jakiro
Author: Haotian Source: X, @tmel0211
Compared with ETH’s steady upward trend recently, SOL’s performance has been slightly weaker.$4,300 vs $175,What mystery is hidden behind this price difference?I personally understand,Deeply, it is a secret battle about “who is the darling of the organization”:
1)ETH has obtained a “pass” to enter the traditional financial world——The cumulative net inflow of more than US$10B after the ETF is approved, and off-market funds can enter the market in compliance, which is equivalent to opening a main door for institutions.
SOL’s ETF application is still unstoppable. The current status is that there is a poor capital pipeline, which directly affects price performance.certainly,This can also be interpreted as SOL still has room for compensation.After all, SOL’s ETF is not completely out of reach, it just takes more time to follow the compliance process.
The key is that ETH micro strategy has already had a certain institutional Fomo demonstration effect under the purchasing power of US listed companies such as SharpLink and BitMine, which will drive more corporate Treasury funds allocation.This will create huge Wall Street off-site funding momentum;
2) At present, the difference in the stablecoins scale between ETH and SOL is still very different. The data is 137 B VS 11B. Everyone must be confused. It is the US blue blood gene and the NASDAQ on the chain. Why is Solana so seriously behind this wave of stablecoin war guided by the US stablecoin policy?
Actually, SOL is not blamed.Behind it is the ultimate test of chain infra’s decentralization, security and liquidity depth, the three troikas of USDC (65.5 billion), USDT and DAI on Ethereum firmly control the stablecoin market. Behind this is the absolute trust of institutions such as Circle and Tether in the Ethereum network;
Although the VCs behind SOL are all American investors, these new institutions on Wall Street may not take into account so much buying. Just look at the actual data difference. This may be a data scale difference that SOL cannot erase in the short term.However, objectively speaking, SOL’s stablecoin growth rate is actually good. Including PayPal’s PYUSD also chose to focus on Solana, which has given a lot of room for imagination, but it still requires patience;
3) Once upon a time,SOL’s on-chain economic vitality, PumpFun daily trading volume exceeded 10 million US dollars, and various MEME local dogs were flying all over the sky, but the problem is that it is still in the period of chip accumulation for large institutions.What big funds value more is the “hard indicators” such as compliance channels, liquidity depth, and safety records., not how many MEMEs are on the chain in PVP.
In other words, it is not the PVP narrative cycle dominated by retail investors. On the other hand, this on-chain vitality is precisely the differentiated advantage of SOL.When the market cycle changes and retail FOMO is reignited, the innovative gameplay and user base accumulated by SOL may become the trigger point for the next wave of market conditions;
4) As SBF’s “own son”, SOL may still be affected by the collapse effect of FTX, and the tragic situation of falling from $260 to $8 is still vivid in my mind.Although SOL is technically completely independent,In institutional memory, this correlation is like a scar, and it is often brought up to talk about it from time to time.
Moreover, being able to rise from $8 to $175 itself proves the resilience of the SOL ecosystem.Those teams who were still in Build at the darkest moment have become the new force for SOL to rebuild the Great Wall of Public Chain.This experience of rebirth from the ashes may be a good thing in the long run;
5) ETH takes the layer2 layered route. Although it has been criticized for the separation of liquidity, it is exactly in line with the risk isolation needs of institutions.SOL’s integrated high-performance route, everything runs on one chain,This “All in One” model is actually a concentrated risk in the eyes of institutions..
So you see, Robinhood joins hands with Arbitrum is an example. From an institutional perspective, the high Gas disadvantages of ETH have become the advantages of screening high-value transactions, although it goes against Mass Adoption.But now the main theme is not talking about Mass Adoption, but who can win the favor of Wall Street institutions.;
6) Finally, I need to add that the time consensus has accumulated differences. ETH has a history of 9 years and SOL has only 4 years. Although native projects such as Jupiter and Jito have shown world-class product strength, compared with DeFi giants such as Uniswap, AAVE, and MakerDAO.The gap between market education, ecological precipitation and trust accumulation behind it.
In short, the painful memory of E Guard might breed a wave of S Guards in a new market Fomo, butIn my opinion, this contest is essentially a phased mismatch between institutional narrative and retail narrative..After all, ETH was not built in one day, and SOL’s growth rate is actually quite amazing.
