According to Kyle Samani, Multicoin Capital, Solana has been able to outperform its largest competitor Ethereum despite the fact that Ethereum is in high demand.
The crypto pundit, who spoke out on Friday about the reasons Solana could surpass Ethereum. He compared Ether to Blackberry’s demise by Apple in 2013-2014, or How Facebook killed My Space. He stated that Solana’s ability to unlock complex applications on Ethereum that were not possible before, including High-frequency Defi, and any other application that is accessible to a large number of users like NFTs, would play a major role in boosting the network’s performance.
Degenerate Apes was a non-fungible token project (NFT), built on the Solana Blockchain. It went on sale with over $5.9M in sales. This event saw SOL drop about 60% in just two days.
Coincidentally, Mango, a DEX built on top of Solana in order to create a trader-friendly decentralized trading platform, raised $70 million in token sales. The decentralized autonomous organization had aired its concerns overbuilding on the Ethereum blockchain, stating that building on Ethereum would hinder them from implementing the best possible user experience prompting them to choose Solana.
MercurialFi liquidity platform; leading cross-chain stable cryptocurrency exchange Saber HQ; Marinade Finance liquid staking protocol Marinade Finance, and the Phantom Wallet are just a few of the notable projects that Solana has overseen. Kyle says that this combination is what is driving interest in Solana, which could lead to the demise of Ethereum.
“I see them co-existing right now. They have different growth rates. “I believe Solana’s growth rate for the foreseeable near future will be higher than Ethereum’s.”
SOL, which secured itself a spot among the top 10 cryptocurrency assets, was up 75% over seven days, 205% over the last month, and 3,800% YoY. This growth can be attributed to SOL’s unique approach in solving the Blockchain trilemma.