FTX CEO Sam Bankman-Fried believes the Solana blockchain is superior to Ethereum due to its ability to quickly process large numbers of transactions with low fees.
Sam Bankman-Fried speaking at Crypto Goes Mainstream
statedthat Solana is one of the few projects that has a clear plan to scale transactions. The main advantage of Solana is that the network can process about 60,000 transactions per second at a cost of $ 0.0015 each, while Ethereum processes only 15 transactions per second, but the cost of each transaction on this network can be over $ 10.
“Solana’s developers have put together a really plausible roadmap for scaling millions of transactions per second, each costing only a fraction of a penny. The scaling should be just that. But that’s not what many blockchains have focused on, including Ethereum, ”said Bankman-Fried.
The Ethereum network was launched in 2015. Developers build on this blockchain smart contracts, decentralized applications, and non-fungible tokens (NFT). As a pioneer, Ethereum has certain advantages over similar projects. However, despite the fact that the Solana blockchain was launched in 2020, it is considered a serious competitor to Ethereum. Now SOL cryptocurrency is one of the top five cryptocurrency market leaders in terms of capitalization.
“Blockchains must strive to process millions of transactions per second,” says the FTX CEO.
Bankman-Fried previously said that even the performance of Ethereum 2.0 may not be enough for the DeFi industry, and the only way to get around the restrictions is to launch projects on other networks.