Frictionless Capital dismisses the singing voice: Why am I still bullish on Solana?

Written by Logan Jastremski, co-founded by Frictionless Capital

Compiled by Felix, PANews

Previously, crypto KOL Jonah said on the X platform that there are many problems in the Solana network, including structural excess of block space, centralization, FTX potential dumping of SOL, and vertical scaling is the wrong solution, and Solana's future is slim. In this regard, Frictionless Capital co-founded Logan issued an article refuting this view, believing that Solana has a promising future, and discussed it from the perspectives of block space, state competition, and decentralization.

Blockchain's fees are driven by two factors – block space and state competition:

Block Space

With Ethereum block space today at 0.08 MB, EIP-4844 only adds 0.375 MB per block, with a target throughput of 1.3MB/s in the implementation of Danksharding, Ethereum's new sharding solution. In contrast, high-throughput blockchains such as Solana already have the ability to support 100MB per second, which is 100 times that of the Ethereum network. The Firedancer client shows a throughput of 22Gb/s.

(Note: Firedancer is a Solana client being developed by Jump to improve the throughput, resiliency, and efficiency of the network.) * This will have a huge impact on engineers and the applications they can build, and the order book is just the tip of the iceberg.

Status Competition**

State race is caused by two or more parties trying to access the same state at the same time. Only one party has access to MEV transactions. Single-threaded EVM does not solve this problem due to the lack of the ability to perform expense isolation by state. Conversely, single-threaded EVMs have a global expense market, which forces all applications on the network to increase charges because a single application uses more resources than others. This design decision is terrible in terms of performance and expense. Next-generation blockchains such as Solana have solved this problem by building local fee markets. Maintain liquidity and application unity while deploying multiple L2 use cases, rather than selective fragmentation like the Ethereum ecosystem.

Front Running

Regarding the run, Solana was designed to give everyone equal and fair opportunities. In the author's recent podcast with Toly, the Solana consensus design All-to-All propagates is discussed, which allows information to be sent to all parties at a physically permissible speed. All-to-all consensus is brutal for messaging overhead. The complexity is N^2, but Solana chose this design because they wanted any trader to plug in a node and receive the same and equal information as everyone else in the network, making it clear that someone (referring to crypto KOL Jonah) didn't do their homework.

Decentralization

There are two measures of decentralization: the number of full nodes and the Satoshi coefficient. Ethereum has about 3,700 full nodes, 922 of which are currently synced to the network. Full nodes are important because if World War III breaks out, you need a copy of the ledger to recover and restart the network. Solana has about 2118 full nodes and 843 RPC nodes. Both can recover the ledger, which is about 80% of the Ethereum network coverage. Satoshi coefficient, which acts as a "real-time" censorship resistance proxy, is around 25 on Ethereum, while Solana is around 31. The data can be consulted by yourself:

Build

Solana and other high-throughput builders choose to build in these ecosystems because they fundamentally solve problems that are impossible to solve in the Ethereum ecosystem.

• Block generation time 400ms, low latency
• Costs range from $0.0001 to $0.0003

High Throughput Technology Stack Integration

As the modularity vs. integration debate delves deeper, it becomes apparent what is needed to scale, and both designs require some form or way of parallel processing and high throughput. The only argument is where it should happen. Should multiple L2s be processed in parallel, or should they be integrated into a unified liquidity and application like Solana. Should you get high throughput through Eigen DA or Data Availability Committee, or unify them into a high-throughput ecosystem. Parallel processing and high throughput are inevitable requirements for scaling, and you can move parallelization and throughput to different parts of the technology stack, which is required. The right design choice is based on integration chains rather than modular chains.

User Needs**&**Transition

You'll be amazed at the compute throughput and the scale required to compute your application. Jump is helping Solana develop another client, but isn't the only team developing a new client for Solana. Solana has experienced many ups and downs, some due to downtime bugs and sometimes related to third parties, but what is certain is that the Solana community has triumphed in all of this, and the Solana network is here to stay and will be reborn in the next crypto cycle.