What happened to Solana, the new public chain once seen as one of the killers of ethereum?

A short-lived outbreak is nothing, living long is the way to go.

Some time ago the market experienced another thrilling moment, bitcoin first fell from 60,000 knives all the way down to 50,000 knives, and then continued to wildly leaked to 47,000 knives, due to the big drop in bitcoin, but also to drive the market all collapse, almost retracement range are in more than thirty to forty percent, which makes many people have begun to doubt, 2021 booming bull market, so go away?

But while the dip continued and the market generally adjusted sideways, one coin began to burst up against the trend, pulling wildly by more than 20% a day, and the market cap quickly rose to about tenth place.

This is the new public chain Solana, which was born with the slogan of “Ether Killer” like many newborn public chains, aspiring to replace Ether, become a world-class underlying operating system, and migrate Internet applications to its own blockchain network.

Most of the people who raised this slogan are no longer heard.

And this new public chain, in so many years, not only did not fall down as quickly as those other “killers”, but also the ecological development of the sound, and made some very popular applications, and even the coin price can be so firm in the panic atmosphere of the big pullback, which is a wonder of the ages.

What is Sol?

After the test of time and history, Sol is no longer the youthful teenager, and its position is no longer an ethereum killer.

Because the first-mover advantage of Ether is extremely obvious, there is still no decentralized ecology that may rival the number of developers, users and applications within the Ether ecology.

So, how exactly should new public chains and new ecologies go about catching up with Ether?

The answer, is with real applications that really attract traffic outside the circle, and Solana is a good example of how to do this.

As a representative of new public chains, Solana solves the impossible triangle problem that has always existed in the public chain space through eight technologies such as Proof of Work History PoH, Base Byzantine Fault Tolerance, Turbine (block propagation protocol), Gulfstream (memory-less transaction forwarding protocol), Sea Level (parallel smart contracts), Pipeline (verified transactions), Cloud Scatter (horizontally scalable account database), and Archive (distributed ledger storage).

The team, from giants like Qualcomm, Intel and Dropbox, replaces local timeouts based on local time measurements in each verifier with a global virtual clock that uses time-passing cryptographic proofs to reduce block times, reduce consensus messaging overhead, increase TPS and increase the number of nodes participating in consensus. Solana has a maximum TPS of more than 50,000 and a block-out time of about 400 ms. It does not need Layer2 to have the speed of Layer2, and the fees are negligible.

On average, the total fee is 10 USD per 1 million transactions, which is equivalent to an average of 0.00001 USD per transaction. Compared to Ether, which currently requires tens of dollars as a fee for any transaction to be packaged in the first place, new users on Solana are almost equivalent to the Internet experience.

Since 2020, DeFi has been rapidly emerging, and Solana, with its efficient internet experience and high annualization rate of 10% or even 100% for DeFi projects, has made more and more users flock to the Solana ecosystem, gathering great wealth effect.

In the current public chain field, besides Ether and Polka, Solana’s ecological development has also gained more attention in the market. At present, Solana ecology has covered DeFi, blockchain games and Web3.0 verticals, with more than 100 integrated projects and total transfer volume of over 10 billion, ranking the first in the industry, and the development speed has far surpassed other new public chains.

Ecology at a glance

At present, Solana has attracted many mature and high-quality projects outside the ecology, such as Tether, USDC, Chainlink, etc., and also incubated native products such as Serum, Raydium, Oxygen, etc.

What happened to Solana, the new public chain once seen as one of the killers of ethereum?

The above figure is the official ecological diagram recently published by Solana. From the diagram, we can see that the current Solana ecological projects are not too few, but most of them are focused on the infrastructure, and the applications are mainly external mature applications. On the whole, the current infrastructure of Solana ecosystem is not very perfect, but it can support the normal development of Solana ecosystem.

Compared with other public chains, Solana has achieved a relatively leading position in the cultivation and development of applications, which is rare for a new public chain.

