The post How Solana Became the Center of Web3 appeared on BitcoinEthereumNews.com.

It’s easy to forget, but there was once a time when every up-and-coming smart contract network was compared to Ethereum. Five years ago, the talk was of anointing “Ethereum killers” with Solana one of many such contenders. They don’t make those comparisons any more – in fact it’s more common for aspiring blockchains to be compared to Solana.While Solana always possessed the technology to make it a dominant network –  its throughput alone of around 65,000 transactions per second puts Ethereum’s double-digit capacity in the shade – its rise owes more to the ancillary features that transform a blockchain into a veritable ecosystem: tooling, infrastructure support, passionate communities, and genuine use cases. These attributes take years to develop, but once in place, they aren’t easily lost. Solana today is streets ahead of the Solana of two years ago – and it’s only going to get better. What’s Solana Good For? During the last bull market, when Solana came of age, it found product-market fit for two primary activities: memecoins and NFTs. Let’s call it entertainment. Its throughput and ultra-low fees made it ideally suited to hosting “degen” activity at scale. During the current cycle, it remains the epicenter of these core web3 verticals – indeed its grip on the memecoin economy has strengthened thanks to the rise of pump.fun and the no-code token launchpad format it’s popularized.But there’s also a lot more that can be done on Solana now, whose network also now accounts for a significant proportion of all “serious” onchain business, from DeFi to staking. While Solana still attracts degen traders in their millions, it’s also a home to pro trading firms and even institutions who appreciate its speed and reliability now that the former stability issues have been smoothed out. The State of Solana Today As an…

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Filed under: News - @ October 11, 2024 10:19 pm