Can Solana Edge Out Ethereum to Win the AI Agent & RWA Race?

Bullish:

• $SOL - Solana's technical roadmap with AlpenGlow and Application Controlled Execution positions it as the leading platform for internet capital markets, with superior scalability and market microstructure innovations.

  • “I think the chain from a technology perspective is firing on all cylinders and is by far the most advanced and best, in terms of a community and a truly decentralized effort.”

    Tushar·4:52

  • “Solana is in a better place today than it has ever been. We are seeing competition at every layer of the stack.”

    Tushar·16:12

  • “I think Solana is poised to do really well in that world... I think the barrier to entry to being a new successful, credibly neutral l one, it's kinda like real estate. They're not making them anymore. So I think they're really valuable.”

    Mike·1:22:21

  • “Solana currently has deeper liquidity and tighter spreads for the sole USDC pair than you'd find on centralized exchanges.”

    Mike·51:01
• $ETH - Ethereum's pivot away from L2-centric roadmap and renewed focus on mainnet DeFi and money markets makes it attractive for institutional asset management use cases.

  • “I've always been a big proponent of Ethereum having this very early head start, very trusted brand, a head start, and critical mass around really interesting use cases like stablecoins and decentralized finance.”

    Mike·11:17

  • “When I look at what's happening on Ethereum, it's a lot of I kind of think of it as borrow lend money market on chain chain, for lack of a better word, there's a lot of really interesting activity going on with Vaults and Morpho and bringing asset management on chain.”

    Mike·7:48

  • “I think a lot of activity, I can see recentralizing, recent recentralizing is the wrong word, just regathering on on one chain, and it's a really exciting large use case.”

    Mike·11:55
• $LAYERONE - Rising barriers to entry for new L1 blockchains benefit established platforms like Ethereum and Solana, making them increasingly valuable as credibly neutral infrastructure.

  • “I think, a rising tide that's gonna benefit, actually both Ethereum and Solana, is the raising barriers to entry for new developer platforms in crypto.”

    Mike·6:25

  • “It's just very, very difficult to build one of those ecosystems. It's also very difficult to do it from the perspective of being neutral, which is one thing that I think both Ethereum and Solana have going for it.”

    Mike·7:02
• $DEFI - DeFi fundamentals remain strong despite price action, with prop AMMs and market microstructure innovations driving deeper liquidity than centralized exchanges.

  • “All of the same things that sounded so smart and so interesting and powerful at the top of the bull market in '25 or '21 around DeFi, around, composability, around permissionless innovation, all those things are just as exciting now.”

    Tushar·1:15:54

  • “Prop AMMs allow for much more capital efficiency than old school AMMs... they can update what their logic is at any time. They can change how much liquidity they are providing to the market based on the market conditions at that exact moment.”

    Tushar·52:56

Bearish:

• $LAYERTWO - L2s have failed to deliver value back to Ethereum L1 and face competition from their own base layer, with Base potentially becoming a competitor to Ethereum itself.

  • “L twos don't deliver value back to the l one. And, like, now we just have incontrovertible proof of that. We're we're seeing that in the market.”

    Tushar·13:59

  • “I think Base is a competitor to Ethereum. It's already a competitor. Right? Like, any transaction that happens on Base is by definition not happening on Ethereum, and that's market share.”

    Tushar·19:58
• $HYPERLIQUID - Hyperliquid's centralized, opinionated approach looks more like a company than a platform, lacking the credible neutrality needed for long-term success.

  • “Hyperliquid successfully counter positioned Ethereum, I think, this year, but they did it by being very opinionated and more controlled. They look more like a company to me than a platform in their current form.”

    Mike·7:16

  • “This is an easier problem to solve if you have a team. Right? And you can unanimously make a bunch of these decisions. But I I would push back a little bit on comparing Hyper Liquid directly to Solana because again, if you have a closed system with a team that's making all these decisions unilaterally, I think it is easier”

    Mike·47:32
• $CORPORATECHAINS - Corporate chains will fail due to competitive dynamics between major financial institutions who won't build on competitors' infrastructure.

  • “I'm pretty bearish these corporate chains. We've seen this movie before... Adyen is not gonna build on Stripe's chain, and Mastercard is not gonna build on Visa's chain. And if you think Goldman is going to settle their trades on a chain controlled by JPMorgan, then I don't think you understand, how competitive these organizations are.”

    Tushar·0:49