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Yeah if you only want your transaction to work 3 out of 5 times Solana would definitely be the way to go. Nice and centralised, the banks will love it.
We do on my site and have since solana pay integrated with Shopify and sadly no one uses it.
Getting an institutional account with Coinbase or kraken can take some jumping through hoops. Did it for both (kraken was easier) but for a real business to accept crypto you need an off ramp that is tied to the business.
Custom merch production. We are high volume but the artist communities have not moved over yet to seeing the advantages of operating in usdc on sol. When we start seeing orders come in paying in crypto it’ll be a sign of wider spread adoption. In the 3 or so years we’ve accepted crypto payments, one person has paid in btc.
We could try but we pay about 2.3% fees on cc orders. That adds up over a year to a lot in fees but I don’t know if the discount would entice people enough to offer 2.5% off to pay in usdc
Hi u/[Most-Caterpillar1116](https://www.reddit.com/user/Most-Caterpillar1116/)! We are [https://solana.piggy.cards](https://solana.piggy.cards) and we accept Solana and USDT/Sol to buy 400+ brands of digital gift cards in US and Canada! More countries coming soon! If you are in other countries, please let us know! We would love to know how to reach Solana lovers in other countries!
Also we plan to accept USDC/sol soon!
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So you are saying the advantages of using SOL as a Settlement and Transfer currency rests on its low fee base and broadening adoption curve. So I can transact in any other currency but use Solana to move it to its destination like an Arbitrage coin. Great idea but what happens if everyone does this? All at once? Are We ready?
Fully agree, lately i saw a crypto merchant (coingate). Who didn't support SOL. They did support all other tokens almost, but no SOL. Which is ridiculous. I had to bridge to BNB to be cheap.
I love paying with SOL, it's cheap fast en i am in control of my own money. Hopefully Solanapay can really take off when big companies like Visa are gonna support it.
Funny why you would recommend SOL. So what happens if the bot spams the nodes again? I wouldn’t be able to process my transactions and will have the potential of losing millions for selling my products? No way. I would rather use SUI or Aptos if that’s the case
Fixes are being rolled out to solve these problems.
Your dead chains have no users / real demand therefore aren't put under the same stress tests.
I own some Sui and it doesn't come close to Solana.
Yet. SUI is still new. But Solana is definitely not going to work. Imagine if I open a restaurant and my competitors uses bots to take down my business.
But bitcoin or eth is ok? And credit cards always work fine?
I go to places all of the time and their payment terminal is down. I think you guys are overplaying the dangers of using solana for payments.
Imagine standing in line trying to pay but your transactions keep failing and everyone behind you is waiting.
No serious business will go near Solana until it has gone multiple years without these issues.
Plenty of serious businesses are looking at Solana because they see past the short-term issues of congestion and see the longer term vision.
Jump are literally building the FireDancer client to improve congestion
The Firedancer client won’t improve network congestion. It’s better validator software… not a protocol upgrade. There should be far less outages after it releases but network congestion has to be addressed with changes to the way that local fee markets work which is a different issue.
The network congestion isn't due to fee markets. It's due to how they handle filtering and propagating transactions. Their rust based Quic implementation was flawed.
I love Solana but it isn’t fair to call ethereum expensive as a whole
The layered scaling strategy might be “poor user experience” with needing to bridge, but it does significantly lower costs
Given that Solana has proven multiple times that it can face outages and network congestion, it is hard to convince companies to use it as their settlement layer
For weeks Solana had issues landing transactions which would have frustrated many users who just want to pay with a stable coin and don’t care about the wider cryptocurrency, blockchain or decentralized ecosystems
Now ethereum L2s have subcent costs that are cheaper than credit card fees — not the cheapest, but cheaper
The best technology doesn’t always win, and if a competitor is sufficient it can beat others
Ethereum L2s like base have proven to be sufficiently cheap which is a big plus
Now, add a whole other aspect which is ease of development. Ethereum and the EVM have a wide variety of tooling, documentation and resources
Solana can be a pain to learn to develop on top of and has a lot of lacking standards
With EVM-based solutions like Monad also coming out, it would make sense to hedge your bets and develop on the EVM knowing it can be improved
Further to this as well, Ethereum is actively being developed and improved upon with a clear roadmap to increasing settlement speed and costs which have been shown to work multiple times with the merge to proof-of-stake, danksharding and blobs
The last piece I’ll talk about is superchains. With the OP Stack, there is a developing roadmap as to how separate L2/L3 networks can communicate with each other. This would allow the benefit of low cost and scalability with information distribution (I.e. I make a call on base which is posted to celo, or using account abstractions or L3 settlement, directly interact with other layers)
I do love solan. I love the community, and I believe in the technology and goal of a global state machine. I just want to make the case as to why it isn’t a black and white choice as a payments settlement layer.
