The conflict between Ethereum and so-called “Ethereum killers,” according to Solana Labs’ co-founder, is pointless because the ultimate goal for anyone working in crypto should be to enroll “every human” onto Web 3.0.
While many analysts have dubbed Solana an “Ethereum killer” because of its reduced costs and faster transaction times, co-founder Raj Gokal of Solana Labs claimed the project has no ambition to do so — and wouldn’t be able to do so if it did.
Gokal made the remarks in response to a tweet on Wednesday from Chris Burniske, the co-founder of venture capital company Placeholder, who wrote, “Despite flowery platitudes, L1 knives are fully out.” In general, folks in crypto want their largest bags to win.”
“This will have an impact on practically all communications,” he warned, “so don’t accept everything you see and hear as gospel.”
Gokal responded by emphasizing that “it doesn’t have to be a conflict,” arguing that the objective for everyone working in the crypto field should be to onboard “every person” onto Web 3.0, and pointing out that: “‘Knives out’ indicates that we’re attempting to suffocate Ethereum. Ethereum cannot be destroyed; it is a mathematical impossibility. And it’s already a magnificent force for good in the world, empowering millions of people and generating billions of dollars in revenue. Bitcoin is unmistakably the same.”
With $71.7 billion in total market capitalization, Solana’s native cryptocurrency, SOL, is presently the fifth most valuable digital asset, ahead of fellow “Ethereum killer” Cardano (ADA), which is placed sixth with $67.4 billion.
The Growth of Solana
The Solana Foundation presented the “Solana Breakpoint 2021” conference earlier this week in Lisbon, Portugal, with speakers including Gokal, Anatoly Yakovenko, CEO and co-founder of Solana Labs, FTX CEO Sam Bankman-Fried, Reddit co-founder Alexis Ohanian, and Circle CEO Jeremy Allaire.
As of Sunday ($14.47 billion at the time of writing), 2.2 million nonfungible tokens (NFT) had been produced on the Solana blockchain, with more than $15 billion worth of total value locked in Solana-based decentralized finance (DeFi).
Messari analyst Dustin Tender stated in a Friday article titled “The Perpetual SOL Rise” that “Solana has gained considerable investor interest over the previous quarter” and cited a large range of possible “growth triggers” for the project.