The DeFi Report founder, Michael Nadeau, explained that most of the value that left Ethereum flowed to layer-2s that would continue to drive value to the layer-1 blockchain.
While Solana has been getting inflows from other blockchains, a large portion of the value that went to Solana made it back to Ethereum, according to Michael Nadeau, the founder of The DeFi Report.
In an X post, Nadeau said that Solana needs to pull total value locked (TVL) from Ethereum and layer-2 networks. He wrote:
Citing data from crypto data platform Artemis, Nadeau highlighted that year-to-date (YTD), Solana lost about $55 million in TVL to Base, Optimism and Arbitrum.
