HomeBitcoinLayer 2 On Solana? Possible But Irrelevant, Says Co-founder

Layer 2 On Solana? Possible But Irrelevant, Says Co-founder

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Solana, a prominent player in crypto, has been a subject of much discussion, particularly regarding adopting Layer2 (L2) solutions. Anatoly Yakovenko, the co-founder of Solana, recently clarified this topic, emphasizing the blockchain’s core mission and its stance on Layer2 solutions.

Solana’s Focus: Enhancing Layer1 Over Layer2 Solutions

Yakovenko, in a definitive statement, dismissed the necessity of Layer2 solutions for SOL, labeling them irrelevant to the blockchain’s primary objective.

According to Yakovenko, the blockchain aims to expand its atomic global state machine – a sophisticated system designed to increase efficiency and scalability.

Yakovenko pointed out that while Layer2 solutions like side chains and zero-knowledge proofs are ‘innovative and welcomed,” they don’t contribute to the expansion of the blockchain’s atomic global state machine.

This perspective underlines a clear focus on enhancing the blockchain’s Layer1 capabilities rather than relying on external execution environments that may not ensure seamless integration with the Layer1 state. Yakovenko concluded:

Therefore, this [Layer2] question might not be entirely relevant. Solana is focused on continuing to scale Layer 1 directly, enhancing the single virtual machine instance on that Layer 1, hopefully, with just hardware upgrades in the future.

The Solana Ecosystem: Challenges And Prospects

Notably, Solana’s journey hasn’t been without challenges, particularly concerning the security of its ecosystem. Recently, the blockchain has been confronted with the threat of ‘wallet drainers,’ malicious entities that exploit vulnerabilities to siphon funds from users’ crypto wallets.

Reports indicate that around 6,000 wallet drainers are active, posing significant risks to SOL investors. Despite these security concerns, SOL has demonstrated robust growth. The blockchain’s native token surged over 50% recently, trading above $100.

Solana (SOL) price chart on TradingView
SOL price is moving sideways on the 4-hour chart. Source: SOL/USDT on TradingView.com

This bullish trend underscores the growing interest and confidence in the blockchain’s technology and potential. However, the past week has seen a slight downturn, with a 7.1% decline in SOL’s value.

In response to the wallet drainer issue, Wallet Guard has stepped in to protect against these threats with new features specifically targeting SOL drainers.

Featured image from Unsplash, Chart from TradingView

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