4 days ago
5
Key Takeaways
- Pal compares capital with the active-user count.
- Ethereum leads in DeFi and stablecoin balances.
- More active addresses can lower the ratio.
- Network usage does not guarantee token returns.
Asked in a Cointelegraph Trade Secrets interview whether Solana could overtake Ethereum by market capitalization, the Real Vision founder acknowledged the possibility but questioned whether its growing activity was enough. His comparison focused on the capital held on each network relative to its active users.
What Pal means by value per user
“The economic density of a user on Ethereum is about two hundred thousand dollars,” he said. “That’s TVL per active user. On Solana, it’s about 2,500.”
Total value locked, or TVL, measures assets deposited in decentralized-finance protocols. Dividing that total by an active-user count produces Pal’s measure of economic density, but the resulting $200,000 does not describe what a typical Ethere...
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