The digital foreign money SOL drew attention to it and to its project, after the historic rise and achieving new records.
On Tuesday, August 31, the price of the digital forex SOL rose to a new all-time high of $129 and became the eighth greatest cryptocurrency by means of market capitalization.
Since the cryptocurrency SOL has managed to open the door to the top ten cryptocurrency club, some heated discussions have erupted in the crypto community recently, with Solana regularly touted as a fierce competitor to the Ethereum blockchain.
It is recognized that Ethereum has a big market share in internet hosting smart contracts, decentralized purposes “DApps”, and decentralized finance “DeFi”.
But Ethereum and each time the strain on its network rises, this influences the upward push in fuel charges to report levels, which opens the door for competing initiatives to capture this precise point.
On Tuesday, Dan Held, head of growth at cryptocurrency alternate Kraken, sparked controversy by using asking whether or not Solana is a better smart contract platform than Ethereum.
There have been a lot of responses to it, most tremendously that of the well-known crypto analyst Willie Wu, who told:
DeFi purposes are already effortlessly strolling on the Solana blockchain.
There are some videos on how the FTX team chosen Solana in their quest to construct a DEX with the proper order books (Serum).
Technically, this would now not be viable on Ethereum and it would nevertheless be very gradual and very expensive.
Choosing Solana rather of Ethereum:
Willie Wu referred to Sam Bankman, CEO of FTX, who is making ready to launch a Decentralized Exchange (DEX) on Solana as a substitute of Ethereum.
Bankman stated that the most important purpose for choosing Solana over Ethereum is higher scalability, and added:
Which merchandise we tried to create or even which ones we tried to scale - we had been in the beginning going to absolutely be based on Ethereum because that is where everything used to be - however as the product multiplied at the equal time the loss of life knell of 10 transactions per second that did not no longer enough.
We went to Solana, who was once telling us:
Hello, see that we choose the performance of the blockchain to be an important criterion and we care a lot about its efficiency, dimension and economics.
It is really worth noting that the developers of Ethereum are working tough to push the launch of Ethereum 2.0.
Ethereum will shift in the direction of PoS and help substantially enhance the scalability of the network, which will make it challenging for its competitors.
The solely bad is the prolong in launching Ethereum 2.0, which skill that many users are migrating toward cheaper, greater environment friendly and scalable networks.
