The Era of ETH and BTC Has Passed: Solana (SOL) Emerges as the Preferred Coin-Based Standard

Mechanism co-founder Andrew Kang pointed out that compared to going long on ETHBTC, SOLBTC (or SOLETH) has become a better choice.

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Lagging behind BTC, is ETH too “stable”?
L2, re-staking, modularity – aren’t these bullish for ETH?
The third giant outside of ETH and BTC: SOL
Lagging behind BTC, is ETH too “stable”?
Andrew Kang first mentioned that in the past 6-7 years, ETH has replaced BTC, and more investors and fund institutions have regarded ETH as their preferred base currency. However, over time, ETH has gradually become a safe and low-volatility risk asset, leading to a decrease in the number of people holding ETH.

L2, re-staking, modularity – aren’t these bullish for ETH?
Andrew Kang believes that narratives such as L2, re-staking, and modularity seem to be bullish for ETH. However, the characteristics and innovations of these projects have also put significant pressure on Ethereum, as investors continually convert ETH into these new projects. In contrast, SOL does not have these problems and has withstood multiple tests to become a blue-chip L1 public chain.

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The third giant outside of ETH and BTC: SOL
He pointed out that conservative investors who previously held a large amount of BTC and ETH now see SOL as a stable and secure asset. He believes that this is the transitional phase for SOL to become a mainstream asset.

Andrew Kang said:
The definition of madness is when SOLBTC (or SOLETH) is clearly a better trade during a bull market, but you keep trying to go long on ETHBTC.

However, there are also counterarguments from the community. When DeFi rose in 2020 and Bitcoin rebounded while ETH underperformed, people also began to question whether DeFi protocols were capturing the value of Ethereum.

But the fact is, at that time, ETH exchange reserves were at a low point, 25% of ETH was staked, ETH had a negative issuance, and the ecosystem was years ahead of its competitors. Considering that Ethereum’s spot ETH is about to arrive, this community member believes that when everyone is pessimistic, it is the best time to get into ETH.

Andrew Kang
ETH
SOL

Further reading
The Block Prediction: Sei and NEAR will become “Solana killers”, avatar-style NFTs will not revive
Solana breaks $120, Doge meme coins BONK and WIF continue to ferment.