The rivalry between Solana and Ethereum for supremacy in the Blockchain sector has intensified, leaving behind moderate exchanges and giving way to strong statements. As both blockchains advance, their competition becomes increasingly tougher.
On this occasion, Ryan Berckmans, a prominent member of the Ethereum community, criticized Solana for its alleged structural limitations, stating that the network lacks the capacity to become the backbone of the new global financial system.
In a post on X, Berckmans highlighted five obstacles that, in his opinion, prevent Solana from being the central pillar of this financial system. His comment was a response to a text from the CEO of Helius, who suggested that Solana could be that fundamental base. Berckmans’ analysis sparked a lively debate between both communities.
There’ll be one global backbone – Ethereum
Ethereum is the backbone of the new global financial system of L2s and L1 applications. No other chain will come close.
Mert suggested that Sol can pivot to be the backbone. But Solana will never be the backbone. Here’s 5 reasons why.
Four… pic.twitter.com/RoyEkASRP5
— Ryan Berckmans ryanb.eth (@ryanberckmans) October 26, 2024
Berckmans’ five reasons why Solana can’t compete with Ethereum
According to Berckmans, the first reason Solana will not surpass Ethereum is its dependence on a single production client (agave rust). A network intended to lead the financial system requires at least three independent chain clients.
The second factor is that Solana bandwidths require 10 Gbps upload, which increases its centralization and leads to practical limitations. The third barrier is the constant failures and interruptions of the network, which makes it unable to process blocks during completion problems, something that does not occur on Ethereum.
The centralization of Solana is another important obstacle: 98% of the initial allocation was among insiders, while in Ethereum the public allocation reaches 80%.
Finally, the emergence of zk-rollups technology for L2 settlement challenges Solana’s position. Although the latter focuses on scalability in L1, Berckmans considers this approach to be at odds with the requirements of a truly global network.
In conclusion, Berckmans projects that Solana’s market share will decline against Ethereum and its combined L1 and L2 solutions.
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