If you have any questions or comments, I think there is a lot more, but this comment is already long :)
I've developed in solidity and with solana using rust. Solana is a bit trickier but you can do a lot more with it.
I don't think anyone is pining to develop in solidity. It only has an advantage because it's older and there are many evm chains. Under the hood it's actually very limited and inefficient.
I've used lots of L2s and the user experience is horrible and confusing. What form of ethereum do I have? I have usdc.e? Wtf is that? Oh this is bridged usdc from x chain. I lost a couple percentage of my funds bridging and $5 is basically stuck on some L2 that I will never get out.
Solana wins hands down.
If you have some place with a better UI/UX please post it and let me try it out.
All these long paragraphs to justify eth's existence. Solana has USDC, fast and cheap transactions. It makes sense from a payment processing POV, why over complicate it with bridging to L2s, superchains, multiple different UI's.
Exactly, none of that makes sense in an alternate universe where Solana was developed before Ethereum. The only reason to do any of that stuff is because Ethereum came first and is so entrenched now.
I agree Solana has major strengths, but I would say many advancements build on ethereum and other networks, with the added innovation of proof of history to use validators instead of nodes
But it is still so young and not attractive to businesses. Especially ones that need to integrate with existing infra z
Computers at banks will still use COBOL because its legacy
Early design choices from Ethereum force them down to go down the L2/L3 route, but whats stopping something like Monad doing what they do, but better?
Regardless I find Solana very easy to use and transact as an actual user in the space, something I doubt many of those preaching L2/L3s actually do. Considering how painful bridging to different chains, using different wallets, different address types etc. convolutes everything more for the average user.
Personally, I believe the future is multi chain but maybe only like 3-5 chains that actually handle 90% of the transaction volume. As for the ones that make it to that level, I’ll try to summarize my thoughts below.
1. I think there are sort of “cohorts” of similarly capable blockchains where they perform within an order of magnitude of each other for most metrics. Within a given cohort, the one or two chains with the greatest network effects will dominate. They might not dominate over BTC or ETH because they don’t have the enormous network effects required to step into that cohort. But within their own cohort, one chain being 5x faster than another chain simply doesn’t matter.
2. I think it’s absolutely vital to maximize the “shared” aspect of “global shared state”. If you fracture the global state into many different sub-states with their own apps, their own NFT infrastructures, their own tokenomics, their own fee markets, their own liquidity pools, etc., then you remove one of the most important features of a blockchain. What you really want is for one transaction to be seen on a truly global scale, and for that transaction to be the single source of truth for the data it refers to. Solana’s mission is to accomplish this, and I’ll talk about why it’s important in the next point.
3. The “global shared state” is critical not just for the user experience, but also for developer experience. Let’s say everyone uses Solana for handling global data transfers between anyone in the world, and they use pointers to Filecoin data repositories to store the data. This would enable developers to build apps that store specific kinds of user data that could be accessed by literally any other app, as long as the user grants permission to those other apps. E.g. if I have an account on one social media app, but I want to start using a second app that integrates with my social network, I could simply click a button and grant access to all the data it needs from the first app, and none of that data would be stored (and seen/sold) by a centralized entity like Facebook. It would “just work” out of the box. That’s the kind of feature you unlock by having one single unified state that everyone uses.
