An analyst has drawn a provocative comparability between Ethereum and Nokia, a once-dominant tech platform that didn’t adapt rapidly sufficient to a altering aggressive market.
The comparability comes amidst the continued Ethereum versus Solana debate. It goes again years and displays a deeper rigidity between legacy dominance and next-gen efficiency. It issues which platform is best suited to change into the spine of Web3, DeFi, NFTs, and the broader crypto economic system.
Analyst Compares Ethereum to Nokia
The analyst warns that, like Nokia, Ethereum might be headed for a gradual decline, very similar to the once-dominant cell phone maker that Apple overtook within the late 2000s.
“Ethereum = Nokia,” analyst Crypto Curb wrote.
The analyst shared two charts: Nokia’s inventory value collapsing from its 2007 peak, and Ethereum’s market cap declining from 2021 highs.
Analyst compares Ethereum to Nokia. Supply: Crypto Curb on X
The analogy is rooted in additional than simply market charts. Curb argues that Ethereum’s growing old structure and scalability limitations mirror the downfall of Nokia’s Symbian OS, which couldn’t compete with Apple’s iOS and Google’s Android.
Knowledge on Statista exhibits that by 2013, Nokia’s cell market share had collapsed to three.1% from a peak of 49.4% in 2007.
In the meantime, knowledge on TradingView exhibits that Ethereum, which as soon as commanded over 20% of the overall crypto market cap, holds lower than 10% as of this writing.
Ethereum dominance chart. Supply: TradingView
The publish implies that Ethereum, like Nokia, could also be slowly dropping relevance amid quicker, extra scalable rivals, chief amongst them Solana.
In the meantime, Solana’s rise has been exhausting to disregard. Between October 2023 and November 2024, SOL surged from $23 to $264, rising to almost one-third of Ethereum’s market capitalization.
Based on on-chain knowledge, Solana now outperforms Ethereum on a number of key metrics. Amongst them are Every day Lively Addresses and Every day Transactions, highlighting its attraction to builders and customers.
Solana vs Ethereum is on each day energetic addresses and transaction metrics. Supply: Artemis knowledge
The parallels are stark. Apple leapfrogged Nokia with a smoother person interface and developer-friendly ecosystem.
Likewise, Solana’s technical benefits, together with increased throughput, decrease charges, and higher person expertise (UX), place it as a severe contender to Ethereum’s dominance in decentralized finance (DeFi) and Web3.
Nevertheless, not everyone seems to be satisfied that Ethereum’s days are numbered. Per week in the past, Ethereum flipped Solana in decentralized alternate (DEX) buying and selling quantity.
BeInCrypto reported this milestone, which occurred for the primary time in six months. Knowledge on DefiLlama exhibits that Ethereum continues to keep up this lead.
DEXes buying and selling volumes by chain. Supply: DefiLlama
This resurgence in buying and selling exercise suggests Ethereum stays deeply embedded within the crypto ecosystem, notably amongst subtle DeFi customers.
Furthermore, some institutional voices stay cautiously bullish on Ethereum. In March, Franklin Templeton analysts famous that whereas Solana’s DeFi surge is spectacular and will problem Ethereum’s market worth, ETH nonetheless holds key infrastructure benefits.
“Solana nonetheless has an extended option to go earlier than it could possibly surpass Ethereum,” an IntoTheBlock analyst advised BeInCrypto.
Equally, some analysts see the potential for a powerful Ethereum value increase, citing bullish fundamentals just like the Pectra improve and ETH-staking ETFs (exchange-traded funds).
Nonetheless, Curb’s comparability displays a crucial second in Ethereum’s development. With rivals like Solana racing forward in usability and efficiency, Ethereum should speed up its roadmap lest it turns into overshadowed.
Ethereum and SolaSolana value efficiency. Supply: TradingView
Knowledge exhibits ETH was buying and selling for $1,552 as of this writing, down by over 4% within the final 24 hours. In the meantime, Solana traded for $116.39, recording a modest 1.01% surge over the day.
