Ethereum

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The Solana blockchain will overtake Ethereum in terms of consumer applications, Matty Taylor, the co-founder of Colosseum and former head of growth at the Solana Foundation, told Cointelegraph in an interview:
<blockquote data-ct-non-breakable="true">
 “Solana will continue, as shown over the last year, to outpace Ethereum in terms of getting consumer applications and end-user experiences to the level of Web3 in terms of utilizing the chain’s performance to create fast and user-friendly applications.”
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There are currently 1,668 decentralized applications (DApps) on the Ethereum network, over three times more than the 477 in the Solana ecosystem, <a href="https://www.alchemy.com/ecosystem/ethereum" target="_blank" rel="noopener nofollow">according</a> to data&nbsp;from Alchemy. 
Solana has often been <a href="https://cointelegraph.com/news/do-ethereum-killers-have-a-future-here-s-what-the-crypto-community-says">touted as a so-called Ethereum-killer</a><a href="https://cointelegraph.com/news/do-ethereum-killers-have-a-future-here-s-what-the-crypto-community-says"></a>&nbsp;for having superior transaction throughput and faster transaction finality than Ethereum.
The downfall of FTX and the bear market that followed was a crucible moment for the Solana ecosystem, which acquired more and more developers despite the falling price of the Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) token. According to Taylor:
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 “Over the last three to four months as we came out of the bear market, everyone realized that Solana as a network had gone through an important crucible moment that most L1 ecosystems had gone through, [like] Mount Gox with Bitcoin…The 2020 bear market was that crucible moment, but Solana came out much stronger than ever and there's more developers building.”
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Ethereum’s total value locked (TVL) currently stands at $49.7 billion, which is over 10 times bigger than Solana’s $4.01 billion TVL, <a href="https://defillama.com/compare?chains=Ethereum&amp;chains=Solana&amp;tvl=true&amp;volume=false&amp;fees=false" target="_blank" rel="noopener nofollow">according</a> to DefiLlama data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/f055d4dc-d00a-49d7-9572-7e09f0076a13.png" alt="" title="">
 <figcaption style="text-align: center;">
 Ethereum/Solana TVL Chart. Source: DefiLlama
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Related: <a href="https://cointelegraph.com/news/wisdomtree-nydfs-trust-company-charter">WisdomTree wins NYDFS trust company charter</a>
The <a href="https://cointelegraph.com/news/solana-outage-client-diversity-beta">Solana blockchain experienced</a> a significant outage on Feb. 6 as block production ground to a halt for over five hours before validators restarted the network. Solana has seen around half a dozen significant outages since January 2022.
While network outages are a negative sign for any ecosystem, blockchains pushing the limits of scalability will inevitably run into similar issues. Taylor told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “I’m glad that’s happening now, rather than when the world’s pension funds are on blockchain. It’s unfortunate but these [innovations] will have growing pains.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/trad-wall-street-firms-pushing-ether-etf-approval">TradFi Wall Street firms pushing for Ether ETF approval, says former Binance Labs head</a>

Solana to outpace Ethereum in consumer applications — Former head of growth

Cointelegraph

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