I find @tulipking's thesis extremely compelling he made the case that ETH trend to $600 and SOL will trend to $25 (my opinion at the bottom) you should watch this stream to understand it better but here's my attempt to explain it: if you're in a service providing business or technology, you want to be able to scale your revenue not only with the amount of service you're providing, but also with the amount of value being provided. e.g. if you're a bank, you dont want to just make a flat fee for all loans - you want to make more money on larger loans. businesses like Hyperliquid capture value that scales with activity on the network, but ETH and SOL do not. from TK directly (around the 18 minute mark): “Cisco provides internet connectivity. They probably facilitate trillions of dollars or quadrillions of dollars of economic activity. It’s the internet, right? But they’re not a valuable business because they don’t capture any of that. So, like if I shoot you a text of a meme or I shoot you a $1 billion dollar business deal over the internet, Cisco still charges me like one bite or bit or whatever, right? That’s the Ethereum problem.” He applies the same logic directly to Solana and Ethereum blockspace: “If I send you a billion in stable coins, Solana gets a penny. If I send you a dollar in stable coins, Solana gets a penny. It’s just not going to work.” the implication he draws for prices: assets that received monetary-premium valuations without being "money" (ETH, SOL, BNB, etc.) should lose that premium as capital recognizes they are Cisco-style networks rather than money. that capital, in his view, flows toward actual monetary assets like Zcash. he outlines the destination as Zcash at $1T while Ethereum falls toward $30–40B (~$600–$1,000 ETH) and Solana toward $25. he adds that even a large activity increase on Solana would still leave it as a business that “makes zero dollars that’s worth 60 billion” because blockspace remains a commodity. for what it's worth - I largely agree with his thesis, I just think it will take a long time to play out. there's no chance we have a frothy alt cycle and SOL stays under $200, but over time as people recognize the true value of the network's currency, I could see this thesis playing out. other networks like AVAX have learned this lesson at a faster rate. cc @notthreadguy