Ethereum vs Solana

Three caveats. (1) Lower is better, but a non-zero floor (~5-20 bps) is normal, ticker last-traded prices have micro-jitter and Chainlink updates only on deviation/heartbeat. (2) XRP, ADA, DOGE measured on 3 sources because Chainlink deprecated those USD feeds on Ethereum mainnet, tag flags it. (3) POL/USD is the post-migration symbol for MATIC; we point at POLUSDT (not the frozen legacy MATICUSDT).

Honest scope. (1) `net_yield = gross_apr × uptime`. NOT "yield net of MEV", Stakewiz `total_apy` already folds Jito MEV into gross, MEV is INCLUDED. `mev_share_bps` exists for transparency, not subtraction. (2) Solana median is dragged by ~42 vals at 0% APY (commission 100% or zero leader slots). (3) Hyperliquid: centralised sequencer, no separate MEV layer, ~30 vals only. (4) Ethereum: one network-average consensus-layer APR from the beacon spec formula, execution tips and MEV excluded.

Stablecoin float is where dollars are parked, not what they do. A chain can take in a billion that sits idle, and lose float to a single issuer redeeming. The figure is DefiLlama's chain-wide pegged-USD aggregate, every issuer combined; it does not separate a bridge inflow from a native mint, and a dollar bridged to an L2 counts on both chains, so rows are not additive. Read the net dollars with the percentage beside them: the same $400M is a rounding error on Ethereum and a doubling elsewhere.