Multicoin Capital Co-founder: Solana’s market cap will surpass Ethereum’s in this cycle.
2026.09.21 21:58:53
Multicoin Capital co-founder Kyle Samani said that driven by factors like stronger usability and functionality, more crypto companies will build on Solana rather than Ethereum in the future. Solana’s market capitalization will overtake Ethereum’s “in this market cycle,” he noted, adding that Ethereum’s advantage as the default smart contract network for crypto firms may gradually weaken. Samani claimed that “hardly anyone actually uses Ethereum these days,” and its leading position remains mainly due to stablecoins, as well as stablecoins borrowed using ETH as collateral. Samani expressed a pessimistic view on Ethereum’s value capture ability. He stated: “This is an asset worth $300 billion to $400 billion, but its value capture ability is questionable, or may not exist at all, and it has no growth whatsoever.” Samani further said he doesn’t understand why investors are willing to hold ETH at its current valuation, noting there are many “more reasonably priced” investment opportunities in the market. He believes more crypto companies will shift to Solana, calling it “the most feature-complete network” that can help enterprises looking to integrate their operations reduce operational complexity. Although SOL’s current market cap is less than one-fifth of Ethereum’s, its weekly and monthly network fees have both exceeded Ethereum’s.
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