When you start losing on a basic metric, simply deny the metric ETH maxis used to love bragging about billions in fees + MEV generated (circa 2021 bull market) until Solana flipped it

Holistic approach to value L1 tokens: To what degree do they fulfill the properties of an high quality liquid asset (HQLA) - that's what tradfi will look for (see @malekanoms). Let's compare BTC, ETH and SOL: HIGH LIQUIDITY Institutions want assets which are easily convertible at low costs. BTC and ETH have similiar liquidity (ETH 80% of BTC). SOL much lower (20% of BTC). LOW RISK In crypto this translates to how high the counterparty risks are. Higher security guarantees / decentralization is obviously better. This also includes the quality of being an permissionless asset for DeFi because obviously a huge usecase in crypto. ETH leads here because currently similar security guarantees like BTC (BTC no execution risk but ETH leads in no. clients, PoS being more secure than PoW and sustainable monetary policy). It is also native to biggest DeFi ecosystem and most permissionless collateral. BTC has no DeFi. SOL is much more centralized (only one client, SOL Foundation / Labs much influence etc.) and SOL asset not native to ETH DeFi, thus higher counterparty risks when bridged. STANDARDIZED STRUCTURE / LOW CORRELATION WITH OTHER ASSETS Can't see much differences between BTC, ETH and SOL. Also worth considering: ETH has lowest inflation from all majors rn (BTC: 0.8%, ETH 0.7%, SOL: 4.6%). So overall ETH leads for HQLA metrics (BTC second, SOL third), when space gets more professional / onchain economy is adopted on a broad scale valuations will catch up.