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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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Hidden Bullish Divergence Appears On Dogecoin Price Chart, Here’s What To Expect Next

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A hidden Bullish Divergence pattern has just been identified on the Dogecoin price chart, signaling possibilities of a significant uptrend. With this new technical pattern, a crypto analyst has projected a target of $0.7 for the Dogecoin price. 

Bullish Divergence Hint At Dogecoin Price Surge

On November 20, crypto analyst Trader Tardigrade on X (formerly Twitter) announced the appearance of a hidden bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) chart. Based on this unique technical indicator, the analyst’s Dogecoin price analysis suggests that the meme coin may be gearing up for a significant rally to the upside.

Dogecoin price 1
Source: X

Typically, an RSI hidden bullish divergence occurs when the price of a cryptocurrency forms higher lows while its RSI forms lower lows. This indicates that despite Dogecoin’s RSI showcasing declining momentum, its price is still maintaining strength, suggesting a higher potential for an uptrend continuation.

Recently, the Dogecoin price has been on a major bullish run, as it skyrocketed from above $0.1 to over $0.35 in just a few weeks. This impressive rally has allowed the popular meme coin to test the $0.4 resistance level, a critical threshold that could trigger a significant rally for the Dogecoin price. 

Based on Trader Tardigrade’s Dogecoin chart, the RSI Hidden Bullish Divergence can be seen forming at around the $0.37 price level. The analyst has set a bullish target at $0.7 for Dogecoin, highlighting a steady but continuous growth from its current price if it can maintain positive momentum

As of writing, the price of Dogecoin is trading at $0.38, marking a 165.19% surge over the past month, according to CoinMarketCap. Despite repeatedly failing to break the $0.4 threshold, Dogecoin could see an 84.2% price increase from its current value if the projected positive growth driven by the Hidden Bullish Divergence holds valid. This would effectively push the meme coin close to or even above it’s All-Time High (ATH) of $0.73 in May 2021 during the last bull market.

DOGE Targets New ATH

In another X post, crypto analyst, Steph, has maintained an optimistic outlook on the Dogecoin price. According to Steph, Dogecoin could be gearing up for a new ATH this bull cycle. 

The analyst shared a 2-year Dogecoin price chart, pinpointing a bullish target between $1.4 and $1.8 for the meme coin. Following the target’s position on the Dogecoin chart, the analyst suggests that this ATH rally could either take place before the end of 2024 or in 2025. 

Based on current market trends, this massive price surge to a new ATH could be potentially driven by Elon Musk’s influence through his newly proposed organization, the Department of Government Efficiency (D.O.G.E). Additionally, Donald Trump’s upcoming inauguration as the 47th United States (US) President could also serve as a strong catalyst that could propel the Dogecoin price higher. 

Dogecoin price chart from Tradingview.com
DOGE price wobbles with bearish pressure | Source: DOGEUSDT on Tradingview.com

 



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XRP Price Rally to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler

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XRP price shot up 26% in hours as the US SEC Chair Gary Gensler announced his resignation. Ripple’s native token XRP hit a high of $1.43, the levels last seen during the 2021 bull run. Crypto market analyst predicts the continuation of the rally all the way to $2 following a bullish pattern breakout. The news of pro-crypto Paul Atkins replacing Gensler as SEC Chair could fuel the XRP rally further.

XRP Price Rally to $2 Coming?

Following the resignation announcement by SEC Chair Gary Gensler, the XRP bulls have charged in leading to another 26% price rally. Gensler’s last day at the office will be January 20, 2025, the same day when President-elect Donald Trump takes charge at the White House. It is clear that the XRP community sees Gensler’s resignation as positive, following the tough four-year legal battle in the Ripple lawsuit.

Crypto market analyst Ali Martinez believes that this rally will continue to $2. Martinez suggested that Gensler leaving the SEC would mark a significant turning point for Ripple, potentially easing regulatory pressures on the company.

“Gary Gensler leaving the SEC is the best thing that could happen to Ripple,” Martinez stated. He further added that XRP price could now set its sights on a $2 target, amid the fresh breakout from the flag-and-pole pattern.

Crypto analyst CrediBULL Crypto highlighted that XRP’s monthly Relative Strength Index (RSI) is on the verge of entering overbought territory for the first time in three years. “XRP/ETH just reclaimed and retested a 4 year long range, with the first target being ~250% higher,” he added.

Courtesy: CrediBULL Crypto

Paul Atkins to Replace US SEC Chair Gary Gensler?

As Gary Gensler puts his resignation, the biggest question in everyone’s mind is whom will Donald Trump appoint as the next SEC Chair? Fox Business reported that former SEC Commissioner Paul Atkins is the front-runner to succeed Gary Gensler.

Paul Atkins is popular for his free-market regulatory approach and pro-crypto stance. He has also garnered strong support from the business community and the digital asset industry. His appointment could also open the gates for the spot XRP ETF by 2025.

21Shares, Canary Capital, and Bitwise have already filed with the US SEC for the XRP ETF in the last two months. The arrival of this investment product could fuel institutional interest in XRP.

Gary Gensler’s decision not to complete his term at the SEC has been met with widespread approval from the business sector, which has been critical of his regulatory approach. The narrative towards the end of Ripple vs SEC lawsuit now looked more obvious.

As of press time, the XRP price is trading 26% up at $1.40 with a market cap of $80 billion. As per the Coinglass data, the open interest in XRP has shot up 35% to $2.47 billion. In the last 24 hours, $25.64 million worth of XRP positions were liquidated with $14 million in short liquidations and $11.62 million in long liquidations.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?

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Solana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.

Solana Hits New ATH Amid Massive Whale Buying

According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.

Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.

Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.

Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.

Coin Price Gians 8% Breaking ATH

SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.

Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.

Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.

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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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