Solana Founder Warns Against Calling SOL, the Ethereum Killer

2y ago

bullish:

bearish:

Anatoly Yakovenko, the co-founder of Solana Labs, has taken to X (formerly Twitter) his disapproval of the popular description of the Solana network as an “Ethereum killer.” In his words, he doesn’t “see a future where Solana thrives and somehow ETH dies.”

Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where solana thrives and somehow eth dies. I am such a techno optimist that I am certain that…

— toly (@aeyakovenko) December 2, 2023

Solana Lauded as an ETH Killer

The layer-1 Solana network was created to offer smart contract capabilities like the Ethereum network. However, it supersedes the Ethereum mainnet regarding speed and energy efficiency thanks to its use of a proof-of-stake (PoS) consensus mechanism.

At the time, the Ethereum blockchain implemented the energy-consuming proof-of-work (PoW) consensus mechanism. The network also processed only about 30 transactions per second, compared to Solana’s record of 50,000 to 65,000 transactions per second.

Due to its inherent features, the Solana network has been lauded as an ETH killer since its official launch in 2020. The term has also been used to describe some popular blockchains such as Cardano, Tezos, Avalanche, and Polygon.

Solana has also introduced toolsets to onboard developers from the Ethereum network into its ecosystem. In July, Solana Labs launched Solang, a compiler enabling developers familiar with Ethereum’s programming language (Solidity) to write smart contracts on the Solana mainnet.

Describing the expression as “lame,” Yakovenko argued that even though Solana and Ethereum have similarities, the latter will not be overshadowed by the initial.

Solana Ranks Among Best Performing Cryptocurrencies

Among the top 10 cryptocurrencies, Solana’s SOL emerged as the best performer. Maintaining its ranking as the sixth-largest crypto by market capitalization, SOL has soared by over 220% in the last three months alone. These metrics supersede crypto assets such as Bitcoin (BTC) and Ether (ETH).

Going from as low as $17.9 to as high as $65.2, market experts suggest that the cryptocurrency will likely surpass the $70 price mark as active addresses increase. Presently, SOL trades at $63.8, representing 2.7% in the past 24 hours.