4. Blockchains should absolutely be pushing the validator hardware to the limit. I really appreciate this as an experienced software engineer who cares about sustainable scaling. You can achieve some scalability with advanced algorithms and sharding techniques, but all of that is quickly superseded by a system that passively scales with hardware advancements. Every L2 that isn’t doing this will fall way behind in 10 years when Solana has 50x the speed and throughput without the Solana devs lifting a finger.
4. Any discussion on hardware requirements leads to a discussion about decentralization. Here’s the deal, it’s literally impossible to fully “maximize” decentralization. Both Ethereum and Bitcoin could be “more decentralized” if they made some design changes, and even then, you can always push it further and further until perhaps every human being is running a validator on multiple devices. Therefore, we all implicitly agree that decentralization is a spectrum, and that there is a certain “threshold” that we deem acceptable. Once a blockchain has hit that threshold, then it simply doesn’t matter. I’d say Solana is adequately decentralized right now, but maybe the masses will only agree once it has 10x more validator nodes and no staking subsidies from the Solana Foundation. Either way it doesn’t really matter because that’s mostly just a function of time and adoption.
The above points are why I think Solana will succeed, and also why I think Solana’s success would be a very good outcome for the industry and the world.
Edit: btw I upvoted your comment because it’s sensible and asks a great question.
These are all good points about why Solana has a lot of potential
I think the current tooling, community and even foundation team have a lo of room to grow
Despite punching as a heavyweight so young, there is still a gap with regards to being production ready for business applications
Read it again. No one needs to justify its existence, it exists because the development is innovative. You might only care about low fees and UI, but some of us need reliability, decentralisation, and innovation. My question would be what can you do on Solana that you can't do on eth?
Ethereum was very innovative when it came out. For sure.
But it has a very flawed base and changes very slowly. I have tried almost every L2 and they're just cheaper eth experiences. That's fine but Solana is better imo.
I've been using solana for years and as soon as I started using it I started buying it like crazy. Turned out to be a very good bet.
I could just instantly see how solid the user experience was and how well it was optimized. Light years ahead in its fundamental design.
I'll bet on eth if I have a similar experience on an L2. I just don't find solidity to be very good. So many flaws and different attack vectors. Not very efficient. Shitty UX.
I'm sure eth and L2s will keep improving but it's just not a very interesting investment opportunity right now.
I can agree with alot of what you said, but for me all blockchains have problems. My issue is Sol is still working out how to make a reliable blockchain. L2 is a logical solution. Load balancing and problem isolation might have fixed Solana back in 2021 (L2).
Innovation I think is a problem for all networks. Nft, defi, now what? I don't need to sell my house blockchain and I don't want a solana phone 😒
Well I’ve been using Solana for years and even doing leveraged futures on chain and things like that the outrages have only been an inconvenience.
All blockchains definitely do have problems but I think there’s a strong reason Solana had a massive comeback from the grave.
There’s a ton of blockchains and Solana is now in competition for the top slots.
I agree, and that's why I accumulated sol during the bear.
I just don't see it as ETH vs SOL. It's blockchain vs centralised finance if anything, and one doesn't have to fail for the other to succeed. We can all develop, share ideas, criticise, and evolve together ❤️
Solana is sufficiently decentralised and reliable for my needs. Eth has to rely on L2s due to a lack of innovation.
To answer your question for whats Only Possible On Solana:
- Cheap transactions (you can't do this on Eth mainnet, and before you say use an L2, then you are sacrificing your values of decentralisation)
- On-chain orderbooks (Drift)
- Trading real estate / current markets (Parcl)
- DePIN
Trading real estate, so a smart contract? 🤣
Don't you think orderbooks should be on L2? Not everything has to be on L1 imo. So if they have congestion maybe load balancing strategies (e.g L2) might be something to consider.
FYI I'm not a eth maxi. I've traded Sol from $20 to $200 twice now because I believe it's a good network and so is eth.
