However, Hayes did not provide a precise timeline for the aforementioned values of ETH and SOL to materialize.
As 2022 progresses, Hayes expects ‘ETH to significantly outperform any L1 chain that constructed a narrative that it is “faster and cheaper” than Ethereum’.
He goes on to explain that after the merge, stakers of ETH could earn an APR of around 8 to 11.5%. In addition, the rewards issued to validators ‘renders ETH a bond’. He explains:
Bitcoin does not have an implicit yield in BTC terms at the protocol level. Post-merge, ETH will. Therefore, Bitcoin is money, and ETH is a commodity-linked bond.
With respect to Solana, Arthur Hayes uses the number of addresses to conclude that the network is the second most popular blockchain and will positively benefit the value of SOL. He said.
The number of addresses on a given chain is another crude but useful metric that can be used to evaluate the health of a public blockchain. Ethereum sports 16x more addresses than second-place Solana, but is still cheaper on a Price / Address basis.