Solana’s rapid network growth and escalating on-chain activity have exceeded that of rival Ethereum in recent weeks, yet the token’s market value remains at a fraction of its rival’s. 

Hovering at around $100 billion, Solana’s (SOL) market capitalization is pegged at just 25% to Ethereum’s $391 billion. Some believe that could be about to change.

The upstart has continued to peck away at Ethereum, beating out the number two blockchain in key metrics along the way, according to thesis-driven crypto hedge fund Syncracy Capital.

In recent months, Solana-based decentralized applications (dApps) collectively surpassed Ethereum dApps in revenue generation, a milestone that industry observers say indicates its growing utility.

In a report published Tuesday, Syncracy pointed to real economic value (REV) and total application revenue (TAR), which together indicate a blockchain’s value creation, it said.

REV shows demand for blockspace by tracking fees paid to validators, reflecting the blockchain’s financial health. TAR, on the other hand, measures demand for applications through fees paid to protocols, benefiting token holders and developers.

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Author: Sebastian Sinclair

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