Ethereum and Solana have established new records.
Ethereum and Solana Achieve Record Network Revenues at Peak Prices
This analysis by Jon Charbonneau highlights a compelling symmetry in how markets value Ethereum and Solana at their respective price peaks, focusing on the network revenue multiple, a key metric for comparing valuation efficiency.
Here’s a concise breakdown of the data:
Ethereum (Peak: November 2021)
Monthly Network Revenue: ~$1.83 billion
Annualized Network Revenue: ~$21.96 billion
Fully Diluted Valuation (FDV): ~$578.71 billion
Revenue Multiple: 578.71 / 21.96 ≈ 26.42×
Solana (Peak: January 2025)
Monthly Network Revenue: ~$550 million
Annualized Network Revenue: ~$6.61 billion
Fully Diluted Valuation (FDV): ~$177 billion
Revenue Multiple: 177 / 6.61 ≈ 26.77×
Key Insight
Despite different absolute values in revenue and valuation, both networks were valued at a nearly identical revenue multiple (~26.5×) during their respective price peaks.
This suggests investor pricing behavior tends to converge on similar revenue-based valuation expectations during bullish extremes, potentially indicating a common benchmark for network value efficiency.
