Ethereum Runs the Game While Solana Struggles for Identity, Hayes Warns

The rivalry between Solana and Ethereum continues to grow as both projects fight for users, developers, and investment. Arthur Hayes, co-founder of BitMEX,perspective on where each network stands and what challenges lie ahead.

Hayes said Solana has already shown it can attract attention. The network rose from $7 to more than $280 during its peak, driven largely by memecoin trading. That momentum gave Solana visibility, but Hayes added that the chain now needs something more lasting.

According to him, Solana must develop a standout application that brings millions of users and steady activity. Memecoins helped temporarily, but they cannot be the only driver of growth.

“Solana had a product-market fit with memecoins. But now the challenge is finding a new driver for transactions,” Hayes explained.

Ethereum, on the other hand, continues to lead the way. Hayes pointed out that almost every major project in decentralized finance began on Ethereum. It has the most developers, the strongest community, and a track record of creating new categories in crypto.

Even though Solana is ranked second in developer activity, Ethereum’s influence remains much greater. Hayes said that if Ethereum pushes above $5,000, it could trigger a big rally and widen the gap further.

“You have to tip your hat to Ethereum,” he said. “They’ve restructured, launched ETH ETFs, and are playing offense.” Hayes $10,000 target for ETH and had said, “The coming Ether bull run is about to tear the market a new a**hole.”

For Hayes, all smart contract platforms are ultimately chasing the same goal: adoption. Whether a network is faster, cheaper, or more secure matters less than whether it can attract developers and traders.

Ethereum has already earned that loyalty, while Solana still needs a breakthrough use case beyond memecoins. Until then, Ethereum will continue to shape the industry.

Additionally, Hayes said the real story is just starting and explained that everyone is waiting for Jerome Powell’s speech. Many expect the Fed to cut rates, but Hayes said Powell may hold firm. Trump is pressuring him publicly, and that could make Powell resist even more. In the long run, the Fed will likely cut, but Hayes said Powell could delay just to prove his point. He added that traders should be careful because Powell’s speech will matter for markets.