February 25, 2024

2021 was a good year for the Ethereum network. However, one issue continues to make developers jump ships and hop onto its competitive blockchains. One of the biggest Ethereum alternative projects is the Solana network. To avoid transaction congestions and high gas fees, many developers have opted to shift to the new layer two solutions built on the Ethereum network.

Solana performed well throughout the year, but during November, its native token SOL scored an ATH and managed to support over $3.6 billion worth of trading volume per day. SOL holders are also boasting about getting 10% ROI in the matter of one week. However, Solana network co-founder Anatoly Yakovenko believes that Solana needs a lot more work to compete with Ethereum.

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Solana network co-founder Anatoly Yakovenko opines that most of the developers and investors are currently taking an interest-only to avoid the high gas fee issue on the Ethereum network. While speaking at a podcast Unchained, Yakovenko claimed that Solana aims to not limit itself as being only a speedy and high-performance transaction executioner only.

He further explained that developers could also access and benefit from the settlement feature as well. He said that most settlement layers are created to provide support to the main blockchain for increasing their immutability and security. As per him, a significant number of blockchain projects are using Ethereum as a settlement layer without a lateral rivalry.

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New Projects are Launching on Solana Network

Raj Gokal is the other Solana network co-founder who was also invited to speak at the Unchained Podcast. Gokal claimed that Ethereum has unhinged support and reputation in the market, which is difficult to shake. Meanwhile, the blockchain has a weak spot for not being able to shift to the Proof-of-Stake consensus model yet.

Gokal also claimed that both Ethereum and Solana networks are offering the apps developers a different set of functions and features. He also talked about a new Ethereum Virtual Machine (EVM) by NeonLabs affiliating with the Solana network that seeks to attract more users with lowered transaction fees. At one point, Yakovenko claimed that developers can now start new applications from scratch with Solidity and build leveraged VMs. He also claimed that developers are not required to fork their projects and work on two different languages to franchise their Ethereum-based projects on Solana.

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