Despite some crashes, Solana (SOL) still has the potential to attract another 1 billion crypto participants - InvestAnswers
A closely watched crypto analyst says Ethereum (ETH) rival Solana (SOL) may be on track to attract an extra billion users into the digital asset space.
During a new strategy session, the InvestAnswers presenter said that Solana's history of network outages is due to the project continuing to test the limits of blockchain beyond what has been done before.
According to the analyst, Solana is "more than just another chain" and has the potential to trigger the next big wave of adoption in the industry.
“The goal [of Anatoly Yakovenko and Raj Gokal] is to bring a billion to the blockchain and yes it can only be achieved by testing the limits and these people have enough information to do it…
Web2 has many problems. It's normal. It's part of growing up when you push the limits of anything. I always use the Formula One analogy: the fastest cars sometimes have the fastest explosive engines, like this season's Ferrari...
But again, think of strings. He thinks about scale. Yes, the code needs improvement. Yes, stability is key. It is still in beta. It's still a very nascent chain and adoption is beyond my wildest dreams as of March 2021. Do I think [Solana] will eat Ethereum's lunch at this rate? No."
The analyst has long been bullish on Solana, calling it the number one competitor to Ethereum earlier this year. He says that Solana's ecosystem has several advantages that give it a foothold in the industry.
“The strength of Solana and the reason I still like it is that they have the most DApps [decentralized applications] of any chain on the market. They have been applied exponentially. Fast, cheap, scalable. Despite the power failure...
It also introduces Rust, the development language of choice that powers most development activities on any given chain. 65k [transactions per second]. There's no need for layer 2 and SOL DApps have more daily active users than Ethereum DApps, which is great because Ethereum has about 3000 DApps and SOL has about 750."
At the time of writing, SOL is worth $32.32, fixed on date.
Oct 04, 2022