Solana's Co-Founder Claims Blockchain Still Leads Technologically

Anatoly Yakovenko, co-founder of Solana and Solana Labs, recently asserted in an interview with CoinDesk TV that Solana remains at the forefront of blockchain technology despite the crowded Layer-1 landscape.

The market now features over 50 active Layer-1 blockchains, with Sui being the latest to launch its mainnet.

Layer-1 Blockchains by Market Cap (excluding Bitcoin and Ethereum). Source: CoinGecko

However, the competition is not only among Layer-1 blockchains but also includes a surge of Layer-2 networks.

Layer-2 Projects by Market Cap. Source: CoinGecko

Upcoming projects like Scroll, Coinbase’s Base, and ConsenSys’ Linea are drawing significant developer attention, backed by ample funding for development and marketing efforts.

These factors pose a threat to the market share of established blockchains if they do not adapt.

Despite this, Yakovenko remains confident in Solana’s technical advantages.

“No other blockchain matches Solana’s speed, transaction volume, or node count. I believe we are still leading technologically.”

Yakovenko also cited Helium’s decision to “move house” to Solana due to its superior speed, scalability, and compatibility.

He emphasized that the collapse of FTX, while unprecedented, had minimal impact on the Solana ecosystem. Despite FTX’s involvement in building various applications on Solana, the ecosystem continues to thrive with independent developers holding long-term visions.

“Developers building on Solana were largely unaffected by FTX. This was evident in our largest hackathon, where over 800 projects participated just two months after FTX's collapse.”

On-chain data supports Yakovenko’s claims. According to Nansen, in April, Solana’s active wallet count was second only to BNB Chain, surpassing Ethereum, Polygon, and Arbitrum.

A significant contributor to network activity is the Solana NFT sector, highlighted by the Mad Lads craze and the competition between Tensor and Magic Eden.