Solana Dethrones Ethereum, SOL Co-Founder Breaks Silence

In a remarkable turn of events, Solana has achieved a significant milestone by surpassing Ethereum and other EVM-based Layer-2 solutions in 24-hour volume, as reported by DefiLlama. With Solana’s total chain volume standing at $3.654 billion, compared to Ethereum’s $2.397 billion, the platform has emerged as the undisputed leader in blockchain transactions. Even when combined with other major contenders like Arbitrum, Avalanche, Polygon and Optimism, Solana outpaces them all.Source: DefiLlama

The remarkable feat has caught the attention of Solana’s co-founder, Anatoly Yakovenko, who responded to the news succinctly, acknowledging the platform’s achievement.

However, amid the celebration, skeptics have raised questions about Solana’s centralized staking system and its potential vulnerabilities. Yakovenko addressed these concerns, emphasizing the differences between Solana’s quorum control and the multisig control seen in Layer-2 solutions.

And there is a world of difference between the quorum control liveness and the L2 multisig controling state.

There is absolutely nothing the quorum can do to convince circle to wire out your usdc without your signature. The L2 multisig can take the usdc out of the bridge and…— toly 🇺🇸 (@aeyakovenko) March 17, 2024

In addition, discussions surrounding blockchain resilience in the face of regulatory challenges have surfaced. A hypothetical poll regarding the viability of various networks under strict government restrictions sparked debate. Yakovenko contributed to the discourse, highlighting Solana’s adaptability and suggesting potential adjustments to ensure continued functionality in adverse conditions.

As Solana cements its position as a leader in the blockchain space, Yakovenko’s remarks shed light on the platform’s robustness and its potential for further development. With Ethereum’s dominance challenged and Solana’s rise to prominence, the decentralized finance landscape stands on the brink of what may be transformative change.