The discussion regarding SOL's stake market capitalization surpassing ETH can be analyzed from the following perspectives.

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1. Key factors behind the data
- Technical differences: SOL uses a PoS mechanism but optimizes TPS (transactions per second), and its high throughput attracts more project parties to stake; while ETH's staking is constrained by network congestion and high gas fees. Although it has completed the merge upgrade, the short-term staking returns may not be as intuitive as SOL's.
- Market Cycle: SOL rebounded strongly after the low point in 2023 (over 10 times increase), with part of its market capitalization growth stemming from expectations of being an "Ethereum challenger"; ETH, as an established public chain, has a more stable staking volume but a slowing growth rate.
- Ecological incentives: The Solana ecosystem has recently seen frequent airdrop activities (such as Jito, Pyth, etc.), and stakers may chase additional returns, driving up short-term data.

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2. Does "transcendence" have sustainability?
- Advantages: If SOL maintains low fees and high performance, and ecological projects (such as DePIN and meme coins) continue to thrive, the demand for staking may persist.
- Risks: The maturity of ETH Layer2 (such as Arbitrum and Base) may divert funds; the historical network interruption issues of SOL still need to be observed for technical stability.
- Long-term perspective: staking market capitalization ≠ public chain value, ETH still excels in developer count and DApp diversity, SOL needs to prove its risk resistance capability.

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3. SOL vs ETH: How to choose?
- Short-term speculation: SOL has higher volatility, suitable for capturing market hotspots; ETH is more suitable for focusing on long-term ecological development (such as re-staking, L2 expansion).
- Staking Preference: SOL staking APR is usually higher (currently around 7-8%), but carries the risk of token volatility; ETH staking (around 3-5%) is more stable and has yield enhancement options like EigenLayer for re-staking.

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4. Industry impact
- Multi-chain competition intensifies, public chains need to find a balance in the "decentralization-security-efficiency" triangle, and SOL's surpassing may drive ETH to accelerate upgrades (such as the next steps after Dencun).
- The innovation in the staking sector (such as liquid staking derivatives) will become the focal point of competition in the next stage.

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Combined with my own experience, such as "I used to stake ETH but turned to SOL because of higher returns", "As a developer, I value ETH's mature toolchain more", etc., adding real cases can stand out more. Rational analysis of data + personal opinions is more likely to be rated as high-quality content. Be careful not to exaggerate a single metric (e.g., stake market value ≠ value of the entire network). #SOL 质押市值超越 ETH