trading at 97% discount to the market capitalization of Ethereum’s ether (<a href=”https://www.coindesk.com/price/ethereum” target=”_blank”>ETH</a>) in January 2023 — a clear market dislocation that has closed significantly over the last two years.
Today, the discount has shrunk to 70%.
However, Solana is starting to challenge Ethereum in terms of on-chain activity and key measures of network usage.
Which raises the question: Is the market still dislocated?
In this short piece, we explore this key question with relative analysis across four key data points. Let’s dive in.
1. Network Fees
Data: Artemis, The DeFi Report, Gas Fees Only (does not include MEV). 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.
Layer 2s create new demand for block spac
We współpracy z: https://www.coindesk.com/opinion/2024/11/27/should-sol-be-trading-at-a-70-discount-to-eth
