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Andersson said that the size and dominance of the Ethereum ecosystem, make it difficult to foresee Solana flipping it in terms of market cap any time soon.

“One of the benefits of a modular ecosystem is all the diverse players it attracts. For this reason, it’s hard to see Solana overtake Ethereum,” he said.

Meanwhile, Kanade noted that Ethereum’s “longer track record and huge development community” meant that new developers were still likely to choose Ethereum and its ecosystem of layer 2s to build apps, saying that Solana still has a “way to go” before catching up.