Grayscale thinks Ethereum is like New York while Solana is more akin to LA and it believes the market opportunity for DeFi and Metaverse applications “is likely larger than the $2 trillion market cap of the entire digital assets market.'
In a section titled “digital cities,” Grayscale analyzed Ethereum, Avalanche and Solana. The firm compared Ethereum to the Big Apple, noting that they both share similarities with issues that arise from their stature:
The firm went on to suggest that users moving to competing blockchains is like moving to a cheaper city due to the high gas fees and network congestion on Ethereum caused by overwhelming demand for decentralized finance services and nonfungbile tokens over the past two years. “Solana’s architecture relies on a different consensus mechanism that prioritizes speed and lower fees though at the cost of more centralization — rather than scaling through L2 chains Solana runs transactions through a speedy L1 chain. Running roughly 2300 transactions per second as of March 15, 2022,” the report reads.
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