Opinion: There is nothing wrong with Ethereum's fundamentals, Solana is not enough to flip Ethereum at present
Original author: Kiwibig.eth
Today I participated in a Twitter space, which answered a question that I didn't want to discuss.
Does Ethereum still have a future? Will Ethereum be flipped? Should Ethereum be FUDed? Does Ethereum still have a future? The answer is simple: there is nothing wrong with Ethereum's fundamentals.
What Solana has, Ethereum will eventually have. And Ethereum has Layer1, Solana may not have.
Too long to read version:
1. The low price is due to the chip structure problem, which takes time. Ancient ICO addresses are constantly revived and crashed, and ETF inflows are insufficient;
2. Preconfirmation and BasedRollup are very important. Ethereum's BasedRollup will be "asynchronous execution + pre-confirmation + streaming blockchain", which is the same as Solana's technical philosophy. Layer2 is Solana;
3. BasedRollup took back the consensus layer rights of Layer2, which will make a large number of Layer2 make a choice, "stay or leave";
4. In fact, Layer2 has already started to make a choice. Taiko has started BasedRollup to confirm that it will stay, and Arbitrum's products similar to Mev-boost will inevitably leave the Ethereum ecosystem;
5. In terms of scale, Meme is currently too small to support Solana's ability to flip Ethereum: Solana has core meme users <10k users, and the actual trading funds are less than 300m. The public opinion has a big impact, but the actual impact is small.
Main text:
1. Not much to say, it takes time to clean up
On October 24, according to Onchain Lens monitoring, after 4 months of silence, an Ethereum ICO participant address deposited 3,000 ETH to Kraken, worth $7.63 million.
On September 25, according to Ember monitoring, a participant who participated in the Ethereum ICO in 2015 and obtained 2,000 ETH (the Ethereum ICO price was $0.311) tested recharging 5 ETH to Kraken.
On September 23, according to Lookonchain monitoring, an address that participated in the Ethereum ICO and received 150,000 ETH (about 389 million US dollars) deposited 3,510 ETH (about 9.12 million US dollars) into Kraken 7 hours ago after being dormant for 2 years.
2. Layer2 + Preconfirmation = Solana
2.1 Layer2 + Preconfirmation:
· Parallel processing: Layer 2 reduces the burden on the main chain by moving transaction processing off-chain. This structure allows multiple transactions to be processed in parallel on different execution nodes, thereby improving transaction throughput and efficiency.
· Preconf: Before a node includes a transaction in a block, it verifies it and temporarily stores it in the memory pool. Layer2 transactions can be confirmed one blockchain in advance.
The proposer needs to bear certain economic responsibilities to ensure that the transaction he promised can be included in the block within the specified time, otherwise he will face penalties. Promotes faster transaction confirmation.
2.2 Solana
· Proof of History (PoH): Create a verifiable time series to speed up transaction sorting and processing.
· Multithreading and parallel processing: Solana's Turbine module uses multithreading and parallel processing technology to allow multiple threads to process transactions simultaneously.
Gulf Stream and Sealevel: These technical components work together to achieve the goal of a streaming blockchain. Gulf Stream is responsible for optimizing transaction propagation, while Sealevel ensures state consistency and efficient storage.
"Layer 2 + Preconfs" has similar goals to Solana in achieving asynchronous execution, pre-confirmation, and streaming blockchains. Both aim to improve the performance and user experience of blockchain networks, and promote the development of blockchain technology through parallel processing, temporary confirmation, and efficient consensus mechanisms. Such a design not only improves transaction speed, but also provides a strong infrastructure for decentralized applications.
3. I won't go into details about whether Layer2 should stay or go, it depends on everyone's technical solutions.
Conclusion
What we may see in the end is: Layer2 + Preconfirmation = Solana
While there will always be practical differences between various systems, the overall trend is clear, and we are all moving towards more and more similar architectures. In the end, everyone is building the same thing.
What Solana has, Ethereum will eventually have. And Ethereum is still Ethereum, let the bullets fly for a while.
