Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Kyle Samani, co-founder of Multicoin Capital, predicts that Solana will overtake Ethereum as the leading smart contract network within this market cycle. He claims that “no one really uses Ethereum” today and that many crypto companies will switch to Solana due to its greater functionality and ease of use. Samani’s firm holds an early and significant position in Solana, which currently has a market cap of $58 billion compared to Ethereum’s $293 billion.
Why it matters
Samani's view suggests a shift in where crypto projects may choose to build their platforms, potentially impacting developer activity and capital allocation in the smart contract ecosystem. The source does not elaborate on broader market or regulatory implications of this claimed flippening.
Key context
Samani first entered crypto via Ethereum in 2016 but became disillusioned with its scaling solutions. Multicoin Capital led early investment rounds in Solana starting in 2018, benefiting from its growth. Despite Solana’s smaller market cap, it has recently surpassed Ethereum in monthly and weekly network fees, generating $23 million in fees over 30 days versus Ethereum's $12.6 million, according to DefiLlama data cited by the source.
Key numbers and entities
Multicoin Capital, co-founded by Kyle Samani, holds significant Solana investments. Solana’s market cap is $58 billion, Ethereum’s is $293 billion. Over the past month, Ether rose 30% and Solana 34%. Over the past year, Solana fell 59% while Ether declined 45%. Solana generated $23 million in fees in 30 days, ranking fourth, Ethereum $12.6 million, ranking sixth. Samani also joined the US board of crypto trading platform Backpack in September.
What remains unclear
The source does not provide detailed reasoning or evidence supporting the claim that “no one really uses Ethereum” aside from fee data and stablecoin collateralization. It also does not explain how the predicted flippening would occur practically or any timeframe beyond "this market cycle." The sustainability of Solana’s fee dominance and Samani’s exact plans for Multicoin Capital following his step-down remain unclarified.