Solana Outpaces Ethereum in Consumer Apps: Former Growth Head

According to Matty Taylor, the co-founder of Colosseum and former head of growth of the Solana Foundation, the Solana blockchain is set to surpass Ethereum when it comes to consumer applications. Taylor believes that Solana will continue to outpace Ethereum in terms of developing user-friendly applications that utilize the chain’s performance.

Currently, the Ethereum network has 1,668 decentralized applications (DApps), which is more than three times the number on the Solana ecosystem, which has 477 DApps, according to data from Alchemy. Solana has been hailed as an “Ethereum-killer” due to its faster transaction speeds and superior transaction finality.

Despite the bear market and the falling price of the Solana token (SOL), the Solana ecosystem has attracted more developers, especially after the downfall of FTX. Taylor states that the bear market was a crucial moment for Solana, and it emerged stronger with an increase in developer activity.

When comparing the total value locked (TVL) on both blockchains, Ethereum’s TVL is over 10 times larger than Solana’s. Ethereum’s TVL currently stands at $49.7 billion, while Solana’s TVL is $4.01 billion, according to DefiLlama data.

The Solana blockchain has had its share of issues, experiencing significant outages multiple times since January 2022. These outages resulted in block production coming to a halt for more than five hours before the validators restarted the network. While these outages are a negative sign, it is expected for blockchains that are pushing the limits of scalability to encounter such problems.

Taylor sees these outages as growing pains for Solana and believes it is better to face them now rather than when more critical infrastructure, such as pension funds, is on the blockchain. He acknowledges that these innovations will inevitably come with challenges but remains optimistic about Solana’s future.

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