In an interview with Cointelegraph, Matty Taylor, the co-founder of Colosseum and former head of growth of the Solana Foundation, stated that the Solana blockchain will surpass Ethereum in terms of consumer applications.
According to data from Alchemy, there are currently 1,668 decentralized applications (DApps) on the Ethereum network, which is more than three times the 477 DApps on the Solana ecosystem. This has led to Solana being referred to as an “Ethereum-killer” due to its faster transaction finality and superior transaction throughput compared to Ethereum.
Despite the downfall of FTX and the subsequent bear market, the Solana ecosystem has continued to attract developers, even as the price of the Solana (SOL) token has fallen. Taylor explained that this was a crucial moment for the Solana ecosystem, as it demonstrated its resilience and ability to attract talent.
However, Ethereum still maintains a significant lead over Solana in terms of total value locked (TVL). According to DefiLlama, Ethereum’s TVL currently stands at $49.7 billion, more than 10 times larger than Solana’s $4.01 billion TVL.
The Solana blockchain has experienced several outages since January 2022, with a notable one occurring on February 6th when block production came to a halt for over five hours. While such outages are concerning, they are not uncommon for blockchains that are pushing the boundaries of scalability. Taylor acknowledged this and emphasized the importance of addressing these issues as the Solana ecosystem continues to grow.
In related news, former Binance Labs head, Ella Zhang, stated that traditional financial Wall Street firms are actively pushing for the approval of an Ether exchange-traded fund (ETF). This indicates the growing interest and recognition of Ethereum within the traditional finance industry.