Solana has achieved a significant milestone by surpassing Ethereum and other Ethereum Virtual Machine (EVM)-based Layer-2 solutions in 24-hour transaction volume, totaling $3.521 billion compared to Ethereum’s $2.399 billion.
Anatoly Yakovenko, co-founder of Solana, responded to this news on social media, indicating interest and satisfaction with Solana’s performance.
When combined volume of all the centralized exchanges as well? https://t.co/EvCX37qMgZ
— toly 🇺🇸 (@aeyakovenko) March 17, 2024
This achievement positions Solana at the forefront of blockchain transactions, surpassing combined efforts from other major networks like Arbitrum, Avalanche, Polygon, and Optimism, as reported by DeFiLlama.
Yakovenko also acknowledged Solana’s success in a conversation with angel investor and ETH developer Eric Conner.
However, discussions surrounding Solana’s centralized staking system have arisen, with critics highlighting potential vulnerabilities.
Yakovenko addressed these concerns by distinguishing Solana’s system from the multisig control mechanisms typical of Layer-2 solutions, aiming to alleviate worries about centralization.
The conversation has expanded to include considerations of blockchain resilience amid potential regulatory challenges, with Yakovenko suggesting that Solana could adapt to stringent government regulations to maintain operations.
Comparisons between Ethereum and Solana gained traction following the activation of Ethereum’s EIP 4844.
Conner, known for co-authoring EIP 1559, noted the minimal differences in user experience between Ethereum and Solana post-EIP 4844. Both networks now offer similar transaction fees, operational speed, and compatibility with major on-chain wallets, with fees now below one cent.
I'm so tired of these takes. Going to start calling every single one out.
Solana UX vs. Ethereum L2 UX has extremely minimal differences.
<$0.01 fees, instant txs, major wallet integrations
What are we even talking about here? https://t.co/Vn92rVWdpa
— eric.eth (@econoar) March 16, 2024
Conner’s remarks echoed insights shared by Messari co-founder Qiao Wang, who expressed frustration with Ethereum’s slow performance and lack of refinement.
The narrative expanded with Ethereum’s successful implementation of the Dencun upgrade on March 13, which introduced “blob” data to significantly reduce fees for Ethereum-based Layer-2 solutions, marking a step towards parity in user experience between the two leading blockchain networks.
