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Solana Founder Frowns at the Network Being Called the "Ethereum Killer"

Solana is Ethereum's sidekick, not its killer

Solana's blockchain technology, initially developed as an enhancement to Ethereum's early limitations, has gained significant traction among crypto enthusiasts. This rise in popularity has often positioned Solana as a potential challenger to Ethereum in the altcoin realm. Despite this, Solana's co-founder, Anatoly Yakovenko, expresses a desire for a more harmonious coexistence rather than a competitive rivalry. Yakovenko's stance marks a shift in perception, focusing on Solana's independent growth and contribution to the crypto world, rather than being seen merely as an 'Ethereum Killer.'

SOL/USDT weekly chart. Source: TradingView. 

Since hitting its October low, Solana has demonstrated remarkable resilience and growth, registering a 197% increase in value since mid-October. Impressively, it has soared by 531% from its 2023 opening price, showcasing its robust market presence. Solana's Total Value Locked (TVL) in Decentralized Finance (DeFi) has also experienced a substantial surge, adding $482 million since the year's start. 

This increase is not just in value; Solana's daily DeFi trade volume has started eclipsing that of Ethereum's Layer 2 chains like Polygon and Optimism. These metrics, combined with the interest from MakerDAO's Rune Christensen in using Solana's codebase for their "NewChain," reignite discussions about Solana's potential to reshape the altcoin market, challenging Ethereum's dominance.

Anatoly Yakovenko's perspective on Solana and Ethereum

Anatoly Yakovenko, Solana's co-founder, recently addressed the recurring comparisons between Solana and Ethereum, emphasizing the potential for both networks to thrive simultaneously. On social media platform X, Yakovenko dismissed the 'Ethereum Killer' narrative as outdated, advocating for a future where both Solana and Ethereum coexist and compete, sharing similar features yet contributing uniquely to the blockchain ecosystem. 

Originally conceived as a solution to Ethereum's scalability challenges, Solana brought a revolutionary approach with its proof-of-history and delegated proof-of-stake protocols, enabling processing of over 50,000 transactions per second. 

This advancement placed Solana alongside others like Cardano as potential rivals to Ethereum. However, Ethereum has made significant strides in scalability, now capable of handling up to 100,000 transactions per second, thanks to developments like Layer-2 protocols and the proposed sharding method. 

Yakovenko believes that Danksharding will eventually be capable of supporting all of Solana's data, signaling a future where the two networks may not just coexist but also complement each other. With Solana currently trading at $63.43 and eyeing the $70 mark, its journey alongside Ethereum continues to shape the future of the altcoin market.