On the 8th, Sygnum pointed out through its official blog that Solana's revenue structure is too dependent on meme coins, making it difficult to attract the interest of institutional investors.
Sygnum said, “Currently, the overall market sentiment towards Ethereum is not good,” but added, “The medium-term outlook is based not on emotion, but on the traditional financial institutions.”
"The decision will be based on which platform the blockchain will choose," he said. "Ethereum continues to have a strong reputation for security, stability, and sustainability.
"Solana is overly concentrated in the meme coin division, which is a key area of profit stability," he said.
Based on this, he concluded that the reason why Solana’s valuation is lower than Ethereum’s is that it reflects the market’s assessment of the difference in the composition of revenue streams.
In addition, Solana is ahead of Ethereum in fee revenue share at Layer 1, but “most of the fees are paid to validators, and the value of the Solana token itself is
"It will not lead to a price increase," he added. In fact, Ethereum's total revenue is still 2 to 2.5 times that of Solana.
Sygnum believes that Solana's tokenomics is more flexibly adjustable than Ethereum's.
While acknowledging this, he cited the example of the community rejecting a proposal to reduce the SOL inflation rate last March, saying that "there is not enough will to increase the value of the token."
However, Sygnum believes that Solana is gradually increasing the size of assets locked up in the decentralized finance (DeFi) ecosystem and that it will be able to use tokenization and stablecoins in the future.
He predicted that if it could secure a more stable revenue base like Ethereum, it could catch up with Ethereum.
2025/05/09 16:43 KST
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