As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of trends come and go in the digital currency space. The recent memecoin craze on Solana (SOL) has certainly piqued my interest, and I must admit, I’ve been tempted to dip my toes into this new phenomenon.
At the Consensus conference, Solana’s co-founder Raj Gokal shared his perspective that that the surge in popularity of memecoins is fueled primarily by user demand, providing an entertaining method to draw in fresh participants.
Memecoins have recently gained popularity on the Solana (SOL) blockchain, leading to heightened interest and activity on the network. This surge in on-chain action has significantly boosted SOL prices. However, it has also sparked debates among industry experts regarding Solana’s role within the broader blockchain ecosystem.
What else could memecoins be?
— vitalik.eth (@VitalikButerin) March 29, 2024
According to CoinGecko’s report, Solana stands out as the fastest blockchain among its peers, handling thousands to even millions of transactions for meme coins every day.
From a contrasting perspective, developers have led some users into investing in SOL memecoins despite rug pulls. Furthermore, celebrities are now endorsing memetic projects, intensifying the hype. During the last day of Consensus 2024, Gokal remarked, “We didn’t actively contribute to this trend; it’s simply a popular phenomenon.”
Famous figures are introducing mem coins, a type of digital currency based on the Solana blockchain. In contrast to popular platforms such as Ethereum, they’re opting for Solana. Additionally, there’s a growing belief that Solana is currently underappreciated.
— borovik (@3orovik) May 28, 2024
Solana targets grass root adoption with Saga Mobile
Gokal believes that the surge of mobile cryptocurrency apps such as StepN in 2021 paved the way for the introduction of Saga Mobile. By making it possible for users to easily access blockchain functionality and crypto transactions on their devices, Gokal contends this represented a significant step towards widespread adoption.
Saga Mobile began with underwhelming sales last year. However, the revival of cryptocurrencies and the meme coin craze that ensued boosted sales past the 150,000 unit mark. Gokal announced that a new device is currently being developed and should be released next year.
New validator set to 1000x transaction capacity
Gokal confirmed the development of a new validator client named Fire Dancer, designed to enhance Solana’s transaction processing capacity. This project aims to increase Solana’s throughput by up to 1,000 times, resulting in speeds of approximately 5,000 – 10,000 transactions per second (TPS).
As an analyst, I’d put it this way: Solana currently processes transactions at a rate of up to 1,053 per second (TPS). However, with future scaling and upgrades, its potential throughput could surge to an impressive 65,000 TPS. Additionally, the team managing the staking protocol Jito is working on introducing a third validator set, which will focus on Maximal Extractable Value (MEV), a strategy used to maximize profit from transactions on decentralized exchanges.
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2024-05-31 22:00