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Ethereum Dapps developers move to Solana. It led to the Solana summer. But will it go on in one? … [+]
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Lots of developers are about Ethereum. It is too expensive. It’s too slow. Alternatives emerge. Some have been there for a while, like Cardano. Others are new, like Solana Labs (SOL). It’s everyone’s favorite this year.
For the past few months I’ve been looking for new blockchain projects that I can invest some money in. I already own Polkadot (DOT) and Cardano (ADA). Solana was introduced to me months ago. I should have listened. It’s up 12,000% this year. That’s right, twelve thousand percent. If you put $ 100 in SOL last December, you have $ 12,000 today.
Solana (SOL) price gains over a period of 12 months: + 12,100%.
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I totally missed the Solana Summer. I hate it when that happens. I want to know if I should prepare for the Solana winter.
In short, Solana is a blockchain platform that enables developers to create new apps – be it for decentralized funding or the creation of non-fungible tokens. It now has 1.3 million active accounts and has processed 38 billion transactions, according to the company’s presentation at the Breakpoint conference in Lisbon last week. On November 7th, they tied $ 15.23 billion in decentralized finance projects on Solana. Metaplex is at the heart of Solana’s NFT marketplace, which currently trades an average of around $ 32 million in NFTs over a 7-day period.
Solana’s gift to the crypto “Dapps” generation universe is that it is more scalable than Ethereum and the “gas price” is cheaper. Because of this cost base, the ecosystem is exploding. If Ethereum were a real gas station, inflation at the pump would be higher than at the presidential price – oh, it doesn’t matter.
I reached out to Solana a few months ago but couldn’t convince her to speak about the next steps. You were too busy planning for Breakpoint, which ended on November 10th.
Anatoly Jakovenko. His Solana coin value made him a very wealthy man this year. The pressure is on … [+]
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I’ve spoken to some investors who know them well, as well as some users, to gauge whether I will have to spend over $ 233 to buy at least one SOL since I already missed out on it last December, one for little Money to buy and exchange. You have to hate when that happens.
“As an asset manager, we like Solana as both an investment and development platform,” said Ben McMillan, founder and CIO of IDX Digital Assets. Her “Off the Block” podcast is aimed at crypto investors who want to understand the new language of blockchain companies and interviews people like Anatoly Yakovenko, co-founder of Solana. Yakovenko’s parents were born in Ukraine. He is 100% American; Graduated from the University of Illinois at Urbana-Champaign.
“We are building our own decentralized apps for investment management functions and will move from development exclusively to Ethereum to development also on Solana,” says McMillan, citing cheaper transaction fees and scalability.
The first mover advantage is enormous, and others have drawn parallels with Betamax, which was a technology superior to VHS tapes but never got enough adoption to matter. IDX Digital Assets came to Solana early because of the technology, but “for us, the critical metric was when we saw a large number of users migrating from Ethereum,” says McMillan.
As with any other product, “the customer is always right,” and in this case it was measured by the user sentiment of those who fled Ethereum for Solana. During the developer talks on Github, the de facto “meeting place” for online developers, everything revolved around Solana in recent months.
The big question now is how well does Solana really scale? The network was down for almost a day on September 15th due to overload. Could this become a more persistent problem when developers migrate from Ethereum?
The type of projects that get started on Solana is also important, says McMillan. “NFTs caused the early growth, but for sustained long-term growth we would want continued growth in the decentralized non-NFT apps and new projects,” he says.
Nigel Green, founder and CEO of traditional $ 12 billion asset manager deVere Group – now heavily involved in crypto and fintech – says Solana “is certainly an emerging star in the crypto industry. Its potential can no longer be ignored. “
Frankly, the upward trend at Solana is everywhere. If you want to know what to do with a 12,000% profit have a blast in Lisbon and while I wasn’t leaving – as I heard – it was full.
“I think Solana is the next big thing after Bitcoin and Ethereum. That’s why I’m currently buying it after the recent drop in prices, ”says Vladimir Kardapoltsev, CEO of PointPay in Estonia, a blockchain that finances both as a crypto wallet and exchange and as a payment system. “Advances in scaling such as Layer 2 rollups can give the currently slow world of blockchain more speed. At the moment Solana is the fastest blockchain and the fastest growing ecosystem. ”
Blockchain projects like Solana need to grow their user base. To do this, they need developer support, meaning they need computer programmers to choose their system that they want to work on, as opposed to, or perhaps in addition to, another blockchain.
“Solana has clear leadership and there is adequate funding behind it,” says Andrey Belyakov, founder of the Opium Protocol, a decentralized derivatives network.
“All boxes are checked at Solana. Ethereum is still the main blockchain for Dapps development, backed by the most outstanding community, but there is a place for more than one. I’m following Solana with great interest, ”said Belyakov, a professional financial derivatives trader and portfolio manager with approximately $ 30 billion in funds under management.
For new investors who believe in this alternative Ethereum coin … to a Solana winter.
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From Breakpoint in Lisbon, Raj Gokal, COO of Solana said that Solana’s goal was to reach 1 million developers in its ecosystem. “There is no schedule. But how soon do we want to see it? As soon as possible, ”he said at the opening of the event, sitting next to Yakovenko in a baseball cap, dressed almost identically.
Nobody should expect another 100 percentage point gain in Solana. Is it worth the hunt? I keep remembering when Ethereum was around $ 200 and is now over $ 4,000. So I say yes. I have to think about this one.
“Dapps are much more useful than Bitcoin because they can potentially reinvent banks, insurance services, and other parts of the financial system,” says Belyakov.
You don’t have Solana yet, but you have Ethereum? You are still in good shape. “Ethereum is the perfect shop window, and I believe that ether will soon become the number one cryptocurrency,” says Belyakov.
Green from deVere Group says the market has legs. Maybe then we will have a Solana winter.
“I believe Solana’s bull market will continue for the remainder of this quarter,” he says. “This year it will again reach new all-time highs.”
Disclaimer: The author of this article owns Bitcoin, Polkadot, and Cardano.
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