A report from Standard Chartered Bank, their analysts, especially Geoff Kendrick, exposed Solana (SOL) and Ethereum (ETH), saying that the price of SOL was ridiculously high.

How did they figure that out? There's a metric called the market cap to network fee income ratio, which is 250 for SOL and 121 for Ethereum. It's like saying that SOL is more than twice as expensive as Ethereum, but you don't make as much money. Plus, the supply of SOL is increasing by 5.5% per year, while Ethereum is only increasing by 0.5%. This gap is like the speed at which you save money cannot keep up with the speed at which you spend it.

When it comes to saving money, the staking yield of SOL is only 1%, while that of Ethereum is 2.3%. This is like the interest that a bank gives you, one gives more and the other gives less, so you will definitely choose the one that gives more.

Ethereum is also very popular in the eyes of developers. 38% of blockchain developers work on it, while SOL? Only 9%. It's like opening a restaurant. If the chef goes to someone else's restaurant, can your food be delicious?

Kendrick said that if SOL wants to prove that it is worth so much money, it must make some achievements in consumer applications and DePIN. Just like if you buy a luxury car, you have to drive it out and let people know why you bought it.

However, this year some financial giants are quite interested in SOL, especially wanting to use it to tokenize assets and issue stablecoins. It’s like you have a painting in your hand and want to turn it into a digital version and then sell it.

Visa uses SOL to settle USDC, saying it has high throughput and low cost. PayPal executives also said Ethereum is not the best solution for payment. It's like when you go to a supermarket and find a checkout lane that is particularly fast, you will definitely choose that one.

But then again, the market capitalization gap between Ethereum and SOL is still frighteningly large. Ethereum has $218 billion more than SOL, just like you have one more mansion than your neighbor.

Some people say that SOL's trading volume indicators are exaggerated, and most of the revenue is supported by meme coins. It's like the high score on your report card, which is actually because the teacher gave you a few extra points.

There is also a person named Edward Snowden, who is worried that SOL is too centralized. If it is targeted one day, the network will collapse. It is like you have a big company, but all the business depends on one person, which is too risky.

Despite this, Ethereum is still the leader in the tokenization and stablecoin markets, accounting for 81% and 49% of the market share. What about SOL? Only 3%. It's like you opened a new store, but most of the customers still go to the old store.

However, the price trend of SOL is much stronger than that of Ethereum. In the past year, the price of SOL to ETH has increased by 300%, and this year it has increased by 600%. It's like you bought a stock and it rose faster than others.

But some people think that Ethereum is about to turn around. Especially if Trump wins the election, Ethereum may have a "big turnaround". Because the value of Ethereum mainly comes from economic activities and network income, just like you open a restaurant and make money from diners; while Bitcoin, like gold, is valuable mainly depends on whether people believe in it.