Solana What's Next For This Ethereum Competitor

in LeoFinance2 months ago

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Solana What's Next For This Ethereum Competitor

By now there are many Ethereum Competitors and so called "killers" but not have come as close as Solana in offering up the highest market cap of them all.

Solana now holding a massive nearly 60 billion dollar market cap puts it the closest to really compete with Ethereum which market cap stands at half a trillion dollars. The next would be Cardano coming in at 50 billion dollar market cap.

Solana or (SOL) was one of the fastest growing cryptos of 2021 sparking a huge rally of 12,000% over the 11 month period.

What Solana Offers

Solana offers many core aspects that Ethereum does which is why we can do this side by side comparison. The biggest Soloana offers up smart contracts, these smart contracts are collections of code that carry instructions on the blockchain. They are critical for things such as DeFi and NFTs.

These are the two core aspects that are currently in high demand and currently being explored.

Where Solana Beats Ethereum

At its core Solana greatly beats Ethereum in terms of global scale in that it offers up tens of thousands of transactions per second while Ethereum can only support roughly 13 transactions per second.
*Just a side note here, who the hell when building Ethereum didn't think a low transaction per second was going to be an issue

This in turn of course offers up much lower fees and faster transactions. Of course MANY blockchains currently do this but their market caps really haven't moved. Basing your marketing and survivability on a lower transaction is not going to get you far for very long IMO.

Power costs is another one hitting the headlines as of late. Ethereum is yes power hungry but I still don't feel it's cause of alarm and they will be moving to a PoS modal here in the next year. This is going to maybe help with transaction fees but it's for sure going to help with power consumption of the blockchain.

Next Steps

The question for Solana next is how fast they can start rolling out applications and use cases for the chain. Their marketcap will help to bring in some developers and build but overall the network needs to grow rapidly in order for it to truly start to compete with Ethereum.

One of the most critical areas I feel Solana needs to gain a solid foothold in would be the NFT marketplace. Right now most people want it on Ethereum as the "value" in price is there over all of Ethereums Competitors and that speaks a lot when it comes to artwork and trading.

We are seeing Solana star entering more into spaces such as play 2 earn gaming but even that I feel more people are going to start building on top of other platforms such as Hive that offer no fees and just resources to run the project. To me it just doesn't make sense to charge the players to have resources and fees on every transaction and instead the company/game would be paying those fees. It feels like faster adoption of player base would happen this way and make more sense.

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Nobody is questioning Solana's technical ability. The chain is faster, cheaper and more efficient than Ethereum and most other competitors in the space.

But the issue remains the fact they're so heavily backed by VC money to begin with. Just like Hive did with Sun, Solana is going to have to face the music eventually and it's going to be a shitshow.

As for NFTs, I thought their marketplace was doing quite well? I see a ton of Solana versions of the popular Ethereum projects like apes on Twitter.

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Their NFT projects are doing well but still much smaller then that of Ethereum and Polygon has a bit of a upper hand on them with being added to opensea. However for sure Solana is doing very well for themselves being that they are their own chain.

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At least you didnt write "Ethereum Killer". LOL

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lol, trying to stay away from that because I hate the sounds of it and believe more blockchains should work with each other. Big reason why I like the new direction of Hive lately.

Plus the fact that none of them actually do it.

There is no Ethereum Killer out there. It is too strong a chain as it is.

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totally agree and you have to bring a lot more to the table then simply having lower transaction fees and faster transactions. Plenty of blockchains already do this Hive being one of the mains.

...Ethereum Competitor

Not a killer! ;)

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我想看到它超过币安的时候,看到它生态起来。

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