The creation of Solana was designed to work with all the functionalities of ethereum and improve the problems that arose in the early days of the network. The blockchain has since grown in popularity In recent years, many crypto participants tout Solana as the one to dethrone ethereum in the altcoin market. However, it seems that Solana co-founder Anatoly Yakovenko is tired of the comparison and just wants a situation where the network can thrive.
Anatoly Yakovenko's thoughts on the 'ethereum Killer' label
solarium has done well from the October bottom, leading to gains in the broader crypto market. The cryptocurrency's price has risen 197% since mid-October and is up 531% since its 2023 opening of around $9.96. At the same time, Solana's TVL in DeFi has also grown spectacularly, adding 74.67% in the last month and $482 million since the beginning of 2023.
Furthermore, according to data provided by DeFiLlama, Solana's daily DeFi trading volume has surpassed that of ethereum L2 chains such as Polygon and Optimism. All these metrics in chain, along with the recent proposal from MakerDAO co-founder Rune Christensen to use a fork of the Solana codebase for the creation of MakerDAO's upcoming native chain called “NewChain” appears to have sparked another round of claims that Solana is a potential ethereum killer.
SOL market cap currently at $26.64 billion on the daily chart: TradingView.com
Yakovenko recently took to social media platform X to talk about the recent ethereum killer making the rounds again. According to him, both networks can coexist even competing and having most of the same characteristics.
“Let's not bring back the 'eth Killer' bs from last cycle,” Yakovenko said. “I don't see a future where solana thrives and somehow ethics dies,” he continued.
Don't bring back the latest cycle of “eth killer” bs. It's boring. Pareto-efficient technologies may have overlapping characteristics and will compete, but that's okay. I don't see a future where solana prospers and somehow ethics dies. I am such a techno optimist that I am sure that…
— toly (@aeyakovenko) December 2, 2023
The future of ethereum and Solana
Solana was initially created to address ethereum's scaling solution, as the network could only process 15 transactions per second in its early days. Solana's solution then came with a combination of proof-of-history and delegated proof-of-stake protocols to process over 50,000 transactions per second. Other networks like Cardano that serve the same use case were also touted as potential ethereum killers.
However, this scalability issue has since been fixed on ethereum and the network can now process up to 100,000 transactions per second. Layer 2 protocols have also been created and ethereum continues to retain its title as king of altcoins.
ethereum developers are also looking to increase transactional throughput by introducing a cumulative scaling method called danksharding. Yakovenko also believes that danksharding will eventually have enough bandwidth to accommodate all of Solana's data.
Solana is currently trading at $63.43 and is on its way to the price of $70. The first step would be to break the yearly high of $65.5.
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