I. Serum
Serum is a decentralized exchange, a DeFi protocol launched by Sam Bankman-Fried (SBF), the founder of FTX exchange. Serum is a core product in the Solana ecosystem, and there are a number of protocols built around the Serum protocol, most of which are closely related to SBF.

We can see that a number of products have been built based on the Serum protocol, which is the beginning of an ecosystem.

What happened to Solana, the new public chain once seen as one of the killers of ethereum?

Serum has two product forms, Order Book and AMM, with both Order Book and AMM features.

What happened to Solana, the new public chain once seen as one of the killers of ethereum?

From the roadmap, we know that Serum will also go live with margin and contract business.

What happened to Solana, the new public chain once seen as one of the killers of ethereum?

From the official data released, the transaction volume during the period of April 2 – April 14 was $200 million, with a single day turnover of around $16 million, which can be ranked among the top 15 DEX on ethereum.

Maps.me is an offline map application that has accumulated 140 million users, and Google Play shows that Maps.me has been downloaded more than 50 million times.

As a mapping product, it provides various peripheral services within the program, such as hotel and restaurant reservations, which require high processing fees for payment through third-party payment platforms and incur large exchange losses during international travel.

Maps.me recently closed a $50 million round of funding and released a platform pass. Maps.me is currently developing its own multi-chain wallet and will launch a DeFi ecosystem on this offline mobile mapping platform. One of the tokens supported by the multi-chain wallet is USDC, created based on Solana, which allows for instant payments, especially for travelers to remote areas that lack payment infrastructure.

Maps.me will integrate DeFi revenue into the wallet, providing passive revenue to users while engaging existing users by offering related services and offering more DeFi services to users in the future.

III. Oxygen

Oxygen Protocol is a non-custodial decentralized brokerage protocol that allows users to generate liquidity, earn income, borrow short assets and gain leverage on their asset portfolios.

Oxygen allows users to trade directly in the pool, simplifying the trading process. After the lending agreement, the next phase will be the creation of an OTC volatility trading platform and a structured product that developers can build for themselves and their users. The ultimate goal is to bring back the investment bank-only prime brokerage business at DeFi and make the service available to everyone.

Oxygen relies on Serum’s price data to execute orders, market data, pricing, and risk management. Benefiting from the composability of DeFi, various participants on Serum can integrate and extend Oxygen’s functionality.

Initially, the Oxygen protocol will be imported into Maps.me to gain access to Maps.me users, who will generate revenue from the wallet embedded in Maps.me. The wallet feels like a traditional App wallet.

Oxygen is currently in its early stages, with only the iPhone app live, and currently only offers basic functions such as deposits, transfers and transactions.

What happened to Solana, the new public chain once seen as one of the killers of ethereum?

As the underlying infrastructure in the blockchain world, the competition is extremely fierce. In fact, we do not want Ether to be the only one and monopolize the whole blockchain application ecology.

The purpose of Solana, Near, BSC and other new public chains is not to “kill” Ether, but to help Ether take over the actual needs of other remaining users when Ether cannot carry the real needs of all users, so that everyone can use efficient, convenient and secure blockchain applications.

Just like a big tree with a main pole through the sky, it also needs more branches for branching out so as to support this huge ecosystem.

At present, Solana, as one of the best public chains in the market in terms of speed and performance, is undoubtedly a very good soil for developing applications and projects, and such a condition still has a strong leading edge before the real landing of Ether 2.0.

However, for us, the majority of users, we naturally hope that the more competitive these projects are, the better, and the more quality applications, the faster they land.

After all, a short-lived outbreak is nothing, live long is the king.

[Disclaimer: This article is the independent view of the author and does not represent the position of coinyuppie, this content is only for the general blockchain and crypto enthusiasts science learning exchange, does not constitute investment advice and recommendations, please look at it rationally, establish the correct concept, improve risk awareness, article copyright and final interpretation right belongs to coinyuppie】

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-happened-to-solana-the-new-public-chain-once-seen-as-one-of-the-killers-of-ethereum/
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