Kyle Samani - Why SOL Will Flip ETH - TOKEN2049 Singapore 2024
Summary
TLDRKyle Samani from Multicoin Capital discusses Solana's potential to surpass Ethereum in market cap. He highlights Ethereum's slow development and lack of clear direction over its nine-year history, contrasting it with Solana's focused vision of a decentralized NASDAQ. Samani points to Solana's advancements in on-chain trading volumes, direct value accrual to the asset, and stablecoin transfers, as well as its readiness for regulated finance through token extensions. He also emphasizes Solana's alignment with the AI-driven hardware renaissance, suggesting it's poised for future scalability and growth.
Takeaways
- 🚀 Kyle Samani, co-founder of Multicoin Capital, believes Solana (SOL) will surpass Ethereum (ETH) in market cap due to its focus and performance.
- ⏳ Ethereum has been around for 9 years but has been slow to evolve, taking 5 years to commit to a scaling plan and 7 years to transition from proof of work to proof of stake.
- 📈 Solana has a clear vision from its inception to create a decentralized NASDAQ, focusing on fair and open access to market data.
- 💼 The Ethereum community has struggled with defining its purpose, leading to a lack of direction and an evolving scaling roadmap.
- 💡 Solana's approach to scaling is to organically grow with parallel hardware advancements, aligning with the current AI-driven silicon revolution.
- 🌐 Solana's token extensions feature provides advanced functionalities desired by Wall Street and payment companies, a significant advantage over Ethereum's fragmented ecosystem.
- 💰 Solana's validator rewards and on-chain trading volumes are rivaling those of Ethereum, indicating a strong value accrual to the SOL token.
- 🔄 Solana's token extensions are live on mainnet, offering features like interest-bearing tokens and confidential transfers, which are crucial for regulated finance to adopt blockchain.
- 💥 Fire dancer, a new Solana client by Jump Trading, is expected to enhance Solana's performance, making it a faster and more scalable network.
- 📊 Solana's stablecoin transfers, while still behind Ethereum, have significantly caught up, showing a 5 to 10x improvement in relative ratios over the past year.
Q & A
What is the main argument Kyle Samani is making about Solana?
-Kyle Samani argues that Solana is poised to surpass Ethereum in market cap due to its focus and execution on creating a decentralized NASDAQ and its ability to scale with hardware advancements.
What are the three major issues Kyle Samani identifies with Ethereum?
-The three major issues Kyle Samani identifies with Ethereum are its slow decision-making process, its changing scaling roadmap, and the shift of value accrual to Layer 2 solutions.
How long has Ethereum existed and what does Samani emphasize about this duration?
-Ethereum has existed for 9 years, and Samani emphasizes this duration to highlight that despite having ample time, Ethereum has struggled to define its purpose and address its scaling issues.
What is the 'rollup-centric roadmap' Samani refers to and why is it problematic for DeFi?
-The 'rollup-centric roadmap' is Ethereum's strategy to scale by moving transactions from Layer 1 to Layer 2 solutions. Samani argues it is problematic for DeFi because it creates fragmentation and bridging issues, which are detrimental to the DeFi ecosystem.
Why did Anatoli Yakovenko create Solana and what was his core insight?
-Anatoli Yakovenko created Solana because he experienced the unfairness of not having real-time market data access like larger financial institutions. His core insight was that everyone should have fair and open access to market data.
What is the significance of the May 2022 upgrade for Solana?
-The May 2022 upgrade for Solana was significant because it allowed the network to fulfill its vision of being a decentralized NASDAQ, with features like limit orders and cancels working effectively, leading to near-zero fees and a superior user experience.
What does Kyle Samani mean when he says Ethereum has 'surrendered fees'?
-Samani means that with Ethereum's transition to a rollup-centric model, transaction fees and MEV (miner extractable value) are now largely going to Layer 2 solutions rather than staying on Layer 1, effectively reducing the value accrual to the Ethereum asset itself.
What are 'token extensions' on Solana and why are they important?
-Token extensions on Solana are features like interest-bearing tokens and confidential transfers that cater to the needs of Wall Street and payment companies. They are important because they make Solana more attractive for regulated finance to move on-chain.
