Ethereum and Solana's Network Revenue and Valuation Multiples are Close at Price Peaks

According to ChainCatcher, DBA co-founder Jon Charbonneau analyzed that when Ethereum and Solana reached all-time price highs, their network revenues peaked simultaneously, and their valuation multiples were close. Ethereum peaked in November 2021, with an annualized network revenue of about $21.9 billion and an FDV of $578.71 billion, resulting in a multiple of 26.42 times. Solana peaked in January 2025, with an annualized network revenue of about $6.61 billion and an FDV of $177 billion, resulting in a multiple of 26.77 times.