Solana's User Growth Fails the Economic Density Test

Raoul Pal, founder of Real Vision, has questioned Solana's user-growth advantage over Ethereum by comparing their respective financial balances. While Solana may have more active users, its economic density is significantly lower than Ethereum's.

Pal calculated the economic density of each network by dividing the total value locked (TVL) in decentralized-finance protocols by the number of active users. For Ethereum, this works out to approximately $200,000 per user, whereas Solana's figure is around $2,500.

The data from DefiLlama supports Pal's argument, showing that Ethereum has significantly more DeFi deposits and stablecoins than Solana. However, it is essential to consider the network boundaries and how activity affects token economics.