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Solana co-founder Anatoly Yakovenko attributed the network’s robustness to the rise of memecoins, helping to achieve greater resilience. This, through the transformation of numerous network interruptions, into opportunities for innovation.
“Blessed are the memecoin traders, for those who can overcome their spam will inherit the Metaverse.” Yakovenko said at the Cryptocurrency conference, “Emergence”, in Prague. “As with NFTs, we are lucky to solve a lot of engineering problems with memecoins. These simply make the network and all systems more robust,” he added.
At the time of writing, Solana’s native token, SOL, is trading at $244.97, accumulating annual gains of over 288%. Source: CoinMarketCap
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Additionally, during the conference, Yakovenko noted that Solana developers are used to “chewing glass,” tackling difficult problems to create a network with unique performance. For reference, after a series of outages throughout 2022, Solana only went down once last year in February and after the launch of Solana’s memecoin trading platform, “Pump.fun” in January.
Likewise, Yakovenko attributed Solana’s improvement to the challenges of scalability of multicore systems that memecoins have brought.
“We were fortunate to be able to make the modifications quickly enough to put those errors behind us.” Yakovenko expressed. “The challenge with scaling performance with multicore systems is that you get into really multidimensional problems. Additionally, you can have bandwidth bottlenecks that affect transaction performance and, in turn, network performance, one problem can have cascading effects down the line,” he added.
Memecoins fueled the development of Solana, through unforeseen challenges
Likewise, Yakovenko argued that while some network issues could be fixed during certain pressure situations, most of the issues Solana faced could not have been anticipated or fixed beforehand using solutions like Blockchain’s localized rate markets.
“I’ve never seen anyone predict these problems in research, much less have solutions for them.” Yakovenko said. “Early analysis quickly enough and stress testing helped us iterate and get better and better,” he added.
Additionally, Yakovenko argued that Solana’s unique pressure state allows for faster, cheaper and simpler solutions than with other approaches, such as layer 2 networks.
“Raydium didn’t expect that all memecoins would use their funds for launches, but no one had to ask Raydium, ‘Can we do this?’, and no one had to go create additional bridges.” Yakovenko indicated. “It just became easy, and that ease of use and lack of fees and friction creates a thriving crypto ecosystem,” he added.
Currently, Solana’s SOL token is positioned as the fifth cryptocurrency by market capitalization, with $116 billion, behind XRP.
Notably, Yakovenko highlighted the evolution of the crypto ecosystem, driven by the entertainment of digital economies, suggesting that memecoins “naturally align with this trend.”
“In almost all digital economies, entertainment is the most important place to make money.” Yakovenko pointed out.
Furthermore, the Solana co-founder indicated that the popularity of memecoins was surprising and in retrospect, an “inevitable phenomenon.”
Importantly, as Solana’s crypto ecosystem evolves, its approach to engineering and innovation powered by memecoins could set a benchmark for other networks facing similar challenges.
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