Kyle Samani predicts that SOL will be surpassed, and says no one is using ETH

What happened?

Multicoin Capital co-founder Kyle Samani recently said in an interview with Cointelegraph's coverage of Trade Secrets that more crypto companies will choose to build their business on Solana rather than Ethereum in the future, attracted by its ease of use and functionality. He predicted that during this round of market cycles, Solana would achieve a reversal of market cap over Ethereum .

Samani explains: Well they switch the default network to Solana because it's more functional for all these companies and easier to integrate operations around Solana .

Ethereum : Does anyone really use hydrogen?

As one of Solana 's staunchest long-term supporters, Samani and Multicoin had established substantial holdings early on in the project. However, to achieve his predicted reversal, SOL would need to grow by about five times from its current roughly $58 billion size to exceed Ethereum 's current approximately $293 billion size.

In Samani's view, since no one really uses Ethereum today, the chain is still headed by a network that relies mainly on stablecoin , and stablecoin which borrowed as collateral with ETH to support it.

From a market perspective, SOL and ETH are basically synchronous with recent gains: the last month saw an increase of 30% for ETH , and 34% for SOL . However, according to TradingView data, Solana is a rebound from lower base values.

Significantly, Samani announced in February this year that he was stepping down as the managing partner of Multicoin Capital at a time when he seemed to have become disillusioned with the industry. He also posted on Twitter saying "I don't believe in Web3 anymore" and then quickly deleted it.

Value capture questioned

Although Ethereum is still the largest smart contract network, Samani said he was pessimistic about its value capture capability. It's a $300-$400 billion asset that has questionable or even zero value captures and no growth at all.

However, there are some signs of support for Solana at the data level: although SOL is less than one-fifth of Ethereum , according to DefiLlama its network costs have already exceeded Ethereum in weekly and monthly dimensions. In the last 30 days, Solana , which generated about $23 million in fees, ranked fourth; Ethereum .

Solana became one of the most successful Multicoin bets

Samani gained access to unlicensed finance and smart contract in 2016 through Ethereum , calling it his "crypto-entry gateway". However, he gradually lost confidence in Ethereum due to dissatisfaction with the way its developers handled scaling issues.

Shortly after founding Multicoin in May 2017, he noticed Solana , and the company subsequently spearheaded some of its earliest rounds of funding for Solana in 2018. The investment became one of the most successful bets in Multicoins history, with $5.9 billion under management as of May 2025, making it among the best-known crypto investors.

Prior to entering the crypto industry, Samani co-founded and served as CEO of Pristine, a medical IT company that developed software for surgeons based on Google Glass.

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