Anatoly Yakovenko, co-founder of Solana (SOL), says the project’s biggest competitor is now Coinbase’s Ethereum (ETH) scaling solution.
In a new interview on the Unchained Crypto YouTube channel, Yakovenko say Coinbase’s Base has become Solana’s biggest rival due to the amount of network activity.
“Base is probably the biggest competitor now, I would say looking at the activity. How I solve this problem is… your key components of PMF (product-market fit) are price, features, or content. Ethereum’s weakness was its price, and Solana had a great price that Ethereum alone could never achieve, just fees for users…
What is unique about Ethereum are the assets issued there. And I think that’s now somewhat shifting to Solana. First of all, memecoins are new content created every day… Base is the biggest competitor to the Solana ecosystem in my opinion.”
He also says that tier-1s Sui (SUI) and Aptos (APT) have gained ground.
“Sui and Aptos are also doing very well. They have caught up in features and price. The problem they have is that Solana had such a big difference compared to Ethereum. There was an improvement of ten orders of magnitude. Now the improvements are marginal and not enough to be the killer part. If you improve Solana’s fees by 100x, you might get some weird use cases running there, but they’re not the core use cases that people care about, and then it’s not enough to differentiate themselves.”
Solana is trading at $178 at the time of writing, up 4% in the last 24 hours.
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