Kyle Samani: The market capitalization of SOL will surpass ETH, and no one is truly using Ethereum

According to Cointelegraph, Multicoin Capital co-founder Kyle Samani predicted in Cointelegraph's Trade Secrets program that Solana will achieve a market cap surpassing Ethereum's "flip" within "this market cycle," stating that "no one is really using Ethereum today."

He believes that more crypto companies will choose to build on Solana because it is easier to use and more powerful, and Ethereum's status as the default smart contract network may gradually diminish. This prediction implies that SOL's market cap needs to grow from $58 billion to about five times that amount to exceed ETH's current market cap of approximately $293 billion.

Samani expressed a "pessimistic" view on Ethereum's value capture ability, calling it "an asset worth $300 billion to $400 billion, with questionable value capture and no growth at all." He also pointed out that although SOL's market cap is less than one-fifth of ETH's, the Solana network has already surpassed Ethereum in weekly and monthly fees—over the past 30 days, Solana generated $23 million in fees, ranking fourth, while Ethereum generated $12.6 million, ranking sixth (DefiLlama data).

In terms of background, Samani entered the crypto space through Ethereum in 2016 but turned to Solana due to dissatisfaction with scaling solutions. Multicoin led Solana's early financing in 2018.