Solana’s co-founder says there the network faces an opportunity to emerge as the leading monolithic chain in web3.
In a panel closing out the first day of the Solana Crossroads 2024 conference, Anatoly Yakovenko, the CEO of Solana Labs, said that Solana is poised to emerge as the leading web3 network.
Yakovenko said Solana will have officially transcended its “mainnet beta” with the impending launch of Firedancer — the forthcoming Solana client from Jump Crypto. Firedancer offers an entirely new codebase intended to eliminate the risk posed by Solana’s currently lone client implementation, increase transaction throughput, and bolster the network’s efficiency.
“Folks can stop calling it beta at any time, it’s just my personal preference that we do that after Firedancer ships,” Yakovenko said. “You want different people to work on the same component so the probability of a bug being in both [clients] is virtually zero.”
Yakovenko said that Jump has been “making a ton of progress” on Firedancer, adding that he expects there is a 50% chance Firedancer will be live on mainnet before the Solana Breakpoint conference in September.
Jump Crypto first announced it was building Firedancer in August 2022. Jump said it would design the client to “drastically increas[e] Solana’s networking throughput, resiliency, and efficiency.”
Despite Solana currently boasting an impressive throughput, the network struggled with frequent outages and perceptions of centralization in recent years.
Memecoin stress-testing
Looking ahead, Yakovenko predicts that Solana will grow to host more than $1 trillion worth of stablecoins within the next five years.
He characterized the challenges as bottlenecks Solana has faced leading up to this point as “a blessing,” as memecoins, NFTs, and inscriptions have served to stress-test the network, rather than a massive stablecoin ecosystem.
“We’re blessed to stress-test with memecoins, and not with $1 trillion worth of stablecoins,” Yakovenko said. “We’re lucky to find those bugs and fix them.”
Yakovenko also reaffirmed Solana’s commitment to achieving scalability at Layer 1, as opposed to the “fragmented” Layer 2 ecosystem driving Ethereum’s scalability. He said Solana’s design is intended to facilitate future scalability gains through gains in hardware efficiency, noting the rapid pace of innovation in semiconductor manufacturing from the likes of Taiwan Semiconductor Manufacturing Company and Nvidia.
“This is an opportunity for a single giant world computer that synchronizes at the speed of light, Yakovenko said.
