Solana Founder Explains SOL’s Future Success

Solana Founder Stay Calm Despite Competition

More and more people are getting into the crypto sphere. At least six blockchain networks will go live in the next few months. They will connect to more than 50 existing layer-1 mainnets. But Anatoly Yakovenko, the founder of Solana (SOL), seems relaxed about how much competition there is.

Yakovenko says that Solana (SOL) is the only project that is as fast as it is. He also noted that SOL has more nodes and can handle more deals than its competitors. Yakovenko also said that other layer-1s, like Helium and Render, moved from their networks to the SOL network.

Last month, Helium started moving to the SOL network, giving up its infrastructure for what it called a “stabler home.” On the other hand, Render used to be on Polygon, but they moved to Solana last week because it was faster and safer.

Will SOL Survive the Heavy Competition?

When FTX failed, it was a big blow to the SOL environment. The asset’s value dropped by more than 60% in less than three days. Yakovenko says FTX had an “outsized kind of place in the market” before it went down. The exchange built a lot of applications on the SOL network, and its death “created this massive hole.”

But SOL is still one of the blockchains with the fastest speeds. Solscan says that the current rate of SOL deals is 4234.78 transactions per second. On the other hand, Ethereum (ETH), the second biggest cryptocurrency project by market capitalization, can do about 30 deals per second. This is a significant change.

Nansen also said that Solana had the second-highest number of active addresses on the chain in April. Even though the number was 12% lower than in April, it was still more than Ethereum (ETH) and Polygon (MATIC).

Which chains had the most on-chain active addresses in April & how did they compare to March?

BNB Chain: 10.9M (-11%)
Solana: 5.1M (-12%)
Ethereum: 4.9M (-7.9%)
Polygon: 4.2M (+6%)
Arbitrum: 2.4M (+7.8%)

And what were these addresses doing?

Let's take a look on-chain… pic.twitter.com/mjrBPgbmif

— Nansen 🧭 (@nansen_ai) May 3, 2023

At the time of press, SOL sold at $22.28, up 3.9% from the day before.