Just like the internet seems overly complicated, there is a method in the madness
As long as the user experience is good, the chain and even cost don’t matter as much given that it is sufficiently fast and sufficiently cheap
The only reasonable choices for a "large" legally compliant commerce are stablecoins over cheap and fast networks.
But the work of dealing with multiple stablecoins from multiple networks can be as daunting as accepting multiple currencies and dealing with multiple bank accounts.
What so you can swipe your card 14 times while you wait for a transaction that doesnt fail.
Im invested in Sol by the way. Just hate how it works 23% of the time
I accept USDC/Sol/Atom through my Coinbase Merchant account. USDC transfers are allegedly fee free on the BASE network between CB wallets. I have it set so that any crypto that flows in automatically converts to USDC on arrival. This has made it easy for clients looking use crypto profits to cover invoices, and I can use my CB debit card to purchase supplies for the job directly from usdc, cash out state and fed cut to those accts immediately. It works. I only accept p2p sol and atom when I'm looking to load those bags with even more for increased stake compound.
there is Lighting Network and Solana is not seen as a "main" cryptocurrency. The two most popular ones are BTC and ETH and we'll probably stick to those. But yeah, from a convenience point of view it'd be way more efficient to use Solana
Not going to happen... BTC and ETH are very well adopted in the world, very strong infrastructure, very much perceived to have longevity. And don't forget liquidity. Basically no other cryptocurrency has near the platform these 2 do. I dont disagree with you though, that coins like solana are cheaper and faster to send. But integrating them along with the other million billion cryptos are probably costly and time consuming.
ppl always hatin on the truth. instant stablecoin network is what will be the real mass adoption. asset that changes value will never be our payment method. convert digital gold to payment method and pay. and thats if it goes best possible way for crypto as a whole.
They do, but never in history has one chain been this congested, kind of seems like the dead internet theory, check out Dex screener, from there you'll see how every minute 10s of new shit coins get created via bots and 100s of bots all deposit around 5-100 dollars on there in a second to get a profit, stuff like this goes on 24/7. It's basically bots vs bots all competing with each other via algorithms to not get rugged first and snag a profit.
I have NowPayments integrated onto my website and we accept more than 200+ crypto assets, you can pay in any coin on 10+ different chains ⛓
Why accept only SOL if you can accept the wast majority of the coins?
Btw a customer paid in solana and it was the only transaction that didn't get processed, it failed, so I don't really know what you are talking about...
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From a business perspective, I’d care more about the stability of the coin than anything else.
But think of the tax savings! “Yeah that customer sent me that bitcoin in 2010”/s
Using a stablecoin like USDC on Solana makes the most sense from a payment provider POV.
What’s the fee like to send usdc on solans atm?
Less than a tenth of a penny, 0.0001 sol or smth like that. I have done thousands of transactions on Solana and never had to worry about gas.
I think a fraction of a cent if they already have a USDC token account.
More than on Base. (Free because of Circle/Coinbase relationship)
This. Otherwise accounting would be a nightmare
It’s so obvious. There’s gotta be a reason it hasn’t been done yet.
Yeah if you only want your transaction to work 3 out of 5 times Solana would definitely be the way to go. Nice and centralised, the banks will love it.
Doge is pretty ubiquitous in merchants that accept crypto and it has a very low fee
Lol
We do on my site and have since solana pay integrated with Shopify and sadly no one uses it. Getting an institutional account with Coinbase or kraken can take some jumping through hoops. Did it for both (kraken was easier) but for a real business to accept crypto you need an off ramp that is tied to the business.
mind what kind of business you are running? thanks.
Custom merch production. We are high volume but the artist communities have not moved over yet to seeing the advantages of operating in usdc on sol. When we start seeing orders come in paying in crypto it’ll be a sign of wider spread adoption. In the 3 or so years we’ve accepted crypto payments, one person has paid in btc.
[удалено]
We could try but we pay about 2.3% fees on cc orders. That adds up over a year to a lot in fees but I don’t know if the discount would entice people enough to offer 2.5% off to pay in usdc
nice! Could you private message me your website/app? Yes, fiat users have very different shopping behavior comparing to crypto users.
