I found an interesting phenomenon while browsing the English blogger circle: ETH Maxis and SOL Maxis are always at odds with each other. The ETH side mocks the SOL side for having a low stablecoin adoption rate, while the SOL side ridicules Tom Lee for his low awareness and only shilling.
But actually I have a viewpoint: the competitive relationship between ETH and SOL has long ended with the collapse of the "Ethereum Killer" narrative. Why?
Ethereum's ability to maintain its position as the leader in the stablecoin market is the result of multiple factors, including its comprehensive DeFi ecosystem and decentralized security technology foundation. It is also due to the leading advantages accumulated over the years by mainstream stablecoins like USDC and USDT during their market expansion, and this path dependency is difficult to change in the short term.
However, this does not mean that Solana will completely lose opportunities in the stablecoin space. With the arrival of Stablecoin Summer, the issuance of stablecoins will trend towards a multi-chain environment, and a large number of new stablecoins such as USDe, USD 1, PYUDS, USDG, etc. will emerge, establishing their own main camps during the expansion of DeFi economic activities.
Solana, with its first-mover advantage accumulated in new narrative scenarios such as PayFi, AI Agent, and HFT high-frequency trading, is not weak in subsequent stablecoin incremental breakthroughs. Therefore, determining who is strong or weak solely based on stablecoin market share is not Solid.
Previously, new layer 1s like Solana, Avalanche, and BNBChain all touted the narrative of being Ethereum Killers, competing against Ethereum with high performance and TPS arms races. However, it is now clear that a TPS show without effective ecological support cannot stand on its own, thus the narrative framework of high TPS has already been desensitized.
The new narrative logic is about who can drive the large-scale adoption of Wall Street structures. Ethereum, with its advantages of decentralization and security architecture, will be the first choice for institutional asset allocation, but Solana is taking a different path, first attracting incremental users from Generation Z through the MEME culture, and then optimizing performance with upgrades like the Alpenglow consensus and the Firedancer client upgrade, which can enhance transaction speeds to under 150 ms.
This way, the Solana ecosystem may see the emergence of new financial business innovations similar to Hyperliquid, which would help bridge the gap between DeFi ecology and Ethereum. Such targeted services that cater to Wall Street's financial product demands will clearly become an advantage for Solana to overtake quickly, much faster than Ethereum's implementation of L1 performance enhancement strategies.
It is evident that the competitive dimensions between Ethereum and Solana have completely diverged. Ethereum will continue to consolidate its position by locking in its global financial settlement layer advantage, while Solana will anchor its vision of an on-chain Nasdaq, continuously expanding the integration scenarios of TradFi through performance advantages and blue-blood genes.
To some extent, ETH Maxis will still see the shine of decentralized and secure geekism, while SOL Maxis will become a new pathfinder in the Internet Capital Market (ICM).
Therefore, ETH Maxi and SOL Maxi do not need to be in direct opposition; rather, they exist in a complementary relationship, much like Android and iOS. The former is open and inclusive but has deep roots, while the latter is closed and efficient but offers an improved experience.
The market will ultimately prove that the coexistence and progress of SOL and ETH are merely expanding the boundaries of Crypto. No matter which side you choose, the outcome will not be bad. So I am a Crypto Maxi!
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The narrative of the "Ethereum Killer" has collapsed: the competition between ETH and SOL is no longer on the same dimension.
Author: on-chain View
I found an interesting phenomenon while browsing the English blogger circle: ETH Maxis and SOL Maxis are always at odds with each other. The ETH side mocks the SOL side for having a low stablecoin adoption rate, while the SOL side ridicules Tom Lee for his low awareness and only shilling.
But actually I have a viewpoint: the competitive relationship between ETH and SOL has long ended with the collapse of the "Ethereum Killer" narrative. Why?
However, this does not mean that Solana will completely lose opportunities in the stablecoin space. With the arrival of Stablecoin Summer, the issuance of stablecoins will trend towards a multi-chain environment, and a large number of new stablecoins such as USDe, USD 1, PYUDS, USDG, etc. will emerge, establishing their own main camps during the expansion of DeFi economic activities.
Solana, with its first-mover advantage accumulated in new narrative scenarios such as PayFi, AI Agent, and HFT high-frequency trading, is not weak in subsequent stablecoin incremental breakthroughs. Therefore, determining who is strong or weak solely based on stablecoin market share is not Solid.
The new narrative logic is about who can drive the large-scale adoption of Wall Street structures. Ethereum, with its advantages of decentralization and security architecture, will be the first choice for institutional asset allocation, but Solana is taking a different path, first attracting incremental users from Generation Z through the MEME culture, and then optimizing performance with upgrades like the Alpenglow consensus and the Firedancer client upgrade, which can enhance transaction speeds to under 150 ms.
This way, the Solana ecosystem may see the emergence of new financial business innovations similar to Hyperliquid, which would help bridge the gap between DeFi ecology and Ethereum. Such targeted services that cater to Wall Street's financial product demands will clearly become an advantage for Solana to overtake quickly, much faster than Ethereum's implementation of L1 performance enhancement strategies.
To some extent, ETH Maxis will still see the shine of decentralized and secure geekism, while SOL Maxis will become a new pathfinder in the Internet Capital Market (ICM).
Therefore, ETH Maxi and SOL Maxi do not need to be in direct opposition; rather, they exist in a complementary relationship, much like Android and iOS. The former is open and inclusive but has deep roots, while the latter is closed and efficient but offers an improved experience.
The market will ultimately prove that the coexistence and progress of SOL and ETH are merely expanding the boundaries of Crypto. No matter which side you choose, the outcome will not be bad. So I am a Crypto Maxi!