Core Insights - Ethereum experienced a significant decline of approximately 45% from its all-time high of $4,950 in August to around $2,700 in November, reflecting deeper structural concerns regarding Layer 2 growth and its impact on ETH's value capture [7][9][8] - Solana's annual revenue reached $2.85 billion, indicating strong network usage and institutional interest, particularly following the launch of Solana ETFs which attracted over $380 million in net inflows within three weeks [6][7][22] - The competitive landscape between Solana and Ethereum is evolving, with Solana focusing on speed and retail flow while Ethereum emphasizes security and institutional structure, leading to a widening gap in their market positions [15][16] Ethereum Performance - Ethereum's price fluctuated between $3,900 and $4,200 in October before declining further in November, driven by fragmented Layer 2 activity and overall market weakness [8][9] - Long-term holders and institutions continue to accumulate ETH, viewing the price pullback as an entry opportunity despite the declining economic engine [9] Solana Performance - Solana opened 2025 with strong momentum, reaching an all-time high of nearly $295 in January, driven by increased trading activity and a surge in daily transaction volumes [4] - Despite a pullback to around $156 in July, Solana maintained strong network fundamentals with monthly revenues exceeding $150 million [3][11] - The launch of Solana ETFs in late October 2025 marked a significant milestone for institutional access, with the first ETF attracting $57 million on its first day [22] Revenue and Usage - Solana's revenue mix shows that nearly half of its $2.85 billion annual revenue comes from trading and DEX activity, indicating actual network usage rather than speculative hype [11][12] - High-frequency traders favor Solana for its rapid settlement and low costs, contributing to sustained monthly fees of $150-$250 million even after the initial memecoin trading frenzy [12][13] Competitive Dynamics - Solana's monolithic design and Proof of History mechanism allow for rapid execution and high throughput, making it suitable for high-frequency trading and memecoin launches, while Ethereum's modular approach leads to slower execution and fragmented user experience [16] - Solana processes over 3 million daily active addresses, while Ethereum's high costs deter retail users from the mainnet, leading to reliance on Layer 2 solutions [17] - The developer ecosystem on Solana is expanding, particularly in gaming and NFTs, while Ethereum's developer base is stretched across multiple Layer 2 networks, slowing progress [18] Future Predictions - Bullish scenarios for Solana suggest a new growth phase with increased institutional inflows and user activity, potentially pushing SOL prices to the $250-$340 range [26] - Ethereum may benefit from stronger Layer 2 demand, with price predictions ranging from $4,200 to $5,000 under favorable market conditions [27] - Bearish scenarios for both networks indicate potential setbacks due to regulatory pressures and market conditions, with SOL possibly drifting to $130-$160 and ETH falling to the $2,600-$2,900 range [30][31]

Ecosystem Overview - L2BEAT 将每月发布生态系统和项目的综述，内容涵盖 TVL (总价值锁定), 活跃度以及塑造 Layer2 扩展领域的主要新闻 [1] - L2BEAT 将聚焦合作伙伴生态系统和项目 [1] September Highlights - 报告总结了 9 月份 Layer2 生态系统的主要动态 [1]

Layer 2 Scaling - Ethereum PeerDAS update aims for a Layer 2 scaling breakthrough [1]