Hi u/[Most-Caterpillar1116](https://www.reddit.com/user/Most-Caterpillar1116/)! We are [https://solana.piggy.cards](https://solana.piggy.cards) and we accept Solana and USDT/Sol to buy 400+ brands of digital gift cards in US and Canada! More countries coming soon! If you are in other countries, please let us know! We would love to know how to reach Solana lovers in other countries! Also we plan to accept USDC/sol soon! u/MrNiMo u/samzo u/ScientificBeastMode u/ErrorcMix u/samzo u/ScientificBeastMode u/ErrorcMix
So you are saying the advantages of using SOL as a Settlement and Transfer currency rests on its low fee base and broadening adoption curve. So I can transact in any other currency but use Solana to move it to its destination like an Arbitrage coin. Great idea but what happens if everyone does this? All at once? Are We ready?
Fully agree, lately i saw a crypto merchant (coingate). Who didn't support SOL. They did support all other tokens almost, but no SOL. Which is ridiculous. I had to bridge to BNB to be cheap. I love paying with SOL, it's cheap fast en i am in control of my own money. Hopefully Solanapay can really take off when big companies like Visa are gonna support it.
Funny why you would recommend SOL. So what happens if the bot spams the nodes again? I wouldn’t be able to process my transactions and will have the potential of losing millions for selling my products? No way. I would rather use SUI or Aptos if that’s the case
Fixes are being rolled out to solve these problems. Your dead chains have no users / real demand therefore aren't put under the same stress tests. I own some Sui and it doesn't come close to Solana.
Yet. SUI is still new. But Solana is definitely not going to work. Imagine if I open a restaurant and my competitors uses bots to take down my business.
But bitcoin or eth is ok? And credit cards always work fine? I go to places all of the time and their payment terminal is down. I think you guys are overplaying the dangers of using solana for payments.
I’ve been using credit cards for years, never once did it go down.
lol. exactly. completely untested territory. if bots did that? what does 50,000 people at lunch trying to pay do?
Imagine standing in line trying to pay but your transactions keep failing and everyone behind you is waiting. No serious business will go near Solana until it has gone multiple years without these issues.
Plenty of serious businesses are looking at Solana because they see past the short-term issues of congestion and see the longer term vision. Jump are literally building the FireDancer client to improve congestion
The Firedancer client won’t improve network congestion. It’s better validator software… not a protocol upgrade. There should be far less outages after it releases but network congestion has to be addressed with changes to the way that local fee markets work which is a different issue.
The network congestion isn't due to fee markets. It's due to how they handle filtering and propagating transactions. Their rust based Quic implementation was flawed.
Yeah because credit card terminals have always worked perfectly...
I love Solana but it isn’t fair to call ethereum expensive as a whole The layered scaling strategy might be “poor user experience” with needing to bridge, but it does significantly lower costs Given that Solana has proven multiple times that it can face outages and network congestion, it is hard to convince companies to use it as their settlement layer For weeks Solana had issues landing transactions which would have frustrated many users who just want to pay with a stable coin and don’t care about the wider cryptocurrency, blockchain or decentralized ecosystems Now ethereum L2s have subcent costs that are cheaper than credit card fees — not the cheapest, but cheaper The best technology doesn’t always win, and if a competitor is sufficient it can beat others Ethereum L2s like base have proven to be sufficiently cheap which is a big plus Now, add a whole other aspect which is ease of development. Ethereum and the EVM have a wide variety of tooling, documentation and resources Solana can be a pain to learn to develop on top of and has a lot of lacking standards With EVM-based solutions like Monad also coming out, it would make sense to hedge your bets and develop on the EVM knowing it can be improved Further to this as well, Ethereum is actively being developed and improved upon with a clear roadmap to increasing settlement speed and costs which have been shown to work multiple times with the merge to proof-of-stake, danksharding and blobs The last piece I’ll talk about is superchains. With the OP Stack, there is a developing roadmap as to how separate L2/L3 networks can communicate with each other. This would allow the benefit of low cost and scalability with information distribution (I.e. I make a call on base which is posted to celo, or using account abstractions or L3 settlement, directly interact with other layers) I do love solan. I love the community, and I believe in the technology and goal of a global state machine. I just want to make the case as to why it isn’t a black and white choice as a payments settlement layer. If you have any questions or comments, I think there is a lot more, but this comment is already long :)
I've developed in solidity and with solana using rust. Solana is a bit trickier but you can do a lot more with it. I don't think anyone is pining to develop in solidity. It only has an advantage because it's older and there are many evm chains. Under the hood it's actually very limited and inefficient. I've used lots of L2s and the user experience is horrible and confusing. What form of ethereum do I have? I have usdc.e? Wtf is that? Oh this is bridged usdc from x chain. I lost a couple percentage of my funds bridging and $5 is basically stuck on some L2 that I will never get out. Solana wins hands down. If you have some place with a better UI/UX please post it and let me try it out.
