SOL Fees vs ETH Gas – The Ratio Trade That Worked in Q1
For 14 weeks running, the SOL fees / ETH gas ratio trade printed money.
Setup: SOL transaction throughput multiplied 4x while ETH L1 gas held flat at 8-12 gwei. Fee revenue gap inverted prevailing consensus.
What broke it
Q2 brought ETH L1 fee compression (more activity migrating to L2s) AND a Solana memecoin volume slowdown. Fee differential collapsed.
The CFL read: fee-revenue framing was the right lens. Watch for the next setup, likely tied to L2 fee economics post-Pectra.
// FILED :: CRYPTO← BACK_TO_LAB