Ethereum: 60.6B TVL, 1368 protocols. Solana: 5M active users, 23B TVL. Two different games. ETH wins on capital depth. SOL wins on daily usage. Neither is losing. The real signal is Base hitting 3.3B TVL as an L2. That's Coinbase routing retail directly onchain without asking permission. When the distribution channel IS the chain, the game changes.
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