When compared to Solana, Ethereum has: 1. Superior decentralization & lindy 2. More developers 3. Greater economic security 4. More assets secured onchain 5. More stablecoin supply 6. More value locked in DeFi 7. More RWAs onchain 8. A more mature DeFi ecosystem 9. A growing network of L2s 10. A larger economy "on top" of the L1 Yet, Solana is paying more *real value* to its tokenholders. How can that be the case? It all comes down to velocity. Solana is turning over each dollar of TVL in DeFi at a 15.7x greater clip than Ethereum. Of course, Ethereum is outsourcing "velocity" to its L2s. As we can see, Base is filling that gap. It's just not driving any real value to ETH holders just yet. ---- The key takeaway is that *velocity matters more than just the nominal value of assets secured/TVL.* This is expressed through the *real onchain yield.* Moving forward, I expect investors will be paying more attention to velocity as a way to measure how good a chain is at monetizing its assets and returning value to tokenholders. ---- P.S. We're sharing a deep dive on @ethena_labs on Friday with readers of @the_defi_report If you'd like to have the latest research hit your inbox when it's published, you can sign up below 👇