ETH has underperformed this cycle so far.

Why?

I've been an ETH maxi since I first got into blockchain, but its complexity can hinder mainstream adoption. Sending ETH cheaply and easily from point A to B is often frustrating due to network confusion. Unlike SOL, which is straightforward with no L1 or L2 distinctions, ETH can be a hassle.

Agree this is a factor, but the Solana L2s are coming so this divergence won't persist for long imo

Just watch as the VCs pivot and gaslight the manlets into believing, "No, Solana was always going to scale with L2s"

https://blockworks.co/news/lightspeed-newsletter-solana-l2-bug

https://chainwire.org/2024/06/10/worlds-first-evm-compatible-l2-for-solana-set-to-launch-in-2024-solana-vm-raised-over-1000000-in-svm-presale/

https://www.coindesk.com/tech/2024/06/18/sonic-gaming-focused-layer-2-chain-on-solana-raises-12m/

Solidity Engineer | Researcher | Onchain Degen | DMs Open | https://github.com/0xCooki

Damn, layer 2 on Solana ? Is that necessary …?

what's necessary got to do with it?

Easier for a VC to make a 10-100x investing in the seed round for a new L2 than it is buying into the established 100B L1 chain, or even investing in apps on said chain. It's the same reason that no VCs buy BTC or ETH, and from here on out SOL too, they're already too big