Anatoly Yakovenko’s Vision
Gone were the days when Solana has been touted as the Ethereum killer. For SOL co-founder Anatoly Yakovenko, the slogan has already run its course during the past cycle, and there’s no longer a need to revive it.
Yakovenko said “It’s lame” pitting the two against each other. He added that it’s okay for the equally efficient technologies of Solana and Ethereum to co-exist and even compete, and he no longer sees an ecosystem where SOL prospers while ETH is flushed down the drain. The crypto personality also expressed optimism over dank sharding, which is expected to grow the bandwidth of Solana.
Yakovenko’s comments were triggered by MakerDAO co-founder and CEO Rune Christensen’s threat of removing their NewChain platform from the Ethereum network in favor of forking it on the Solana blockchain. The statement of MakerDAO’s head consequently fueled a heated debate within the crypto community, pitting the two blockchains against one another. The Solana boss is having none of it and believes such narratives can be detrimental to the cryptocurrency ecosystem.
Solana’s Ethereum Killer Origins
Solana was launched in 2020 as an alternative to Ethereum. Its edge in the market lies in its environmentally sustainable and more computationally efficient proof-of-stake (PoS) with a smart contract functionality. The PoS system also leverages a proof-of-history (PoH) mechanism for latency reduction.
During that time, ETH was still operating on a proof-of-work (PoW) consensus, which it has recently transformed into a sustainable proof-of-stake (PoS) model.
It’s not clear who coined the term “Ethereum killer” for Solana but it has since been referred to as such by the public due to the perceived advantages that it in contrast to the former.
Solana had its share of controversies over the years. Among them are a series of lawsuits stemming from its supposed failure to publicly disclose the total volume of its circulating tokens and the US Securities and Exchange Commission’s (SEC) allegation of selling unregistered securities.
However, the latest blow to the coin was on the course of the FTX fiasco where its price dropped by 40% in just a day. Solana unfortunately was the second-largest holding of Alameda Research, a sister company of FTX, thereby, dragging it along the scandal.
Solana sits at $63.43 as of this writing on December 4 at midnight. The numbers are up by a whopping 10.28% on the 24-hour chart as the coin traded between a $62.42 low and a $65.40 high. Meanwhile, its transaction volume is down by 2.62% to $1.33 billion with a circulating supply of 424 million SOL.
TradingView’s weekly moving averages (MA) and moving average convergence divergence (MACD) show a “Buy” signal for SOL but the relative strength index (RSI) indicator signifies an overbought condition. On the other hand, the daily charts similarly display a “Buy” sign in the MA but “Sell” in the MACD and near overbought status in RSI.