Chainfeeds Introduction:
Kyle Samani, co-founder of Multicoin, delivered a keynote speech titled "Why SOL Will Flip ETH" at the Token2049 conference, pointing out that Solana's vision is to create a "decentralized Nasdaq" and gradually realize this vision in the process of continuously optimizing user experience. With token expansion functions, Firedancer client and hardware expansion, Solana has demonstrated strong growth potential and long-term competitiveness, and has gradually surpassed Ethereum's key on-chain indicators.
Source:
https://www.jinse.cn/blockchain/3697783.html
Article author:
Kyle Samani
Viewpoint:
Kyle Samani: Before we get into Solana, I want to make one more point: Ethereum is no longer the center of value capture. The roll-up-centric roadmap explicitly moves transaction fees and MEV (maximum extractable value) fees from L1 to L2, L3, and even L4. While this roadmap successfully pushed transactions to the L2 layer, it also moved most of the value creation away from Ethereum as an asset. These people will tell you that you can still use Ethereum for data availability (DA), which is true. But as I will show in the next few slides, the value of DA is almost zero. There are more than enough DAs available on Ethereum and elsewhere. People will eventually say that the value of Ethereum comes from "ETH is money", but this is completely nonsense. This statement is essentially a circular argument that cannot be falsified. They are just imposing their beliefs on you without any logic to derive. The litmus test for whether something is money is simple: go to a coffee shop and ask them how they price their coffee. If they price it in ETH, then ETH is money. If it is in US dollars, then US dollars are money. This is the standard for judging money, and nothing else is the standard. First, blockchain systems are essentially financial systems. We can see that Solana's on-chain transaction volume has basically caught up with Ethereum over the past year, and sometimes even exceeded Ethereum. This is the most important metric we think, after all, the core function of blockchain is to conduct transactions. Next, let's look at the second metric: validator rewards. Solana has also caught up with Ethereum in this regard, and some weeks Solana's validator rewards even exceed Ethereum. The last metric is the transfer volume of stablecoins. Although Solana still lags behind Ethereum in this regard, its growth rate is amazing. About a year ago, Solana's on-chain stablecoin transfer volume was 1/10 to 1/20 of Ethereum, and today it is close to half, which shows that more and more funds are flowing on the Solana chain. If you believe that these indicators will continue to maintain the same growth trend, then it is reasonable to speculate that Solana's market value will also grow in the same direction.
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