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Anatoly Yakovenko Discusses What Next For Solana & Competition With Ethereum L2s

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In a recent interview, Anatoly Yakovenko, Solana’s founder, spoke to the unique position this ecosystem holds in the blockchain landscape, using its implementation against L2 scaling solutions and other Layer 1 blockchain systems.

Previously he raised questions about the vitality of the Ethereum ecosystem without the contributions from Base, a Layer 2 solution. This query comes amidst observing the metrics of growth shown by Base, particularly in user activities and transaction volumes.

Solana’s Anatoly Yakovenko: L1 Scalability Key, Not L2 Solutions

Anatoly Yakovenko, Solana’s founder, highlighted the unique position of the Solana ecosystem within the blockchain landscape. He contrasted its approach with both Layer 2 scaling solutions and other Layer 1 blockchains.

The podcast he was guest at was a sort of a follow up to his last statements where he questioned the resilience of the Ethereum ecosystem without contributions from Base, a Layer 2 solution, particularly in light of Base’s impressive growth metrics in user activity and transaction volumes.

“Its scalability, infrastructural focus, and transaction efficiency, in my opinion, are three things Solana has on its side,” Yakovenko detailed. Of course, he is also aware of Solana’s challenges in a world where blockchain technology would evolve and platforms would develop further.

Anatoly Yakovenko emphasized Solana’s unique architecture, designed to democratize access to transaction validation. Unlike traditional finance, Solana allows anyone to set up a validator and submit transactions directly, bypassing intermediaries. This level of decentralization, Yakovenko noted, is hard for traditional finance to replicate. While this functionality exists, he acknowledged that scaling it effectively remains a challenge.

New validators face significant barriers, including finding suitable peers for transaction ordering. Amassing enough stake to gain influence on the network is also difficult. Yakovenko believes that Solana’s future depends on regular network optimization. He envisions technical improvements that include higher bandwidth, lower latency, and multiple concurrent leaders per transaction slot. These changes, he suggests, could reduce economic barriers and make it easier for new validators to compete.

By reducing bottlenecks, Solana could foster a healthier, more competitive ecosystem. This would ultimately make the network more decentralized. Yakovenko views Solana’s path to decentralization as an engineering problem, requiring iterative optimizations. Through these efforts, Solana aims to achieve fair and efficient transaction processing.

Highlighting Solana’s Edge Over Ethereum and L2s

Anatoly Yakovenko compared Solana to Ethereum and various L2 solutions, emphasizing the trade-offs between Layer 1 and Layer 2. L2 solutions often use centralized sequencers for low-latency transaction ordering. However, Yakovenko noted that these can lead to the same congestion issues seen on Layer 1 chains. While L2s are often seen as short-term fixes for congestion, they face scaling bottlenecks when multiple applications or markets use them.

He highlighted that Solana’s strategy focuses on building a robust Layer 1 chain capable of supporting high throughput without needing L2 solutions. Another key factor for Yakovenko is synchronous composability, where multiple applications can interact in real-time on a single chain. He believes this is essential for DeFi. In his view, monolithic chains or application-specific L2s can’t support this level of composability, limiting their scalability.

According to Anatoly Yakovenko, the last competitive edge for Solana lies precisely in this regard: its total commitment to synchronous composability at scale-what makes it different from Ethereum and L2 chains. Still, some experts, such as Peter Brandt said that Solana is already breaking into new highs while Ethereum is struggling against an overhead resistance.

The overriding message from Yakovenko is that where Solana has the edge is in execution. While Ethereum is expanding via L2s, the development of Solana remains focused on making its L1 perfect. He admits that one day, a blockchain will come up with features similar to those of Solana and offer faster iterations, but for now, the pace at which Solana is improving places it well ahead of the competition.

For Anatoly Yakovenko, this core of Solana’s potential rests on ironing out its infrastructure to support more equitable, open transaction processing for a truly decentralized future. He says this positions Solana as one of the leading blockchains for years to come.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Deribit To Integrate Ethena USDe As Crypto Margin Collateral

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The largest crypto derivatives exchange Deribit on Friday said it will integrate Ethena’s synthetic dollar USDe as margin collateral. It will enable users to earn rewards for holding USDe and use it as derivatives margin collateral in cross-collateral pool.

Ethena and Deribit Partners to Launch USDe as Rewarding Margin Collateral

Deribit, the leading crypto options and futures exchange, plans to integrate Ethena’s USDe as margin collateral. The exchange revealed that the goal is to include USDe in its cross-collateral pool as of early January. However, it still awaits regulatory approval from the authorities

“We are excited to announce the upcoming integration of USDe as rewarding margin collateral on Deribit” said Ethena Labs.

All users can earn rewards for holding USDe. Also, it can be used as derivatives margin collateral in a cross collateral pool. USDe as margin collateral is currently available on Bybit, Bitget and Gate crypto exchanges. Users can use USDe as a part of single or multi-exchange derivatives strategies, while earning rewards by holding the synthetic dollar.

