In a new strategy session, the host of InvestAnswers says that Solana’s history of network outages is due to the project continuously testing the limits of blockchain beyond what has been done before.
According to the analyst, Solana is “not just another chain,” and has the potential to spark the next big wave of adoption in the industry.
“[Anatoly Yakovenko and Raj Gokal’s] goal is to bring one billion on to blockchain and yes, it’s only achievable by testing limits and these guys have the credentials to pull it off…
Web2 had lots of crashes. It’s normal. It’s part of development when you push the limits of anything. I always use the Formula One analogy – the cars that are the fastest sometimes have the engines that blow up the quickest as is Ferrari this season…
But again, think about the chain. Think about the scale. Yes, the code needs improvement. Yes, stability is key. It’s still in beta. It’s still a very young chain, and the adoption is way beyond my wildest dreams as of March 2021. Did I think that [Solana would] be eating Ethereum’s lunch at this rate? Nope.”
The analyst has long been bullish on Solana, and earlier this year named it as Ethereum’s number one competitor. He says the Solana ecosystem has several advantages that give it its foothold on the industry.
“The strength of Solana, and the reason why I still like it, is that they have the most breadth of DApps [decentralized applications] of any chain out there. They have exponential adoption. Fast, inexpensive, scalable. Despite the outage…
It also has Rust, the most preferred developing language that’s driving the most development activity on any chain. Sixty-five thousand [transactions per second]. No need for layer-2s, and SOL DApps have more daily active users than Ethereum DApps, which is kind of staggering, because Ethereum has about 3,000 DApps and SOL has about 750.”
At time of writing, SOL is valued at $32.32, flat on the day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pavel Chagochkin