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 its low stablecoin adoption rate, while the SOL side ridicules Tom Lee for his low understanding and only shilling. It's quite amusing.

However, I personally have a viewpoint: The competitive relationship between ETH and SOL has long ended with the collapse of the "Ethereum Killer" narrative. Why?

1) 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, decentralized security technology base, and the long-standing advantages of mainstream stablecoins like USDC and USDT that have accumulated over years in the market. This path dependency is difficult to change in the short term.

But 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 like USDe, USD1, PYUDS, USDG, etc., will emerge, establishing their own main camps during the expansion of DeFi economic activities.

Solana, leveraging its first-mover advantage in new narrative scenarios such as PayFi, AI Agent, and HFT high-frequency trading, is not weak in the subsequent stablecoin incremental breakthroughs. Therefore, determining who is stronger or weaker solely based on stablecoin market share is not Solid;

2) Previously, new layer 1s like Solana, Avalanche, and BNBChain all promoted the Ethereum Killer narrative, competing with Ethereum in terms of high performance and TPS arms race. But now everyone understands that TPS shows without effective ecosystem support cannot stand on their own, so the narrative framework of high TPS has become desensitized.

The new narrative logic is, who can drive large-scale adoption in the structure of Wall Street. Ethereum, with its advantages in 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 MEME culture, and then optimizing performance through upgrades like Alpenglow consensus and Firedancer client upgrades, which can enhance transaction speeds to under 150ms.

In this way, the Solana ecosystem may see the emergence of new financial business innovations similar to Hyperliquid, thereby bridging the gap with the DeFi ecosystem and Ethereum. This targeted service for Wall Street financial product demands will clearly become Solana's advantage for overtaking, much faster than Ethereum's implementation of L1 performance enhancement strategies.

3) It is evident that the competitive dimensions between Ethereum and Solana have completely misaligned. Ethereum will continue to solidify its position by locking in its global financial settlement layer advantages, while Solana will anchor its vision of an on-chain Nasdaq, continuously expanding the integration scenarios of TradFi through performance advantages and blue-blooded genes.

To some extent, ETH Maxis will still see the geekism of decentralization and security shining brightly, while SOL Maxis will become the new pathfinder in the Internet Capital Market (ICM).

Therefore, ETH Maxis and SOL Maxis do not need to be at odds; rather, they exist in a complementary relationship, much like Android and iOS, where the former is open and inclusive but has deep roots, while the latter is closed and efficient but has refined experiences.

The market will ultimately prove that the coexistence and progress of SOL and ETH are merely expanding the boundaries of Crypto. No matter how one aligns, the outcome will not be bad. So I am a Crypto Maxi!

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