Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

Multicoin Capital co-founder Kyle Samani predicts more crypto companies will choose to build on Solana over Ethereum due to its ease of use and greater functionality.

Solana will flip Ether during “this market cycle,” Samani told Cointelegraph during an episode of Trade Secrets, predicting that Ethereum may gradually lose its edge as the default smart contract network choice for crypto companies.

“They’ll all switch their default over to Solana because it’s the most functional network for all of them and it’s just easier to consolidate their operations around Solana to the extent that they can.” 

Samani and Multicoin amassed a sizable early position in Solana and he has been one of its strongest proponents for years. His prediction would require a five-fold increase in SOL’s $58 billion market capitalization to surpass Ether’s current market cap of $293 billion.

Samani argued that “today, no one really uses Ethereum” and that it only remains a leading blockchain network due to stablecoins, and stablecoins borrowed against Ether as collateral. 

SOL and ETH have largely been moving in lockstep in percentage terms during the recent upturn in markets. During the past month, Ether rose 30%, while SOL rose 34%. However, Solana’s rise comes off a smaller base and the token saw a larger decline in the bear market, falling 59% during the past year, in comparison to Ether’s 45% decline, according to TradingView.