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Cryptogambling / Solana co-founder addresses ‘Ethereum Killer’ moniker

Solana co-founder addresses ‘Ethereum Killer’ moniker

Publish Date: 04/12/2023
Solana logo., tags: co-founder ethereum - CC BY-SA

Solana logo. – CC BY-SA

Solana co-founder Anatoly Yakovenko has urged the crypto community to stop labeling the platform as an Ethereum “killer.” Yakovenko recently said on X that he could not envision a scenario where Solana (SOL) thrives while Ethereum (ETH) fails.

Following its launch in 2020, Solana quickly became a competitor to Ethereum. Other blockchains such as Cardano (ADA), Tezos (XTZ), Avalanche (AVAX) and Polygon (MATIC) also experienced the same fate.

Yakovenko finds the label Ethereum killer “lame,” believing that despite similarities between Solana and Ethereum, the latter will not be overshadowed. He is worried about rising tension, comparing it to a “cold war,” between Ethereum and other blockchains. He thinks these hostile narratives hinder the growth of the digital ecosystem they share.

“Don’t bring back last cycle “eth killer” bs. It’s lame,” said Yakovenko, who sees the link between his blockchain and Ethereum as a way to achieve mutual growth and progress.

Even though blockchain technologies such as SOL and ETH are competitors to each other, Yakovenko maintains that the success of one does not mean the failure of the other. He emphasized the concept of Pareto efficiency, saying that technologies can have shared features and compete without causing harm.

“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 eventually danksharding will have enough bandwidth for all of solana’s data,” said Yakovenko.

He also expressed excitement about the progress in blockchain technology, particularly danksharding. Danksharding is an Ethereum scaling solution that aims to boost transactional capacity by offering additional storage for roll-up transactions.

He foresees a future when danksharding technology could manage all of Solana’s data, supporting his belief in the peaceful coexistence of various technologies.

At one time, the Solana network, created to offer smart contract capabilities similar to Ethereum, surpassed the Ethereum mainnet in speed and power efficiency due to its proof-of-stake (PoS) consensus system.

During that period, Ethereum used the more energy-intensive proof-of-work (PoW) consensus method and managed just about 30 transactions per second, significantly fewer compared to Solana’s 50,000 to 65,000 transactions per second.

SOL emerges as top performer in October, November crypto rally

SOL remerged as a leading performer during the October and November crypto rally, leading the market with a 200 percent price surge.

The price surge might extend into December, with SOL expected to triple in value by the year’s end, making it one of the top altcoins to consider buying.

Between October and November, SOL’s price surged from $21 to a peak of $68. Meanwhile, the rally slowed down by mid-November, causing the SOL token to fall back to $60.

Solana’s upward potential is linked to various factors. Particularly, operating costs on the network are notably lower compared to other blockchains, positioning it as one of the top altcoins for investment.

Solana’s decentralized finance (DeFi) network has seen a notable surge in interest. Various projects, like BONK, considered one of the top meme coins, have experienced substantial gains, contributing to Solana’s expansion. Furthermore, analysts believe that SOL’s price is undervalued.

Predictions suggest significant growth in Solana’s price. Real Vision CEO Raoul Pal identified Solana as among the top altcoins for investment, foreseeing a price of $400. Jacob Canfield projected a price of $1,000 by early 2024. These forecasts indicate a potential trifold increase to $180 in December.

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