Solana bets on developers adapting to Rust as it prepares to take on Ethereum

Karthik Subramanian

Solana, a fast-growing blockchain which has been in the news as the next Ethereum, continues to bet that the developers would be able to adapt to the fact that they would need to use Rust for developing on Solana.

solana

Most of the Defi developers so far have been used to developing using Solidity which is the language of choice for Ethereum but Solana has been able to attract the developer community to develop on its blockchain. Its co-founder, Anatoly Yakovenko, said that there has been active developer community engagement both within and outside the Solana ecosystem which has helped it to flourish.

He also pointed out the fact that in the general developer community, the number of developers using Rust far exceeds those who use Solidity for their development purposes. So the transition of such developers into the DeFi ecosystem shouldn’t be a challenge in the long term and he expects the ecosystem to take off in the coming years.

The blockchain is capable of handling more than 50,000 transactions per second and hence network congestion would not be a problem. In recent times, the market cap of Solana has grown to over $9 billion and it continues to raise funds from active investors who believe that it could be the challenger that will give Ethereum a run for its money.

Solana Labs is trying to build a totally different and independent ecosystem than what exists right now and the DeFi ecosystem is highly skewed towards Ethereum. This is likely to be a big challenge as the developers who are there in blockchain and those who come in afresh would be more used to the tools that are already in existence. So making this community begin developing smart contracts on a different platform with a different language and tools could be an uphill task but Anatoly believes that it’s only a matter of time before that changes.

Projects like Polygon and Binance Smart Chain have offered EVM compatibility to the developers which have helped them to attract large projects and also enhance their market value to a great extent. For Solana, a tool for conversion of Rust to Solidity is in the works and this will help smart contracts that are written in Solidity to be used on Solana as well.

Solana has a very big uphill battle to get ready to take on Ethereum which has a huge developer community and also has a lot of value locked within it due to all these platforms and applications that have been developed on it over the years. Solana has to play a lot of catch-up to do if it has to challenge it and that would need a lot more users, developers, and liquidity pools to be onboarded in the coming months.

 

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<