This update promises to make Solana the real Ethereum killer.

Solana, with its latest update designed to improve transaction processing capabilities, is poised to challenge Ethereum's dominance, along with the buzz around consumer applications.

This development has generated a lot of interest among blockchain enthusiasts. For Solana it refers to a convertible level, often referred to as the “Ethereum killer”.

Will Solana Copy Ethereum?

According to Solana's 2023 Developer Report, the platform boasts between 2,500 and 3,000 monthly active developers. It has retained more than 50% of its developers from last year. This statistic is significant, reflecting the platform's growing appeal and competitiveness with Ethereum.

Moreover, the increase in developer activity on Solana is due to improved onboarding processes and the expansion of development opportunities. Solana Foundation Chief Strategy Officer Austin Federa highlighted the platform's unique proposition for developers.

Attracted by the low development costs and variety of programming languages ​​supported by Solana, many are migrating from Ethereum. This includes Rust, C and Python, with the Move language on the horizon.

“We're seeing a lot of projects on Ethereum that want to go Solana. It's not what we were seeing a year and a half ago,” Federa said.

Therefore, the fragmentation of the Ethereum package ecosystem, which complicates the development platform, is at odds with Solana's integrated chain approach. This simplicity may entice developers looking for a streamlined environment. Federa Solana's belief that it will host many new consumer-facing applications underscores this advantage.

Read more: Solana vs. Ethereum: The Ultimate Comparison

Solana's assumption of releasing a highly successful app in sectors such as SocialFi, DP or Gaming highlights its potential. Such an event could greatly increase Solana's user base and investment flow. However, Solana has faced reliability challenges, including network outages that hurt its reputation.

Firedancer, a new authentication client, aims to solve these stability issues. Capable of processing 0.6 million transactions per second in tests, FireDancer can significantly improve Solana's infrastructure.

However, the current market capitalization figures indicate that there is a significant gap between Ethereum and Solana. With its vast ecosystem and significant market capitalization of $417 billion, Ethereum dwarfs Solana's $57 billion.

This difference highlights Solana's challenges in becoming an Ethereum killer. Technological advances and changing developer preferences may alter competitive dynamics despite these challenges.