- The debate surrounding Solana’s centralized staking system, with critics highlighting potential weaknesses.
- However, Anatoly Yakovenko, co-founder of SOL, responds by distinguishing Solana’s system from the multisig control techniques common to Layer-2 systems, aiming to allay centralization worries.
In terms of 24-hour transaction volume, Solana has surpassed Ethereum and other Ethereum Virtual Machine (EVM)-based Layer-2 solutions, with a total of $3.654 billion compared to Ethereum’s $2.397 billion.
Anatoly Yakovenko, a co-founder of SOL, appeared to be intrigued by the news and commented on social media.
Based on information from DefiLlama, SOL’s most recent accomplishment puts it ahead of other major networks like Arbitrum, Avalanche, Polygon, and Optimism in terms of blockchain transactions.
Yakovenko responded to ETH developer and angel investor Eric Conner by praising the platform’s accomplishments.
However, critics of Solana’s centralized staking system are drawing attention to possible weaknesses while observers discuss the consequences of the system.
In an effort to allay centralization worries, Yakovenko has responded by setting Solana’s system apart from the multisig control techniques common to Layer-2 systems.
The topic of blockchain resilience in the face of prospective regulatory problems has also been included in the conversation.
Yakovenko has participated in these discussions and offered suggestions about how Solana may modify its operations to comply with stringent government rules, demonstrating the platform’s flexibility.
After Ethereum’s EIP 4844 was activated, a comparison between Ethereum and Solana was discussed.
Conner, who is credited with co-authoring EIP 1559, made a comment on March 16 regarding the diminishing user experience disparities between Ethereum and Solana.
Both networks provide comparable transaction prices, speed of operation, and compatibility with popular on-chain wallets after EIP 4844, with fees currently less than one cent.
Conner addressed opinions given by Messari co-founder Qiao Wang, who had shared observations from an experienced Ethereum (ETH) user and voiced dissatisfaction with Ethereum’s current status, noting its lack of improvement and sluggish performance as key problems.
The successful deployment of Ethereum’s Dencun upgrade on March 13, which brought “blob” data to drastically lower rates for Ethereum-based Layer-2 solutions, adds even more detail to the story and moves the two top blockchain networks closer to user experience parity.
Solana is intended to provide scalable, decentralized apps. Established in 2017, the project is presently managed as an open-source endeavor by the Geneva-based Solana Foundation, with Solana Labs in San Francisco responsible for building the blockchain.
Compared to competing blockchains like Ethereum, Solana processes transactions much faster and charges substantially fewer fees for each transaction. Solana had surged by about 12,000% in 2021 and, at one point, had a market valuation of over $75 billion, making it one of the biggest at the time.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
