In an interview with Cointelegraph, Matty Taylor, the co-founder of Colosseum and former head of growth of the Solana Foundation, predicted that the Solana blockchain will surpass Ethereum in terms of consumer applications. According to data from Alchemy, there are currently 1,668 decentralized applications (DApps) on the Ethereum network, which is more than three times the number on the Solana ecosystem, which has 477 DApps.
Solana has gained a reputation as an “Ethereum-killer” due to its superior transaction throughput and faster transaction finality compared to Ethereum. Despite the decline in the price of the Solana (SOL) token, the Solana ecosystem has continued to attract more developers, especially after the downfall of FTX and the subsequent bear market.
However, Ethereum still has a significant advantage in terms of total value locked (TVL). According to DefiLlama, Ethereum’s TVL is currently $49.7 billion, which is over 10 times greater than Solana’s $4.01 billion TVL.
The Solana blockchain has faced some challenges, including a major outage on February 6th when block production came to a halt for over five hours. Validators were able to restart the network, but this incident, along with several other outages since January 2022, raises concerns about the scalability of the blockchain. Taylor acknowledged that network outages are a negative sign, but it is not uncommon for blockchains pushing the limits of scalability to encounter such issues.
In related news, former Binance Labs head, Ella Zhang, stated that traditional finance (TradFi) Wall Street firms are actively seeking approval for an Ether exchange-traded fund (ETF). This indicates the growing interest and acceptance of Ethereum in the mainstream financial sector.