Everyone is frantically spreading the word about $SOL's Firedancer million TPS. Calmly looking at the data: the actual throughput is only 5,500 TPS, with peak values rarely exceeding 5,000. To put it bluntly, Solana's current capacity utilization is less than 0.55%, and the bottleneck is not speed, but demand.
Even if it increases to 10,000+ TPS by mid-2026, it would only be a 2-3 times growth, still two orders of magnitude away from the million level.
But on the other hand, this also indicates that the technical ceiling is frighteningly high. DeFi TVL is stable at 5.8 billion USD, spot ETF cumulative inflows are 476 million, and in Q3, Alpenglow has pushed the latency down to 150ms. The fundamentals are solid.
The key point is: the market is paying for future demand, not looking at current usage. In the long run, I am bullish on the ceiling of $SOL, but in the short term, the valuation has already outpaced demand, so don’t mistake the narrative for the current situation.
#SOL #CryptoMarket #freedomofmoney
Even if it increases to 10,000+ TPS by mid-2026, it would only be a 2-3 times growth, still two orders of magnitude away from the million level.
But on the other hand, this also indicates that the technical ceiling is frighteningly high. DeFi TVL is stable at 5.8 billion USD, spot ETF cumulative inflows are 476 million, and in Q3, Alpenglow has pushed the latency down to 150ms. The fundamentals are solid.
The key point is: the market is paying for future demand, not looking at current usage. In the long run, I am bullish on the ceiling of $SOL, but in the short term, the valuation has already outpaced demand, so don’t mistake the narrative for the current situation.
#SOL #CryptoMarket #freedomofmoney