Solana Predicted to Outperform Ethereum, Despite Recent Hurdles: Matty Taylor
Summary:
Matty Taylor, co-founder of Colosseum and ex-head of growth at the Solana Foundation, anticipates that the Solana blockchain will outdo Ethereum in terms of consumer applications and end-user experiences. Despite Ethereum hosting thrice the number of decentralized apps, Solana is seen as superior due to its transaction speed and efficiency. Taylor emphasizes Solana's resilience during the bear market which attracted many developers. However, the well-documented network outages and lower Total Value Locked than Ethereum are still points of concerns.
Matty Taylor, former head of growth at the Solana Foundation and co-founder of Colosseum, recently discussed with Cointelegraph the potential he sees in the Solana blockchain. He proposed that Solana has the potential to outperform Ethereum in terms of end user experiences and adopting consumer applications especially in the realm of Web3 experiences. The Ethereum network currently hosts around 1,688 decentralized apps (DApps), whilst Solana supports 477, data from Alchemy suggests.
Many view Solana as the looming shadow over Ethereum thanks to its superior transaction speed and processing capacity. Solana's mettle was thoroughly tested in the wake of the bear market following FTX's downfall resulting in numerous developers flocking to the platform despite the falling Solana (SOL) token value. Taylor commented, "In the three to four months following the bear market, the resilience and strength of the Solana network has resonated with the developer community".
The Total Value Locked (TVL) of Ethereum is currently about $49.7 billion, starkly contrasted with Solana's $4.01 billion TVL, data from DefiLlama indicate.
Recently, on February 6, Solana faced a significant outage that halted block production for over five hours before the network was restored by validators. Solana has since suffered from approximately a half dozen significant outages this year. While network disruptions can hinder ecosystems, blockchains striving for increased scalability will likely face similar hindrances.
Taylor discussed these outages with Cointelegraph stating it was fortunate that,“these issues are happening now, prior to pension funds investing in blockchain". He added that it was an "unfortunate reality" that such innovations will encounter "growing pains".
Published At
3/22/2024 3:52:03 PM
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