What is the significance of the Fire Dancer client for Solana?
-Fire Dancer is a new Solana client built by Jump Trading, known for high-frequency trading. Its significance lies in incorporating trading expertise into Solana's codebase, potentially making it the fastest permissionless exchange and enhancing its performance.
How does Solana's focus on scaling with hardware advancements give it an edge over Ethereum?
-Solana's design principle focuses on organic scaling with parallel hardware, which means it can take advantage of increases in core counts due to advancements in silicon technology. This is in contrast to Ethereum's EVM, which is a single-threaded processor and has not scaled in this manner.
Outlines
🚀 Introduction to Ethereum's Challenges and Solana's Potential
Kyle Samman, co-founder of Multicoin Capital, introduces the topic of his talk, which focuses on why he believes Solana (SOL) will surpass Ethereum (ETH) in market cap. He outlines a three-part presentation: a brief history of Ethereum to provide context, an explanation of Solana's potential for success, and an analysis of key on-chain metrics. Samman emphasizes Ethereum's nine-year existence and the community's slow decision-making process, which has led to problems and a lack of clear direction. He also mentions legal disclaimers, clarifying that his views are personal and that the presentation should not be considered investment advice.
📉 Ethereum's Scaling Issues and DeFi's Dominance
Samman discusses Ethereum's scaling challenges, highlighting the emergence of DeFi as the primary use case for blockchains. He points out that it took five years after Ethereum's launch for DeFi to become significant. He also addresses Ethereum's commitment to a rollup-centric roadmap in 2020, which he believes has created fragmentation and other issues detrimental to DeFi. Samman further explains the transition from proof of work to proof of stake in 2022, noting the slow pace of Ethereum's evolution. He argues that Ethereum has never had a clear vision and has been slow to adapt, leading to a structurally broken asset that doesn't accumulate value as intended.
🌐 Solana's Clear Vision and Progress
The narrative shifts to Solana, founded by Anatoli Yakovenko, who was motivated by the unfairness of not having real-time market data access for trading bots. Solana's vision from the beginning was to create a decentralized, real-time exchange accessible to anyone. Despite early failures and network issues, Solana has made significant progress, especially after the upgrade in May, which improved transaction processing and reduced fees. Samman contrasts Solana's clear vision and focus with Ethereum's indecisiveness and lack of direction.
💹 Solana's Metrics and Future Advantages
Samman delves into on-chain metrics, showing Solana's trading volumes rivaling those of Ethereum. He discusses the direct value accrual to the SOL asset, positioning it to compete with ETH. While Solana still lags behind in stablecoin transfers, it has made significant progress. Looking ahead, Samman highlights Solana's unique advantages: token extensions offering features for regulated finance, a new client called Fire Dancer built by Jump Trading for high-performance trading, and the potential for hardware scaling due to advancements in AI芯片. He believes these factors will contribute to Solana's growth and its ability to flip Ethereum in market cap.
🌟 Conclusion: Solana's Unified Vision and Future Growth
In conclusion, Samman expresses excitement about Solana's future, emphasizing the community's unified vision for a decentralized NASDAQ. He points out the cohesive efforts in building the ecosystem, including asset issuance, token extensions, and performance improvements. Samman anticipates that Solana's focus on scaling and value accrual will lead to it surpassing Ethereum in the coming years,感谢 the audience for their attention.
Mindmap
Keywords
💡Ethereum
💡Solana
💡DeFi
💡Rollup-centric roadmap
💡Proof of Stake
💡Validator
💡Stablecoin
💡Token Extensions
💡Hardware Scaling
💡Fire Dancer
Highlights
Kyle Samman, co-founder of Multicoin Capital, discusses why he believes Solana will surpass Ethereum in market cap.
Ethereum's history is examined to provide context for its current state and challenges.
The emergence of DeFi as the primary use case for blockchains is highlighted as a significant milestone for Ethereum.
Ethereum's commitment to a rollup-centric roadmap is critiqued for its negative impact on DeFi.
The transition from proof of work to proof of stake for Ethereum is noted as a long-awaited change.
