Solana (SOL), one of the Layer-1 projects that emerged as the Ethereum killer, looks extremely attractive in terms of speed and transaction cost. However, Ethereum (ETH) maintains its position as the leading altcoin despite its many competitors. Ethereum was not the first altcoin, but it has always remained strong. With a current market cap of $208 billion, ETH is the most valuable altcoin despite being launched after assets such as Litecoin, Dogecoin, Ripple, and Dash.
Dubbed the "Ethereum Killer", Ethereum rivals were launched on the grounds of transaction fees, speed, and more. Solana (SOL) is known as the strongest among them. However, some prominent names in the Ethereum community think Solana and Ethereum are incomparable.
Ethereum's reliance on the consensus mechanism has spurred the emergence of assets looking to replicate the Ethereum blockchain diversity without the environmental concerns of mining and the high transaction fees that accompany PoW.
Justin Bons, an Ethereum advocate and founder of Cyber Capital, explains why Ethereum should not be compared to Solana. "Unlike SOL, ETH has never experienced network outages," Bons says, citing the periodic network outages the Solana network has experienced over the past months.
Recalling the events of two years ago, Bons said, "The founders of ETH, unlike SOL, never lie." he continued. In April 2020 (after Solana was launched), the Solana team stated that SOL had a total circulating supply of 8.2 million tokens, but it was later discovered that the total circulating supply was around 20 million at the time.
Bons concluded by stating that although ETH has its own flaws, the numerous problems and bad design that plagued the SOL project should not be underestimated compared to the early days of ETH.
Bons has made it a habit to discuss Solana. His latest tweet comes six days after Solana accused his project of being full of "lies, fraud and bad design". Anatoly Yakovenko, co-founder of Solana Lab, responded to Bons hours later to defend his project. However, many members of the Ethereum community still see Solana as a time bomb.