Deep Dive
The Dominance Emerges
InvestAnswers starts by revisiting a video from three years ago that used the same quantitative framework to evaluate blockchains. At that time, daily active blockchain users totaled 4.5 million. Today, that number has grown to 11 million — a healthy 2.4x increase. But the distribution has shifted dramatically. Back then, Tron led in daily active users with 1.1 million, followed by Binance at just under a million. Solana was in the middle of the pack around 293,000 users. Fast forward to today, and Solana has 4.52 million daily active users, meaning it now captures 45% of all crypto's daily active addresses. Ethereum, which had 302,000 users three years ago, has actually declined to 279,000. The founder emphasizes this is not theoretical speculation — this is onchain data anyone can verify.
Revenue Concentration Tells the Story
When evaluating chains like shopping malls, location matters but so does what's inside. Solana applications captured 43% of all app revenue as of July 2024, with Ethereum at 15%, and Hyperliquid and Binance at 10% each. Looking at yesterday's 24-hour app revenue snapshot, Solana apps earned $4.31 million while Ethereum managed $988,000 — that's 4.4x more. Yet Solana trades at roughly one-fifth of Ethereum's market cap. Breaking down daily transaction fees for the chains themselves (not the applications), Solana pulled in $573,000, with Ethereum nearly matching at close to $500,000 despite charging far more per transaction but handling a fraction of the volume. This disparity is the core of the thesis: follow the money, and Solana is clearly winning.
The Valuation Disconnect
The most striking metric is market cap per daily active user. Bitcoin comes in at $2.1 million per user, XRP at $2 million, and Ethereum at $1 million. Solana sits at just $9,000 per user. InvestAnswers lays out the math plainly: take total market cap, divide by daily active users, and you get the per-user valuation. This creates an obvious mispricing signal. The creator notes that Solana alone has more daily active users than Bitcoin plus Ethereum plus Binance plus Tether plus USDC plus Litecoin combined — 1.87x their total. Yet when he calculates what Solana would be worth if it matched Ethereum's market cap (roughly 2x from its current level), the math yields roughly $1,000 per token, or a 13-24x return from the video's recording date. He's careful to say this isn't a guarantee, but rather what the data suggests if crypto were valued by adoption and network effects rather than sentiment.
The AI Agent Future and Why Finality Matters
InvestAnswers pivots to a macro trend that underpins the entire thesis. Cloudflare forecasts that bot traffic will exceed human traffic by a factor of 1,000 within two years, meaning 99.99% of onchain transactions will be conducted by AI agents by 2028. This is where traditional banking and credit cards fail completely — they can't handle the speed and autonomy required. Blockchains are the only settlement layer that works. But not all chains are created equal. AI agents need finality (immediate transaction settlement) measured in milliseconds, not the 50-70 millisecond delays Ethereum experiences. Solana's architecture, with its recent block compute limit upgrades and focus on instant finality, is built for this world. This isn't about hype; it's about which chain can handle the speed and throughput an AGI-driven economy demands.
The Historical Parallel and Current Opportunity
InvestAnswers compares the current moment to Amazon in 2000-2001, when fundamentals were strong but price was in the toilet. Solana has been in a sustained drawdown for ten months yet is hitting all-time highs in activity, users, and app revenue. History shows that onchain activity and revenue lead price recovery. Solana is processing 1.117 billion transactions in a single week (nearly 1,900 transactions per second) and the network is absorbing the capacity. The gap between onchain reality and market price is the opportunity. He cites the parallel of Waymo robotaxis deploying across the US — 2,200 vehicles in multiple cities — yet people doubted it was happening until they saw the data. The same applies here: the evidence is there, buried in the numbers.