Guy Young, founder of Ethena Labs, said: “This integration of USDe within the cross collateral pool at unlocks completely new structured product use cases not previously possible on CEXs with vanilla stablecoin collateral.”

Young expects this will become one of the most important venues for USDe use cases as Deribit holds 85% of market share within the options space. Also, he believes the USDe integration on the derivatives exchange will attract both TradFi and crypto-native trading firms.

ENA Price Rockets 20%

Amid Deribit’s USDe integration news, ENA price skyrocketed more than 20% in the past 24 hours. The price currently trades at $0.62, with a 24-hour low and high of $0.516 and $0.620, respectively. Furthermore, the trading volume has shot up by 78% in the last 24 hours, indicating a rise in interest among traders.

Last month, Ethena proposed adding Solana and its liquid staked variants (BNSOL and bbSOL) as reserve assets for backing USDe. Recently, the company integrated sUSDe into Aave to enable billions of borrowing and APY of up to 30%.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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3 Reasons Why Secret Network (SCRT) Price Skyrockets 50% Today

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Secret Network (SCRT) saw a remarkable 50% price rise today, driven by three key developments. The network’s inclusion in NVIDIA Inception, a program supporting innovative tech startups, signals growing confidence in its privacy-focused solutions.

Additionally, Binance’s SCRT perpetual contracts launch with high leverage has boosted market activity. Coupled with a dramatic rise in open interest across major exchanges, these factors are fueling increased investor interest and pushing SCRT to new highs.

Secret Network Joins NVIDIA Inception

Secret Network joined NVIDIA Inception, a program designed to support tech startups advancing AI and blockchain innovations. This collaboration provides the platform with access to AI training, expert resources, and venture networks, boosting its development capabilities.

The partnership enhances Secret Network’s Decentralized Confidential Computing (DeCC) solutions, enabling new privacy tools for Web3 applications. Lisa Loud, Executive Director, emphasized that this initiative will revolutionize how sensitive data is handled in blockchain environments.

Binance Launches SCRT Perpetual Contracts

Binance, one of the world’s top cryptocurrency exchanges, introduced USD-margined Secret Network perpetual contracts with up to 75x leverage. The listing on Binance had an immediate effect, with SCRT’s price soaring 55% as Binance extended its support. This surge highlights growing investor interest, raising questions about whether the rally will be sustained.

Moreover, this move boosts liquidity and builds investor confidence, enhancing Secret’s appeal in the market. As trading activity intensifies on Binance, SCRT adoption continues to grow.

Open Interest Jumps 1300%, Fueling SCRT Price Surge

Secret Network (SCRT) saw an impressive 1300% increase in open interest over the past 24 hours, according to Coinglass data, signaling heightened market activity. On Binance, open interest surged by over 905%, with other major exchanges like Bitget and Kraken also showing significant interest. This surge in demand has propelled SCRT’s price to new highs.

Moreover, SCRT is currently trading at $0.4765, up 50% in the last 24 hours and 134% over the past week. With a 24-hour low of $0.3313 and a high of $0.5488, along with a market cap of $138 million and $107 million in volume, the coin shows strong potential for continued growth.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dormant Ethereum Whale Dumps $224M Tokens, Has ETH Price Topped?

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In an unprecedented event, a dormant Ethereum whale caused a stir across the broader market on Friday, heavily dumping tokens amid the hovering bullish sentiment. Recent data pointed out that the whale dumped nearly $224 million worth of tokens, raising price drop concerns among crypto enthusiasts globally. Despite that, ETH price soared today, setting off waves of speculation over future movements across the industry.

Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive

According to the latest data by Lookonchain, an Ethereum whale that was dormant for eight years was revived and started selling. According to the data, the whale used various addresses to sell a staggering $224 million worth of the abovementioned token.

Notably, this whale accumulated 398,889 ETH at around just $2.4 million between January 18 and March 10, 2016, at an average cost of $6 per token. Following eight years of dormancy, the whale revived on November 7, 2024, and commenced offloading.

Meanwhile, the whale has been recorded selling 73,356 ETH, worth $224.42 million, the latest data showed. This massive dump brought selling pressure to the asset. Besides, the colossal amount of Ethereum remaining with the whale has sparked speculations over his future moves.

Dormant Ethereum whale dump ETH priceDormant Ethereum whale dump ETH price
Source: Lookonchain, X

On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.

ETH Price Soars Defying Selling Pressure

Despite the abovementioned selloffs, ETH price today traded dominantly in the green at $3,337, up 5% intraday. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the monthly chart for the token showcased 29% gains. This bullish trajectory has raised uncertain investor sentiments over the coin’s future movements.

Further, Coinglass data pointed out a 10% increase in Ethereum’s futures OI to $70.79 billion. Moreover, even the derivatives volume soared 63% to $70.79 billion. This data further points to a bullish scenario for the token, adding to market speculations amid massive selloffs.

Additionally, a recent CoinGape Media report spotlighted key indicators that signal further gains for Ethereum price. Considering these bullish trends and the recent rally in the crypto’s price, it appears that market watchers continue to remain optimistic about the asset despite the recent selloffs.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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