The rise in the price of the digital currency SOL raises controversy and the question: Is “Solana” the best smart contract platform than Ethereum?
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Answer The rise in the price of the digital currency SOL raises controversy and the question: Is “Solana” the best smart contract platform than Ethereum?
The digital currency SOL drew attention to it and to its project, after the historical rise and reaching new records.
On Tuesday, August 31, the price of the digital currency SOL rose to a new all-time high of $129 and became the eighth largest cryptocurrency by market capitalization.
Since the cryptocurrency SOL has managed to open the door to the top ten cryptocurrency club, some heated discussions have erupted in the crypto community recently, with Solana often touted as a fierce competitor to the Ethereum blockchain.
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It is known that Ethereum has a huge market share in hosting smart contracts, decentralized applications “DApps”, and decentralized finance “DeFi”.
But Ethereum and every time the pressure on its network rises, this affects the rise in gas fees to record levels, which opens the door for competing projects to seize this particular point.
On Tuesday, Dan Held, head of growth at cryptocurrency exchange Kraken, sparked controversy by asking if Solana is a better smart contract platform than Ethereum.
Is Solana a better smart contract platform than Ethereum?
Dan Held (@danheld) August 31, 2021
There were a lot of responses to it, most notably that of the famous crypto analyst Willie Wu, who told:
DeFi applications are already easily running on the Solana blockchain.
There are some videos on how the FTX team selected Solana in their quest to build a DEX with the right order books (Serum).
Technically, this would not be possible on Ethereum and it would still be very slow and very expensive.
Choosing Solana instead of Ethereum:
Willie Wu referred to Sam Bankman, CEO of FTX, who is preparing to launch a Decentralized Exchange (DEX) on Solana instead of Ethereum.
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Bankman said that the main reason for choosing Solana over Ethereum is better scalability, and added:
Which products we tried to create or even which ones we tried to scale – we were originally definitely going to build on Ethereum because that’s where everything was – but as the product expanded at the same time the death knell of 10 transactions per second that didn’t not enough.
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We went to Solana, who was telling us:
Hello, see that we want the performance of the blockchain to be an important criterion and we care a lot about its efficiency, measurement and economics.
It is worth noting that the developers of Ethereum are working hard to push the launch of Ethereum 2.0.
Ethereum will shift towards PoS and help greatly enhance the scalability of the network, which will make it difficult for its competitors.
The only negative is the delay in launching Ethereum 2.0, which means that many users are migrating towards cheaper, more efficient and scalable networks.
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