An unprecedented war of words has erupted between global blockchain projects Solana and Starknet. It's unusual for a major project with a high market capitalization to vehemently criticize its competitor, calling it a "ghost town." This incident is seen as more than just a mere incident; it starkly exposes the gap between valuation and actual usability in the cryptocurrency market.
◇ "A market cap of 1 trillion won, but only 8 users?"… Solana's provocation
On the 14th (local time), the official Solana Foundation X (formerly Twitter) account posted a post targeting Starknet, an Ethereum layer 2 solution. Citing a chart comparing the daily active users (DAU) of major blockchains, Solana pointed out that "Starknet has only 8 daily users and 10 transactions."
Starknet has 8 daily active users, 10 daily transactions, and still somehow has a 1b MC and 15b FDV
— Solana (@solana) January 14, 2026
LMFAOOOOOOOOOOOOOOO
Send it straight to 0
He then added the somewhat extreme expression, "However, the market capitalization (MC) is $1 billion (about 1.3 trillion won) and the fully diluted value (FDV) is $15 billion," and "the price should go straight to 0."
The post immediately became a hot topic in the industry. It pointed out that Starknet, which has emphasized the influx of "institutional funds" and technological perfection, is actually an empty ecosystem.
◇ Fact Check: 8 People Are 'Memes', But 'Overrated' Criticism Valid
Our paper verified this through blockchain data analysis platform Dune Analytics, and found that some of Solana's claims were not true.
First, the "8 users" figure is an exaggerated figure. Starknet's actual daily active users are estimated to be around 2,300 to 3,000. Furthermore, the $15 billion FDV mentioned by Solana is based on data from April of last year. Based on CryptoSlate, Starknet's FDV has been adjusted to approximately $900 million.
However, industry experts agree that the real issue lies beyond Solana's hype. Compared to Solana (approximately 1.2 million daily users) or Tron (approximately 1.9 million), Starknet's actual activity relative to its market capitalization is significantly lower.
◇ "Bald interns' work"… The delightful evolution of CEOs
This situation, which could have easily escalated into a serious conflict, was resolved through humor between the executives of both companies.
Eli Ben-Sasson, CEO of Starkware, quipped that Solana had eight bald marketing interns who tweeted 10 times a day. Solana co-founder Anatoly Yakovenko responded, "This is unnecessary violence between bald CEOs. Let's fire the interns," calming the mood.
◇ 'Technology' or 'Practical Use'? The Key Issues of the 2026 Market
This debate suggests a shift in the valuation criteria for the blockchain market. While high valuations were previously justified solely by technological superiority or a future roadmap, the time has now come for companies to prove who will actually use them.
In fact, an analysis of publicly available data on the top 20 blockchains reveals that Ripple (XRP), Cardano (ADA), and Starknet maintain market capitalizations in the tens of trillions of won, yet their daily users remain in the tens or thousands of dollars. In contrast, Solana, Tron, and Near Protocol demonstrate a clear presence in terms of user numbers and transaction volume.
A virtual asset research industry insider advised, "Starknet has a powerful technology called zero-knowledge (ZK) rollup, but the sharp decline in users after the airdrop is a painful reality." He added, "Investors should now carefully consider the fees paid by users and the actual economic value (REV), rather than simply the market capitalization."
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