Proponents assert Solana requires the assistance of Firedancer and a ‘ChatGPT moment’ to compete with ETH.

Solana, a blockchain platform, is set to undergo a significant upgrade this year to improve transaction processing capabilities. Alongside this, there are expectations of a potential breakthrough consumer app, which could solidify Solana’s reputation as an “Ethereum killer.” Supporters of Solana believe that the flood of consumer-facing applications built on the platform could lead to a “flippening.” Austin Federa, the head of strategy at Solana Foundation, has noticed an increase in developers migrating from Ethereum to Solana due to lower development costs and a wider range of coding languages available. This has given him confidence that Solana will be the go-to platform for new consumer applications in the future. Henrik Andersson, the chief investment officer at Apollo Crypto, predicts that Solana could have a “ChatGPT moment” and launch a highly successful app that attracts a large user base and capital. However, Solana faces a challenge in the form of network outages caused by a bug in the code. The platform currently runs on two major clients, which leaves it vulnerable to disruptions. Pranav Kanade, a portfolio manager at VanEck’s Digital Assets Alpha Strategy, believes that Solana needs to diversify its clients to position itself as a serious competitor to Ethereum. Solana’s upcoming Firedancer upgrade, which will introduce a new independent client, is seen as a step in the right direction. Despite Solana’s recent rally, Ethereum still holds a significant lead in terms of market capitalization. Ethereum’s established ecosystem and larger development community make it the preferred choice for developers, according to Kanade. Mark Smargon, the CEO of Fuse Network, believes that Solana and Ethereum have different visions and can coexist. Viewing them as direct competitors may not be the best approach, as they cater to different needs and goals.