Lightspeed Standard Chartered: The Bull Case For Solana | Geoff Kendrick
Jun 13, 2025
Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, shares his insights on Solana's investment potential. He explores the bullish and bearish cases for SOL and discusses how to value Layer 1 blockchains. Kendrick also delves into the future scenarios for Solana, noting its potential impact in decentralized finance and the meme coin space. He compares Solana's growth prospects with Bitcoin and Ethereum, addressing institutional interest and scalability challenges that shape their roles in the crypto market.
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Solana's Activity Depends on Use Cases
- Solana's current high activity mainly stems from meme coin trading, which may not be sustainable long-term.
- Future growth depends on diversifying to use cases like social apps or tokenized equities, which will take years to develop.
Using App Revenue to Value Blockchains
- Valuing layer 1 blockchains by market cap to application revenues offers comparable, stable metrics across chains.
- This method captures economic activity better than raw fee data, offering insight into blockchain value capture.
Bitcoin and Ethereum Outlooks
- Bitcoin's price is expected to rise mainly through increasing institutional flows and better access globally.
- Solana faces challenges post-meme coin peak, making Ethereum's near-term performance appear stronger despite long-term issues.