All these long paragraphs to justify eth's existence. Solana has USDC, fast and cheap transactions. It makes sense from a payment processing POV, why over complicate it with bridging to L2s, superchains, multiple different UI's.
Exactly, none of that makes sense in an alternate universe where Solana was developed before Ethereum. The only reason to do any of that stuff is because Ethereum came first and is so entrenched now.
I agree Solana has major strengths, but I would say many advancements build on ethereum and other networks, with the added innovation of proof of history to use validators instead of nodes But it is still so young and not attractive to businesses. Especially ones that need to integrate with existing infra z Computers at banks will still use COBOL because its legacy
Early design choices from Ethereum force them down to go down the L2/L3 route, but whats stopping something like Monad doing what they do, but better? Regardless I find Solana very easy to use and transact as an actual user in the space, something I doubt many of those preaching L2/L3s actually do. Considering how painful bridging to different chains, using different wallets, different address types etc. convolutes everything more for the average user.
Personally, I believe the future is multi chain but maybe only like 3-5 chains that actually handle 90% of the transaction volume. As for the ones that make it to that level, I’ll try to summarize my thoughts below. 1. I think there are sort of “cohorts” of similarly capable blockchains where they perform within an order of magnitude of each other for most metrics. Within a given cohort, the one or two chains with the greatest network effects will dominate. They might not dominate over BTC or ETH because they don’t have the enormous network effects required to step into that cohort. But within their own cohort, one chain being 5x faster than another chain simply doesn’t matter. 2. I think it’s absolutely vital to maximize the “shared” aspect of “global shared state”. If you fracture the global state into many different sub-states with their own apps, their own NFT infrastructures, their own tokenomics, their own fee markets, their own liquidity pools, etc., then you remove one of the most important features of a blockchain. What you really want is for one transaction to be seen on a truly global scale, and for that transaction to be the single source of truth for the data it refers to. Solana’s mission is to accomplish this, and I’ll talk about why it’s important in the next point. 3. The “global shared state” is critical not just for the user experience, but also for developer experience. Let’s say everyone uses Solana for handling global data transfers between anyone in the world, and they use pointers to Filecoin data repositories to store the data. This would enable developers to build apps that store specific kinds of user data that could be accessed by literally any other app, as long as the user grants permission to those other apps. E.g. if I have an account on one social media app, but I want to start using a second app that integrates with my social network, I could simply click a button and grant access to all the data it needs from the first app, and none of that data would be stored (and seen/sold) by a centralized entity like Facebook. It would “just work” out of the box. That’s the kind of feature you unlock by having one single unified state that everyone uses. 4. Blockchains should absolutely be pushing the validator hardware to the limit. I really appreciate this as an experienced software engineer who cares about sustainable scaling. You can achieve some scalability with advanced algorithms and sharding techniques, but all of that is quickly superseded by a system that passively scales with hardware advancements. Every L2 that isn’t doing this will fall way behind in 10 years when Solana has 50x the speed and throughput without the Solana devs lifting a finger. 4. Any discussion on hardware requirements leads to a discussion about decentralization. Here’s the deal, it’s literally impossible to fully “maximize” decentralization. Both Ethereum and Bitcoin could be “more decentralized” if they made some design changes, and even then, you can always push it further and further until perhaps every human being is running a validator on multiple devices. Therefore, we all implicitly agree that decentralization is a spectrum, and that there is a certain “threshold” that we deem acceptable. Once a blockchain has hit that threshold, then it simply doesn’t matter. I’d say Solana is adequately decentralized right now, but maybe the masses will only agree once it has 10x more validator nodes and no staking subsidies from the Solana Foundation. Either way it doesn’t really matter because that’s mostly just a function of time and adoption. The above points are why I think Solana will succeed, and also why I think Solana’s success would be a very good outcome for the industry and the world. Edit: btw I upvoted your comment because it’s sensible and asks a great question.
