Is Solana becoming the 'on-chain Nasdaq'? The truth behind 21Shares' $1,000 valuation
Solana is back in the headlines, but this time not because of the memecoin frenzy, but due to its on-chain trading volume, which has surprisingly surpassed Coinbase and Ethereum, only trailing behind Brazil's Nasdaq.
According to 21Shares' latest report, Solana's trading volume reached $364.3 billion in the first two months of this year, with monthly active users exceeding 100 million, stablecoin activity soaring by 600%, and on-chain developers increasing by 83% year-over-year. This isn't just luck; it's the result of a well-coordinated technology, cost, and ecosystem.
Don't underestimate this high-frequency chain with a 'transaction fee of $0.03'; it has already partnered with major companies like Visa, Shopify, and PayPal, making it a strong candidate for mainstream payment gateways. 21Shares even provided a fair value estimate ranging from $520 to $1,800, significantly higher than the current price, based on the logic of traditional financial cash flow models combined with on-chain real revenue.
However, Solana is not without risks. Although its market capitalization is increasing, it is currently only one-third of Ethereum's. But from a trend perspective, it is indeed shaking the position of Ethereum.
