According to BlockBeats, Jon Charbonneau, co-founder of DBA, released a data analysis indicating that both Ethereum and Solana reached their highest network revenues when their prices hit historical peaks. The analysis reveals that the annualized revenue multiples at these peak times were approximately equal, around 26.5 times.
Ethereum's price peak occurred in November 2021, with monthly network revenue reaching approximately $1.83 billion, translating to an annualized network revenue of about $219 billion. At that time, Ethereum's fully diluted valuation (FDV) was $578.71 billion, resulting in a valuation multiple of 26.42 times.
Solana's price peak was in January 2025, with monthly network revenue around $550 million, equating to an annualized network revenue of approximately $6.61 billion. Solana's FDV was $177 billion, leading to a valuation multiple of 26.77 times.
