Solana vs Hyperliquid, Why Ethereum Is Overvalued & Crypto In 2026 | Logan Jastremski
Speakers
Logan Jastremski
— Host, Full Send Podcast
Santiago R. Santos
— Co-Host, Empire / Founder, Inversion Capital
Summary
Logan Jastremski discusses his crypto investment thesis for 2026, arguing that blockchains should be valued like exchanges based on trading volume and execution quality. He compares Solana and Hyperliquid, favoring Hyperliquid's risk-adjusted return, and shares bullish views on Tesla and Nvidia versus Bitcoin. He also critiques Ethereum and many L1s as overvalued.
- Logan Jastremski revisits his high-throughput blockchain thesis, emphasizing execution and revenue over throughput alone.
- He argues Ethereum is overvalued and many L1s are overvalued when analyzed as exchanges via discounted cash flow.
- He compares Solana and Hyperliquid, noting Hyperliquid's success in commodities and cleaner trajectory.
- He highlights the importance of asset listings and trading volume for blockchain valuation.
- He shares a bullish thesis on Tesla, focusing on autonomous cars and humanoid robots.
- He expects Nvidia to outperform Bitcoin over the next 12 months.
- He critiques stablecoin chains and non-financial crypto use cases as lacking profitability.
- Host Santiago R. Santos also expresses preference for Hyperliquid over Solana and Nvidia over Bitcoin.
Trade Ideas
Ethereum overvalued due to lack of revenue model.
Ethereum is the most overvalued asset in the world because it relies on a monetary premium and lacks a sustainable business model based on execution and trading volume, and this overvaluation may not sustain in 5-10 years.
Hyperliquid better risk-adjusted return than Solana.
Hyperliquid offers a more compelling risk-adjusted return than Solana because it has a cleaner trajectory, a loyal customer base, successful expansion into commodities, and a more focused product that breaks correlation with crypto assets.
Tesla bullish on autonomy and robots.
Tesla is a long-term bullish investment because of its potential to achieve generalized autonomy in cars and to scale humanoid robots, which are underappreciated by the market, with most terminal value tied to robo-taxis and robots.
Nvidia to outperform Bitcoin in 12 months.
Nvidia will outperform Bitcoin over the next 12 months because Nvidia is a business with strong fundamentals in AI, while Bitcoin's thesis relies on continued money printing and is less compelling from a business perspective.
Nvidia to outperform Bitcoin in 12 months.
Nvidia will outperform Bitcoin over the next 12 months because Nvidia is a business with strong fundamentals in AI, while Bitcoin's thesis relies on continued money printing and is less compelling from a business perspective.
