Solana’s Public Attack on Starknet Exposes Artificial Valuation Pumping

Solana’s official X account launched a scathing critique of Starknet, alleging that the layer-2 network’s valuation is artificially inflated due to ‘mercenary volume’ – trading driven by points programs and incentives rather than genuine economic activity. The post pointed out discrepancies between Starknet’s reported metrics (market cap and fully diluted valuation) and actual data from CryptoSlate, revealing a significant difference in market capitalization. The analysis further examined the trading volume and fee pressure on various blockchains, including Solana, Arbitrum, and Starknet, emphasizing the importance of Real Economic Value (REV) as a more reliable indicator of network utility. The article highlighted the dangers of concentrating trading volume in a single venue, particularly when tied to incentivized programs, and cautioned that such volume could quickly evaporate when those incentives disappear. Solana’s comparatively distributed trading volume and consistent REV figures were presented as a healthier sign of sustainable network activity, contrasting with Starknet’s reliance on a single perpetual exchange and its associated points program.

(Source：CryptoSlate)