In an interview with Cointelegraph, Matty Taylor, the co-founder of Colosseum and former head of growth at the Solana Foundation, predicts 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 bear market and the downfall of FTX, the Solana ecosystem has continued to attract more developers, even as the price of the Solana (SOL) token has fallen.
However, Ethereum still dominates in terms of total value locked (TVL), with $49.7 billion compared to Solana’s $4.01 billion, according to DefiLlama data.
The Solana blockchain faced a significant outage on February 6, with block production coming to a halt for over five hours before validators were able to restart the network. This was one of several outages experienced by Solana since January 2022. While network outages are concerning for any ecosystem, blockchains that push the limits of scalability are bound to encounter similar issues.
Despite these challenges, Taylor remains optimistic about Solana’s potential and believes that it has the ability to overtake Ethereum as the leading blockchain for consumer applications.