Market
VP Matt Sorg on How Solana’s Scaling and Transaction Issues
As the blockchain ecosystem expands, Solana aims to stay ahead of increasing demand through technical innovation and proactive problem-solving. Solana’s ability to handle more transactions than all other blockchains combined demonstrates its live operational capabilities. However, with growth comes the inevitable need to continually enhance infrastructure.
In a recent exclusive interview with BeInCrypto, Matt Sorg, the Vice President of Technology at Solana Foundation, discussed a range of topics — from Solana’s technical challenges and its efforts to tackle transaction congestion to maintaining decentralization and network security.
What makes Solana an attractive ecosystem for startups and developers?
Solana is representative of an ecosystem with which to collaborate with your application. Both of those things are pretty attractive for a startup.
You do not have to carve out a whole new ecosystem and make sure there are wallets and on- or off-ramps and USDC and USDT. You don’t have to worry about that. That is all there for you on Solana.
So, it’s really important for a startup to focus on its core competency. You’re not having to reinvent the wheel.
Developing on Solana really kickstarts people from that, and they don’t have to think about it. I think that’s part of the reason why the Solana applications have been relatively successful. The applications can concentrate on the unique thing they’re delivering to the world, not the infrastructure.
What do you see as the key technical challenges developers face when trying to enter the Solana ecosystem?
First off, it’s kind of like the same thing with focus. I think there are so many chains and infrastructure out there.
There’s this joke that there are more chains than apps, which I think is actually kind of true right now. There’s just an enormous amount of different chains and L2s and whatever pops up. So, I think that lack of clarity can make it hard for a founder to know where to shift to.
Solana is like a very low-friction, high-performance chain, but everybody promises that. The thing that we have is that we show it live. It’s not just like a promise of that.
Solana does more transactions per day than all the blockchains combined. That both means a supply and demand thing. Both chains are capable of doing it live and at very low fees.
Solana is known for its high throughput and low latency. What challenges arise when trying to maintain these performance levels as the network scales?
We have really pushed the needle on this. You can see we’re pushing it so hard that, as a lot of people saw in the early days, there were some outages.
The severity and duration of those are overblown, but any outage is not great. That has definitely improved over time. Part of it is just if you’re going to try to stretch the limits.
A lot of the other chains are single sequencers, very, very by design. They have low throughput and less room for error. There are fewer things that can trigger things. It’s just less complex.
But you’re only going to do 17 TPS if you lock yourself into that kind of thing. There’s no other EVM chain that really does more than 100, whereas Solana has, in live environments, done over 8,000. And that’s just from applications, not including votes.
Can you explain how Solana proactively addresses bottlenecks as demand continues to increase?
Every single time you 10x, you run into a new 10x demand and a new infrastructure challenge. It’s just the way things work generally.
One of our challenges is when that happens, it’s usually just some engineering concern. The most recent one that happened in April was some consistent congestion. It was hard to land transactions and stuff.
And there was all this FUD about failing transactions and all this noise. Failing transactions aren’t a big deal. The issue was actually earlier in the stack.
It was the Web2 components of the stack, the way that we implemented QUIC. It was using a library called Quinn, which is an open-source library from Google. We just had to rewrite it.
Are there any tools or SDKs within Solana’s ecosystem that developers should be excited about?
There’s a lot. There’s actually a very robust ecosystem. First, the chain itself has some properties that are basically SDKs to mint NFTs or mint tokens. You can use SPL tokens, Metaplex NFTs, or a variety of both of those things to mint them.
As a developer, you’re using already on-chain code that’s already audited. All I’m doing is submitting my configuration, which can be JavaScript, a game engine, Python, or Rust.
But it’s just normal front-end stuff. You don’t have to get re-audited in order to do that. If you want custom on-chain code, then yes, you need to do SVM, Rust, and on-chain stuff, but a lot of collaborative apps are out there that you don’t need to do that kind of thing.
Solana recently made headlines due to the rise of meme coins on the network. How does the Foundation view this surge in interest?
It’s a wild ecosystem. Legitimately, two of the founders of Solana will say anything on Twitter, and there’s just a meme coin of it, like five seconds later or usually multiple meme coins that are making fun of whatever they said.
I would say you can map it pretty closely to a lottery or casino. These are zero-sum games. You have people competing with each other at the end of the day. You don’t need infrastructure or development underneath it—just the narrative because that’s what you’re trading on with L2s.
I think part of why many L2s and L1s have struggled is because if they don’t have users yet, why not just trade the meme coins? If all you’re trading on is narrative, just go straight to the most liquid memes.
Cross-chain interoperability is becoming increasingly important. Does Solana have plans to enhance its interoperability with other chains?
Solana itself is very composable. All the transactions are composed of multiple instructions. Those instructions can be across a variety of smart contracts or what we call programs. Part of the reason Solana is so great is like Jupiter; for example, whenever it does a swap, it interacts with any number of DEXs to find you the best prices across a variety of them.
Solana is very composable and atomic, meaning all transactions happen or none do. So, it’s a very good user experience. Like I want to do something, oh, it’s going to happen, or it’s not, which, by the way, gets back into what I was mentioning earlier.
That’s where failed transactions come from. Sometimes, one of the conditions of the trade isn’t met, so it fails, and that should fail. If that condition isn’t met, it’s like something that you have defined for it.
It’s not the chain itself that is processing that failed transaction perfectly fine. It’s just that the condition wasn’t met. And that’s the first thing: Solana is already, at its core, all about composability.
The extra things that we’re concentrating on are bridges. The idea that we’ve talked about a couple of times now is that Solana has this low friction, and that’s where finance will go. So, being as connected to as many places that issue assets as possible is really important.
This isn’t us trying to replace any other chain or whatever, but if valuable assets are on some other chain and they want to interface with the liquidity and functionality of Solana, we want to make that as easy as possible to lower the friction so it flows to Solana, where there’s other liquidity and other functionality. So yeah, tons of bridges are coming out.
This is called intents, which are basically cross-chain, implicitly defined things that you want. Usually, there’s a bunch of fancy technologies underneath, like ZK, to prove that the intent was fulfilled. We’re working with some of the intent providers that are doing that.
As Solana validators continue to expand, what measures are in place to optimize decentralization and network security?
First, I want to make sure that it’s clear that the Solana validators are permissionless. They can enter and exit just as they please, and the protocol just adjusts. This is very different from many L2s and other L1s.
Ethereum is also permissionless, but even that requires 32 Ethereum to be minimal. Solana’s minimum is one. To be profitable, you need a lot more than that, but it is a permissionless protocol.
For security, there are a lot of developments. The most notable one that you’ll hear more about in the coming weeks is Firedancer, the second validator client on Solana, which gives validators more options on which client they want to run and also offers some redundancies. So if there’s ever a fault in one, the validators can hot-swap to the other. It’s a pretty powerful paradigm in terms of resiliency.
What is Solana’s long-term vision for decentralization and scalability?
The goal of Solana is to be this global synchronization of any data. Obviously, if you care about global synchronization, it probably had some value — financial data for sure, as well as DePIN data.
We’re less opinionated on exactly how it’s used. It’s a permissionless chain that we want to be able to facilitate finance and businesses. No animosity at all; we just want businesses to be set up for success.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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