Solana在手续费方面领先以太坊，但ETH仍在燃烧机制上胜出

Solana 与以太坊：费用、燃烧机制与市场价值的深度博弈

在短短24小时内，Solana 产生的手续费高达110万美元，而以太坊仅为64.9万美元。若将时间跨度拉长至30天，这一趋势依然显著：Solana 的手续费收入为2,358万美元，远超以太坊的1,204万美元。从纸面数据来看，Solana 似乎占据了领先地位。然而，“代币销毁”（Burn）机制的出现让局势变得扑朔迷离。在同一时期内，以太坊销毁了价值280万美元的代币，略高于竞争对手 Solana 的266万美元。手续费讲述了一个故事，而销毁机制则揭示了另一个真相。

核心观点摘要

• Solana 主导手续费收入： 在30天内产生2,358万美元的费用，几乎是以太坊的两倍。
• 销毁机制改变格局： 以太坊销毁280万美元，略微领先于 Solana 的266万美元。
• 两种对立的经济模型： Solana 依赖网络活跃度，而以太坊维持着巨大的资本深度。
• Samani 看好 SOL： Multicoin Capital 联合创始人认为，在本轮周期中，Solana 的市场市值有望超越以太坊。
• 真正的考验仍在继续：Adoption rates, capital retention and value capture capabilities will determine whether current activity can be transformed into lasting benefits.

Solana is turning online activity into considerable fee revenue

Solana is no longer the humble challenger it was a few years ago. September's data tells the story of a network running at full speed: During the counting period, the network had 3.04 million active addresses and 113.95 million transactions. In the decentralized exchange (DEX) space, its seven-day trading volume reached US$16.61 billion, while Ethereum only reached US$9.03 billion.

These numbers are huge, but they are not enough to reveal who actually benefits from this activity. During the 30-day statistical period, users incurred US$23.58 million in fees on Solana, but only US$2.66 million of that was counted in the "destruction" portion. Why is there such a huge gap?

The answer lies in the underlying technical architecture. The basic fee is 5,000 lamps per signature, half of which are destroyed and the other half paid to the verifier. In addition, when users pay extra fees to prioritize transactions, this priority fee also belongs to the verifier. This is a key difference: a network can withstand huge trading pressures, but its token destruction volume may not necessarily increase simultaneously.

The boom in the application layer has also exacerbated this phenomenon: within the research window, application revenue alone reached US$7.7 million. This blockchain is indeed noisy, but the question now is what substantial value does this uproar bring to the token itself.

以太坊仍拥有更深的资本池

与此同时，资本依然大量集中在以太坊网络上。在去中心化金融（DeFi）领域，以太坊的总锁仓价值（TVL）高达515.3亿美元，而 Solana 仅为61.3亿美元。对于稳定币而言，差距更为悬殊：以太坊为1,469.4亿美元，而 Solana 为154亿美元。

同样的观察也适用于代币化的现实世界资产（RWA）。以太坊上的相关资产规模为135亿美元，而 Solana 仅为15.8亿美元。

这些市场与简单的交易有着本质的不同。部分资本充当流动性提供者，部分作为抵押品，还有部分被锁定在协议中长达数周或数月。因此，仅凭手续费水平不足以衡量一个网络的真实影响力。

销毁机制增加了一层额外的复杂性。在30天内，报告显示的销毁金额为280万美元，略高于 Solana 的266万美元。以太坊销毁了其基础执行费用以及与数据块（blobs）相关的费用，而优先小费则支付给验证者。

然而，需要警惕一种常见的误区：销毁代币并不意味着直接向持有者分红。涉及的代币仅仅是从流通中被移除，而非分配给 ETH 持有者。质押机制进一步使情况复杂化：验证者的收入取决于多个参数，包括其佣金比例、表现以及委托给他们的资金数量。

Fees reveal only part of the value game.

In the September 22 snapshot, Ethereum's market value is approximately US$335 billion, compared with Solana's only US$69 billion. Still, the smaller Solana incurred almost twice as many fees as Ethereum in 30 days.

This difference is worth pondering. Solana charges users higher fees, while its tokens have a much lower weight in the market. This may give the impression that "the data is not right", but the handling fee is only part of the calculation. Funds generated by transactions can be paid to verifiers, distributed to pledgers, destroyed, or left in an application ecosystem. A blockchain can be extremely active, but it does not necessarily capture all the value created by this activity.

The same goes for active addresses. The 3.04 million active addresses recorded by Solana do not necessarily mean that there are 3.04 million people operating the screen behind it. A user may have multiple wallets, and a robot may multiply the number of transactions. This makes the comparison less alarming, but more interesting. Solana has a large amount of activity, while Ethereum maintains huge capital. To distinguish between these two models, you must observe the flow direction after payment: issuance, destruction, pledge, verifier income, and token demand.

Samani bets that Solana will achieve market value overtaking

Kyle Samani, co-founder of Multicoin Capital, doesn't just see Solana as a network that is catching up. He believes that SOL's market value in this cycle may surpass Ethereum.

Data shows the scale of this bet. Among the data he cited, Solana's market value is approximately $58 billion, while ETH is $293 billion. Therefore, SOL's market value needs to increase nearly fivefold to achieve a reversal. Samani relies mainly on current activity: Solana incurred more fees and traded more in the seven-and 30th time windows, and dominated DEX trading volume during the study period. He also believes that some crypto companies may choose Solana's infrastructure over other options for their new products.

But we need to review his background. He entered the cryptocurrency space through Ethereum in 2016, while Multicoin was involved in Solana's financial support very early at the time. Therefore, his views on the subject also stem from his personal history with these two ecosystems. This doesn't mean his argument is wrong, but it helps put it in the right context.

The current common background is that Ethereum maintains a huge lead in stablecoins, DeFi and real-world assets. Solana still needs to prove that its size of activities and fees can translate into lasting token demand.

Overview of key data

• $2,674: ETH price at the time of writing.
• $23.58 million: Solana incurred the handling fee within 30 days.
• $12.04 million: Fees recorded by Ethereum during the same period.
• $2.8 million vs $2.66 million: Amount of destruction reported by Ethereum and Solana.
• $335 billion vs $69 billion: Market value at a snapshot as of September 22.

The concept of mass adoption advocated by Michael Saylor adds another dimension to the debate. His point is simple: If use continues to expand, the ultimate development of the crypto market will transcend mere regulatory debates. This may be the key to future success. Solana attracted an astonishing amount of activity, and Ethereum maintained a considerable capital mass. If adoption rates accelerate, fees and destruction alone are not enough: We must be clear about which network is truly transforming its users into lasting value.