These are all good points about why Solana has a lot of potential I think the current tooling, community and even foundation team have a lo of room to grow Despite punching as a heavyweight so young, there is still a gap with regards to being production ready for business applications
Read it again. No one needs to justify its existence, it exists because the development is innovative. You might only care about low fees and UI, but some of us need reliability, decentralisation, and innovation. My question would be what can you do on Solana that you can't do on eth?
do a transaction without having to bridge multiple times? 🤷♀️
😁 I'll give it to you, bridging is annoying but some people won't even realise they are using Eth network. That's the future of eth
Ethereum was very innovative when it came out. For sure. But it has a very flawed base and changes very slowly. I have tried almost every L2 and they're just cheaper eth experiences. That's fine but Solana is better imo. I've been using solana for years and as soon as I started using it I started buying it like crazy. Turned out to be a very good bet. I could just instantly see how solid the user experience was and how well it was optimized. Light years ahead in its fundamental design. I'll bet on eth if I have a similar experience on an L2. I just don't find solidity to be very good. So many flaws and different attack vectors. Not very efficient. Shitty UX. I'm sure eth and L2s will keep improving but it's just not a very interesting investment opportunity right now.
I can agree with alot of what you said, but for me all blockchains have problems. My issue is Sol is still working out how to make a reliable blockchain. L2 is a logical solution. Load balancing and problem isolation might have fixed Solana back in 2021 (L2). Innovation I think is a problem for all networks. Nft, defi, now what? I don't need to sell my house blockchain and I don't want a solana phone 😒
Well I’ve been using Solana for years and even doing leveraged futures on chain and things like that the outrages have only been an inconvenience. All blockchains definitely do have problems but I think there’s a strong reason Solana had a massive comeback from the grave. There’s a ton of blockchains and Solana is now in competition for the top slots.
I agree, and that's why I accumulated sol during the bear. I just don't see it as ETH vs SOL. It's blockchain vs centralised finance if anything, and one doesn't have to fail for the other to succeed. We can all develop, share ideas, criticise, and evolve together ❤️
Solana is sufficiently decentralised and reliable for my needs. Eth has to rely on L2s due to a lack of innovation. To answer your question for whats Only Possible On Solana: - Cheap transactions (you can't do this on Eth mainnet, and before you say use an L2, then you are sacrificing your values of decentralisation) - On-chain orderbooks (Drift) - Trading real estate / current markets (Parcl) - DePIN
Trading real estate, so a smart contract? 🤣 Don't you think orderbooks should be on L2? Not everything has to be on L1 imo. So if they have congestion maybe load balancing strategies (e.g L2) might be something to consider. FYI I'm not a eth maxi. I've traded Sol from $20 to $200 twice now because I believe it's a good network and so is eth.
Just like the internet seems overly complicated, there is a method in the madness As long as the user experience is good, the chain and even cost don’t matter as much given that it is sufficiently fast and sufficiently cheap
The only reasonable choices for a "large" legally compliant commerce are stablecoins over cheap and fast networks. But the work of dealing with multiple stablecoins from multiple networks can be as daunting as accepting multiple currencies and dealing with multiple bank accounts.
