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Despite the scalability and high gas fees that ethereum faces, the founder of EigenLayer, a liquidity recovery platform, insists that the network is superior, especially against Solana. Solana is the third most valuable smart contract platform, behind ethereum and BNB Chain. Over the years since its launch, it has been gaining more ethereum market share, consolidating its position.
Is ethereum superior to Solana?
While Solana's prominence is evident, Sreeram Kannan, the founder of EigenLayer, x.com/sreeramkannan/status/1840465753763672147″ target=”_blank” rel=”nofollow”>argument In a post on x that Solana prioritizes low latency and global node synchronization over other core features.
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On the other hand, ethereum took a different approach, emphasizing the need for stability and decentralization. Consequently, in Kannan's opinion, the first smart contract platform offers a more complete solution than its competitor. EigenLayer currently manages more than $12 billion in assets on ethereum, according to DeFiLlama.
While Kannan acknowledges Solana's efficiency, the founder points out some limitations now that the platform is building a global state machine. At the top of the list is the sacrifice of blockchain programmability and verifiability.
Meanwhile, the EigenLayer leader believes ethereum is excelling, especially in performance, thanks in part to the success of rollups and the resulting wild adoption. This off-chain solution provides instant confirmation and is more performant than web2 applications.
At the same time, ethereum is programmable, allowing EigenLayer to add more features, such as arbitrary decentralization of verifiable tasks. As a result, the liquidity recovery platform, Kannan adds, has enabled programmability at cloud scale.
Layer 2 platforms thrive: Why is eth struggling?
Celestia co-founder Mustafa Al-Bassam also x.com/musalbas/status/1840649000690524435″ target=”_blank” rel=”nofollow”>appreciate what ethereum contributes and is absent or underdeveloped in other networks. In a post on x, Al-Bassam said the first smart contract platform is “underrated.”
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Specifically, the co-founder praised ethereum's thriving accretive ecosystem, saying it is “by far the largest and most successful.” As of September 30, L2Beat data shows that the layer 2 ecosystem on ethereum manages more than $38 billion, with Arbitrum and Base among the largest platforms.
Even as Base and other ethereum layer 2 platforms generate activity, eth, the native currency, is struggling to gain momentum. The daily chart shows The bulls have yet to break above $2,800, although support remains at $2,400.
The decline in bullish momentum has been attributed in part to the proliferation of Layer 2 scaling solutions. The network becomes inflationary as more activity is diverted off-chain and upgrades like Dencun are activated to make cryptocurrency transactions even cheaper. layer 2. looking Ultra sound moneyless eth are not being burned.
Featured image of DALLE, TradingView chart
