Crypto Twitter was recently rocked when Solana posted a tweet that was a direct jab at Starknet :
“Starknet has 8 active users per day, 10 transactions per day, yet still has a market cap of $1 billion and FDV of up to $15 billion. LMAO… send straight to zero.”
A short statement, but it hits the nail on the head regarding the biggest concern in the current market :
👉 Why is a network with virtually no real users valued so highly?
Breaking down the problem: Low user base, high pricing – where does the paradox lie?
1️⃣ Market Cap and FDV do not reflect the level of usage.
Market Cap : Token price × number of Token in circulation
FDV (Fully Diluted Valuation) : Token price × Max Supply
The important thing is:
👉 FDV doesn't represent the present , but only reflects future expectations .
With Starknet, the majority of Token remain unlocked , but the current Token price is Peg high by the market, causing the FDV to inflate despite:
Extremely low user count
on-chain transactions are almost negligible.
2️⃣ Tokenomics + Narrative > Actual Product
Layer 2 projects like Starknet are typically priced based on:
Reputation of the development team
Backed by major funds
Narrative: “Ethereum scaling”, “ZK-rollup is the future”
👉 This creates a dangerous delay :
Token increase in price first , while the product and users arrive later… or never at all .
3️⃣ An implicit comparison with Solana: “Real users” vs. “Paper expectations”
Solana didn't post this tweet randomly. It was a subtle message:
Solana:
The number of users, transactions, and active DApps is very high.
Meme coin, DeFi, Non-Fungible Token, and DePIN all have real cash flow.
Starknet:
The ecosystem is still fragile.
The actual user base has not yet been formed.
Token value is primarily based on future expectations.
👉 This is a classic showdown:
"Real on-chain data" vs. "valuation based on belief"
Warning to investors: High FDV does not necessarily mean high quality.
A project has a high FDV while:
Low user count
Revenue was almost zero.
Token unlock still has a long way to go.
⛔ It's very easy to fall into the trap:
Pressure to Dump Token from the team and VCs.
Prices have been suppressed for a long time.
Retail investors become the ones paying the price for their premature expectations.
Conclude
Solana 's sarcastic remark wasn't just for fun; it reflected a very real problem in the current crypto market :
❝Are we pricing the project based on real users , or just on a well-told story ?❞
In an increasingly selective market:
User activity, cash flow, and on-chain activity will be more important than ever.
These "FDV projects with sky-high prices and ground-level products" will sooner or later be subject to market adjustments.
What do you guys think?
👉 Is Starknet overvalued, or is Solana just subtly mocking her opponent?
