The article discusses the narrowing gap between Solana and Ethereum's market cap and their competition in terms of on-chain activity and network usage. It presents data on four key data points: fees, DEX volumes, stablecoin volumes, and total value locked (TVL). The data shows that Solana has seen significant growth in these metrics, with a larger share of fees, trading volumes, and TVL compared to Ethereum and its Layer 2 solutions. However, the article suggests that the drop in stablecoin volumes may be due to bots and algorithmic trading and highlights the lower percentage of peer-to-peer transfers on Solana compared to Ethereum. Overall, the data indicates a fair re-pricing of Solana's valuation relative to Ethereum, but investors should consider qualitative differences between the two networks and upcoming catalysts.



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