Arnav Pagidyala

Let's talk more about Solana, because for me, the more surprising thing is how durable Solana has actually been to some of these forces.

Say, you know, there is an idea in kind of the theorem circles that

And Ethereum L2 can do everything Solana does, except better.

In fact, we have some pretty strong L2s, not just from a tech perspective, but also from a go-to-market perspective.

I mean, something like Base, that's Coinbase, the world's largest, or the US's largest exchange, you know, 100 million plus users.

They have a go-to-market with an L2, that's general purpose.

And then you also have some, you know, app chain type of things that might start to nibble on the edges.

Like, can a Solana on-chain perps, you know, app outperform something like the L2 lighter, right?

Maybe that gets divided up.

But in the face of that, it has been surprising how durable Solana has been, at least so far.

And why do you think that is, Arnav?

Do you have any take on how this impacts the way the market should value these assets?

This has been a recurring theme on Bankless since the very beginning, right?

So just because a chain maybe creates all sorts of value doesn't necessarily mean the token itself is going to capture that value.

And there's a big question as to how should layer one assets be valued.

So something like Bitcoin is AppChain monetary premium store of value.

Solana is not that.

I mean, it was really emphasizing revenue that is generating basically on-chain GDP and its cut of that, its tax of that.

This is similar to other L2s.

Ethereum is maybe somewhat in the middle in that the market, like if you look at Ethereum Ether valuations, some value at like $80, right?