Ethereum Foundation researcher, Justin Drake, states that Solana’s golden age may be coming to an end. In a recent podcast, Drake mentioned that Ethereum Layer 2 has surpassed Solana in terms of latency and throughput. Solana’s major advantages were its fast transaction speed and low gas fees, which allowed it to dominate much of the traffic during the meme season craze.
Ethereum, however, has not made any significant breakthroughs in recent ecological development and has faced issues with high gas fees. As a result, Ethereum’s currency prices have remained sluggish. Drake highlighted that Solana’s competitor is actually Ethereum’s Layer 2, rather than Layer 1. This is because Solana’s focus is on performance, while Ethereum Layer 2 is designed to handle more transactions efficiently.
Solana’s latency and throughput have been its key performance metrics, but Ethereum Layer 2 has shown the ability to scale horizontally and can currently process 100 times more transactions than Ethereum Layer 1. Solana’s strategy of concentrating all activity on a single server has also led to its server capacity being maxed out, making it difficult for Solana to increase its throughput significantly.
Ethereum, on the other hand, is expected to expand its overall gas limit by 10x through Layer 2. Solana co-founder Anatoly Yakovenko sarcastically acknowledged Ethereum Layer 2’s advancements by tweeting that the “golden age of Solana is over” and that the “era of multi-signature has arrived.” This suggests that Ethereum Foundation is using the statement of Solana being surpassed to motivate users and developers within its ecosystem.
Ethereum Foundation is investing tens of millions of dollars in zkVMs projects, including zkRISC-V formal verification, Poseidon cryptanalysis, and L2beat for zkVMs.
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