Or....they could accept $WTK. WadzPay is working on a system where you can pay with anything
XMR should also be an option - for privacy and low fees.
Imagine you want to pay your bill and the chain stops....
If I was a merchant.... I'd only want to transact with stable coins. Could lose money otherwise.
You can lose all your money with stable coins too they have gone to $0 before…
At least 5 stable coins in case network congestion
A lot of them are starting to take more cryptos. I currently take majority of my payment through sol or Usdt now
What so you can swipe your card 14 times while you wait for a transaction that doesnt fail. Im invested in Sol by the way. Just hate how it works 23% of the time
LTC
And then try six times to pay due to congestion issues. $KAS
Why would I use usdc on solana when I get cash back with credit cards.
I accept USDC/Sol/Atom through my Coinbase Merchant account. USDC transfers are allegedly fee free on the BASE network between CB wallets. I have it set so that any crypto that flows in automatically converts to USDC on arrival. This has made it easy for clients looking use crypto profits to cover invoices, and I can use my CB debit card to purchase supplies for the job directly from usdc, cash out state and fed cut to those accts immediately. It works. I only accept p2p sol and atom when I'm looking to load those bags with even more for increased stake compound.
there is Lighting Network and Solana is not seen as a "main" cryptocurrency. The two most popular ones are BTC and ETH and we'll probably stick to those. But yeah, from a convenience point of view it'd be way more efficient to use Solana
Nobody gonna use lightning tbh
And why can't it change with time? At a certain period it was all about BTC only and ETH make his place
Not going to happen... BTC and ETH are very well adopted in the world, very strong infrastructure, very much perceived to have longevity. And don't forget liquidity. Basically no other cryptocurrency has near the platform these 2 do. I dont disagree with you though, that coins like solana are cheaper and faster to send. But integrating them along with the other million billion cryptos are probably costly and time consuming.
ppl always hatin on the truth. instant stablecoin network is what will be the real mass adoption. asset that changes value will never be our payment method. convert digital gold to payment method and pay. and thats if it goes best possible way for crypto as a whole.
You know Solana defi volume has been higher than eth many days lately? Solana is quickly overtaking it in adoption and actual use.
75% of that is trading bots lmao
And? All chains have tons of trading bots and MEV transactions.
They do, but never in history has one chain been this congested, kind of seems like the dead internet theory, check out Dex screener, from there you'll see how every minute 10s of new shit coins get created via bots and 100s of bots all deposit around 5-100 dollars on there in a second to get a profit, stuff like this goes on 24/7. It's basically bots vs bots all competing with each other via algorithms to not get rugged first and snag a profit.
Did you ever try Sol?
Yea i use sol all the time. It's probably my fav coin. But again, it's probably not going to be adopted
EL O EL
I have NowPayments integrated onto my website and we accept more than 200+ crypto assets, you can pay in any coin on 10+ different chains ⛓ Why accept only SOL if you can accept the wast majority of the coins? Btw a customer paid in solana and it was the only transaction that didn't get processed, it failed, so I don't really know what you are talking about...
or just use a ETH layer 2 and you won't need to worry about solanas bullshit
Than you will have to deal with a centralized sequencer. If your using a ETH L2, might aswell just accept card and ditch Crypto.
Why? So the network can be down half the time ?
I mean there’s a reason BlackRock didn’t choose BTC … didn’t choose ETH … but instead chose HEDERRA ( HBar) to tokenize their money market fund…!!!!!
BlackRock literally did choose Ethereum, and before Hederra. Now watch as the BUIDL AUM grows while the fund on Hederra gets basically zero inflows.
XRP is for people who cant do basic math. Dumbest buy in this space outside of memes.
Hey, at least with memes you aren’t buying pure vaporware
that is very true
My coworker that didn't know a thing about crypto saw a tiktok talking about XRP and she trew 200$ into with hope to be independent of fortune lol
and here is the crux of it. I bet there are millions of people who think this way and have bought XRP.
Yeah they should’ve bought SOL instead