Solana: An Unprecedented Blockchain
As DeFi developers, we have been applying the lessons learned from traditional finance to the blockchain world. However, within decentralized finance, we face deeply-rooted limitations, such as low concurrency and high gas fees. When a transaction confirmation takes more than a few minutes and costs tens of or even hundreds of dollars, the only applications we can deliver are hindered by low efficiency. This creates a barrier to wider adoption of blockchain and DeFi products.
As users and funds flowed into the DeFi market during the past few quarters, blockchain network congestion and overall user experience has gotten worse. In such a situation, what we need is a technological revolution. Ethereum is working on a Layer 2 network, but delivery of this solution may take longer than we would prefer. The newly popular BSC network has also started experiencing congestion and rising gas fees.
Against this background, Solana emerged.
Many ideas that couldn’t be implemented in the past due to blockchain’s low performance will no longer be impossible. These include 100% decentralized futures trading and options trading, interactive blockchain games with high complexity, and so on. To its credit, Solana is developing its technology independent from Ethereum’s influence. To some extent, this influence has limited the potential of other existing public chains.
Despite its advantages, Solana has encountered some early-stage resistance. Barriers to adoption and ecosystem expansion have arisen because its technology is completely different from other mainstream public chains like ETH, BSC, HECO, etc. Technically speaking, the Ethereum virtual machine EVM is not supported, the smart contract interface is not fully exposed and developers are required to program using the Rust language. Conducting secondary development in Solana’s environment is different from what blockchain developers are familiar with. Some project teams are therefore reluctant to deploy their Solana version when doing multiple chain deployment. All of this sets a high entry barrier to new developers and teams.
The aforementioned difficulties don’t stop Solana from standing out among its competitors. The market has repeatedly proven that Solana is indeed the most stable and best performing blockchain in terms of network speed and cost. Because of this, more and more developers have started participating in the construction of the Solana ecosystem. The steady rise of the SOL token price has demonstrated its increasing popularity. There are also contributions from some high-quality developer teams. For example, Serum has based their open resource Saas and liquidity sharing solution on Solana. The Solana team has also been organizing Hackathon events and other campaigns to encourage development within the ecosystem.
We are confident that the token economy will grow to be 100 times stronger than it is right now, and that the developer community of Solana will follow suit. As this happens, more and more great ideas and innovations will appear to the market. HydraSwap will lead the way among many promising projects. In future articles, we will talk more about our product design and development plan to let you know how we’re contributing to the prosperity of the Solana ecosystem.
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