As a seasoned crypto investor with over a decade of experience in the industry, I have seen my fair share of blockchain debates and disagreements. The recent exchange between Flip Research and Joe McCann on Solana’s strengths and weaknesses is no exception.
In a recent dispute concerning X, voices of influence from both the Ethereum and Solana communities exchanged opinions, primarily focusing on criticisms leveled against Solana’s blockchain by Flip Research, an entity associated with pro-Ethereum perspectives. This research group highlighted potential issues in SOL‘s infrastructure and functioning, sparking concerns about its dependability, user-friendliness, and suitability for institutional use in the future.
The study by Flip Research raised questions about Solana’s network reliability, highlighting “frequent downtimes” and a “high incidence of unsuccessful transactions” as significant issues. Moreover, the research organization criticized the Solana blockchain for its centralization, the user-unfriendly explorer interface, and the use of Rust programming language, which they argue presents steeper learning curves for developers than Ethereum’s Solidity language.
Additionally, Flip Research expressed concerns about Solana’s limited compatibility with other blockchain systems compared to EVM, and suggested that the chances of a Solana-based Spot ETF might be slim, considering both regulatory hurdles and market demands.
All Solana FUD?
In response to criticisms from Flip Research, well-known Solana supporter Joe McCann presented a set of rebuttals aimed at disproving their statements. McCann particularly highlighted the topic of blockchain dependability, drawing parallels between SOL‘s occasional downtimes and outages experienced by common technologies in mainstream use.
In order to ensure reliability for any network, it’s crucial to subject the system to actual load by performing pressure tests. For instance, Amazon Web Services (AWS) has experienced more than 20 outages since 2007. Despite these occasional interruptions, AWS holds a significant market share in cloud computing, indicating that such incidents are a natural part of the expansion and scaling process for advanced technological systems.
Regarding the problem of transactions not going through on Jupiter Exchange, McCann explained the reason behind these instances: “Suppose you intend to execute a swap and have set your maximum slippage at 3%. If the smart contract (the program) calculates that the slippage exceeds 3%, it will automatically cancel the transaction. This is not a malfunction – the system is simply following the instructions given by the user.”
McCann strongly advocated for choosing Rust over Solidity, pointing out its continuous popularity and high appeal among programmers. He emphasized that for eight consecutive years, Rust has been named the “most admired” programming language in Stack Overflow’s annual developer survey. Furthermore, not only is Rust widely admired but also highly sought after by developers, he added, underscoring the strong community and backing from programmers when it comes to Rust as compared to Solidity.
Regarding the debate over centralization, McCann presented quantifiable figures to challenge the notion that Solana is excessively centralized: “The Nakamoto coefficient for Ethereum stands at 2, whereas it’s 20 for Solana. This suggests that Solana is 10 times more decentralized according to this metric. However, let’s examine another indicator. One of the main concerns about centralization lies in where the nodes or validators are located. Are they in a personal residence like an apartment, or in large cloud computing data centers such as AWS or GCP? Approximately half of Ethereum’s validators run on hosted networks like AWS. Solana’s validators running on hosted networks account for around 10%.”
McCann further clarified the ongoing discussions about a Solana Exchange-Traded Fund (ETF), brushing off concerns regarding institutional interest as unfounded. He stated, “These assumptions are just speculation, and it boils down to a digital gamble – either it materializes or it doesn’t. Pioneers like Raoul Pal and forward-thinking ETF providers such as Vaneck are spearheading this movement, making the claim that there isn’t enough institutional interest in Solana nonsensical.”
At press time, SOL traded at $179.80.
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2024-07-31 15:11