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Saturday, August 13, 2022

Solana Doesn’t Want To Kill Ethereum

While several experts in the cryptocurrency sector have considered Solana to be an Ethereum killer, the co-founder doesn’t think along the same lines. In fact, Raj Gokal, the co-founder, believes that it wouldn’t be possible for them to kill off an entire cryptocurrency even if they tried- despite traders believing that the faster transaction times along with lower fees would definitely see SOL get over Ethereum.

These comments were made by Gokal in response to a Twitter post on Wednesday from the co-founder of Placeholder, a venture capital firm, who stated that despite pretty words, the cryptocurrency sector always looked out for themselves and wanted to profit immensely. 

Solana Co-Founder Doesn’t Believe They Are Killing Ethereum

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Chris Burnsike, the co-founder, believes that the movement of Solana would definitely influence most communications, so everything needs to be taken with a grain of salt. In response, Gokal stated that it doesn’t really have to be a battle between cryptocurrencies as he claimed that the goal for every individual working in the sector was to bring in as much of the population as was possible. He further noted that there was no way they would be killing off a beautiful cryptocurrency like Ethereum. 

According to reports from CoinGecko, SOL, the native cryptocurrency of Solana is currently the fifth-largest digital asset when ranked according to total market capitalization- with a sum of $71.7 billion. It is also ahead of Cardano- also referred to as an Ethereum killer- which stands at $67.4 billion.

Ethereum sits in second place with a monstrous market cap of $564.7 billion. But, the amount of ground SOL has covered over the last year cannot be negated. It increased by 11,742% over the last year to sit at $237.53, whereas Ethereum increased by 931%. 

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At the Solana Breakpoint 2021 conference in Lisbon, Gokal mentioned that the ecosystem was simply exploding in 2021.

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