Ethereum Runs the Game While Solana Struggles for Identity, Hayes Warns

• Solana rose fast with memecoins but lacks a long-term driver.
• Ethereum leads DeFi with strongest developer base and lasting project adoption.
• Hayes said Ethereum above $5,000 could spark a major rally.

The rivalry between Solana and Ethereum continues to grow as both projects fight for users, developers, and investment. Arthur Hayes, co-founder of BitMEX, recently shared his perspective on where each network stands and what challenges lie ahead.

Solana: Fast, Cheap, and Still Searching

Hayes said Solana has already shown it can attract attention. The network rose from $7 to more than $280 during its peak, driven largely by memecoin trading. That momentum gave Solana visibility, but Hayes added that the chain now needs something more lasting.

According to him, Solana must develop a standout application that brings millions of users and steady activity. Memecoins helped temporarily, but they cannot be the only driver of growth.

“Solana had a product-market fit with memecoins. But now the challenge is finding a new driver for transactions,” Hayes explained. 

Related: “Very Few Tokens Are Securities”: SEC Chair Paul Atkins Makes His Stance Cle…

The post Ethereum Runs the Game While Solana Struggles for Identity, Hayes Warns appeared first on Coin Edition.