PANews reported on May 9, according to Cointelegraph, that the latest research from cryptocurrency bank Sygnum indicates that Solana has not yet shown sufficient evidence to replace Ethereum as the preferred blockchain for institutions. The report shows that Solana's revenue is highly dependent on meme coin transactions, raising concerns about its revenue stability. In contrast, Ethereum still holds a significant advantage in terms of security, stability, and institutional recognition. Data indicates that Ethereum's actual revenue scale is 2-2.5 times that of Solana. Notably, the fees generated by the Solana network mainly flow to validation nodes and have not effectively translated into SOL token value growth. In March this year, the Solana community rejected a proposal to reduce the inflation rate, reflecting its conservative attitude towards token economic reform.

The report also points out that if Solana can make breakthroughs in more stable revenue areas such as stablecoins and tokenization, there is still an opportunity to catch up with Ethereum. Currently, Ethereum maintains a lead in institutional application scenarios, which have received widespread support from traditional financial institutions.