Solana to Surpass Ethereum in Consumer Applications: Former Growth Head Predicts

The Rise of Solana: How it’s Set to Overtake Ethereum in the Crypto Market

In the highly competitive crypto market, it’s rare to see a newcomer rise to the top. However, according to Matty Taylor, co-founder of Colosseum and former head of growth at the Solana Foundation, the Solana blockchain is poised to overtake Ethereum in terms of consumer applications.

Currently, Ethereum boasts 1,668 decentralized applications (DApps) on its network, more than triple the 477 on Solana’s ecosystem, as reported by data from Alchemy. But with its superior transaction throughput and faster finality, Solana has been dubbed the “Ethereum-killer”.

Despite a recent bear market and the downfall of FTX, the Solana ecosystem has continued to attract developers, even as the price of its native token, SOL, fell. According to Taylor, this was a defining moment for Solana, solidifying its position as a major player in the crypto market.

As we enter into the new year of 2022, all eyes are on Solana as it continues to make waves in the crypto world. With its decentralized web 3.0 technology, Solana is proving to be a force to be reckoned with, surpassing even the latest developments in the crypto market.

And as the keep network crypto and alchemy web 3.0 continue to gain momentum, it’s becoming increasingly clear that Solana’s rise is far from over. So, is blockchain web 3.0? The answer may just lie in the success of Solana.

The Crypto Market: Ethereum vs. Solana

The current state of the crypto market shows that Ethereum is dominating with a total value locked (TVL) of $49.7 billion, which is more than 10 times larger than Solana’s TVL of $4.01 billion, as reported by DefiLlama.

However, Solana has faced some challenges recently, experiencing a significant outage on February 6, causing block production to come to a halt for over five hours. This was not the first time, as the blockchain has encountered several outages since January 2022.

While these outages may be seen as a negative sign for the ecosystem, it is important to note that blockchains pushing the boundaries of scalability are likely to encounter similar issues. According to Taylor, a representative from Cointelegraph, these challenges are to be expected in the pursuit of a decentralized web 3.0.