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. Here is what it actually was.
Setup: SOL transaction throughput multiplied 4x while ETH L1 gas held flat at 8-12 gwei. The on-chain fee revenue gap inverted prevailing consensus that ETH would always extract more.
What broke it
Q2 brought ETH L1 fee compression (more activity migrating to L2s) AND a Solana memecoin volume slowdown. Fee differential collapsed to a fraction of its Q1 width. Trade is over for now.
The TFZ 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_FRAGZONE