New data from DBA co-founder Jon Charbonneau reveals that Ethereum and Solana both reached their highest network revenues during periods of record-breaking prices. Analyzing these peaks, the analysis shows that the annualized revenue multiples were roughly equal, reaching approximately 26.5 times. This suggests a strong correlation between high price points and increased transaction fees, especially for blockchain networks like Ethereum and Solana. Ethereum’s peak occurred in November 2021, when its monthly network revenues reached an impressive $1.83 billion, translating to an annualized revenue of approximately $219 billion. At the time, Ethereum’s FDV was $578.71 billion, resulting in a valuation multiple of 26.42 times. Solana’s peak price came in January 2025, and its monthly network revenues reached around $550 million. This equates to an annualized revenue of approximately $6.61 billion. Solana’s FDV stood at $177 billion during this period, leading to a valuation multiple of 26.77 times.