Ethereum's scaling roadmap is criticized for its frequent changes and uncertainty.
The argument is made that Ethereum has surrendered value accrual to layer 2 solutions.
Solana's history and its focus on creating a decentralized NASDAQ are outlined.
Solana's vision of a global real-time exchange is presented as its guiding principle.
The challenges Solana faced in achieving its vision and the importance of persistence are discussed.
Key metrics are analyzed to show Solana's progress in rivaling Ethereum's on-chain activities.
Solana's direct value accrual to its token is compared to Ethereum's.
The growth of stablecoin transfers on Solana relative to Ethereum is noted.
Solana's token extensions feature is highlighted as a significant advantage for traditional finance integration.
Fire dancer, a new Solana client by Jump Trading, is presented as a key development for high-performance trading.
The potential for Solana to scale with hardware advancements in the AI industry is discussed.
The conclusion emphasizes Solana's cohesive community vision and the network's potential for future growth.
Transcripts
uh my name is Kyle samman I'm a
co-founder and managing partner at
multi-coin Capital today I'm going to
talk about why we think soul is going to
flip e in market cap some of you may
already believe this um some of you may
think that's heretical uh or you think
it's just not going to happen my goal
here is to help you at least reconsider
your priors this presentation is going
to have three parts first I'm going to
talk a little bit about the history of
ethereum because I think that provides
important context for understanding the
state of ethereum today and a lot of its
problems then I'm going to talk about
why salana is positioned to succeed and
then we'll wrap up by looking at some of
the key metrics in which salana is
either already passed or is you know
close to passing ethereum that are
really key onchain metrics that we look
at at
multicoin um before we get started I do
have couple quick legal disclosures
first uh my commentary today uh is are
my own personal views and not those of M
M coin uh and second legal disclosure is
that uh nothing in this presentation
should be investment advice or should be
construed as an offer of multi coins
investment advisory
Services all right so uh let's start off
with the history of
ethereum ethereum is 9 years old main
net launched in July of
2015 um I think that's really important
to emphasize and I'm going to emphasize
it a lot through this presentation they
this thing's been around for N9 years
they've had a lot of time to figure out
how to deal with their problems and even
figure out what they want to be and I'll
touch on these themes so it's been 9
years what's happened in that time I
think there's been kind of three major
things that have happened first is the
emergence of defi as the most important
use case of of asset ledgers and of
blockchains uh obviously there was a lot
that happened prior to 2020 but you know
like defi summer happened and I I'll
kind of call that like the birth of
modern defi um so that took 5 years
after ethereum launch to have that
happen uh second really important thing
that happened was the commitment to the
rollup Centric road map and that
decision was made in October of 2020
just a few months after uh D5 summer uh
I think that's also really important to
note because uh the rollup Centric road
map one of the most obvious shortcomings
of it is that it is just bad for defy
it's created all these fragmentation
issues bridging issues all this other
stuff and you know defi summer happened
and then two months later they're like
roll up road map which is going to be
bad for
defi uh and then I think the third major
transition has been of course the
transition from proof of work to proof
of stake which was in 2022 and that was
7 years after main net launched again I
highlight the S years because they knew
they wanted to make the switch before
mainnet launched in 2015 so they knew
they wanted to do it and it took seven
years to actually do the thing that they
said they wanted to do um this community
has been slow they've never known what
they wanted to do and and that's kind of
the point I'm trying to emphasize here
um next we're at uh am I here we go um I
want to talk briefly about the scaling
road map um quite frankly the road map
has changed more times than we can count
um in the early days of ethereum there
was a whole bunch of talk of sharding
plasma State channels if you really go
back far enough you'll remember hyper
Cube routing bunch of other crazy ideas
uh all of these things obviously haven't
panned out took them five years and they
committed to this rollup Centric road
map thing in October of 2020 uh today
now that road map even seems to be in
question or at least partially in
question if you've been following along
in kind of the public discourse there's
been a lot of talk about hey should we
scale the L1 should we do multiple con
block proposers a lot of these other
things that have been kind of more
salana or near Centric in their
approaches are now being reintroduced to
the ethereum discussion uh we have no
idea what decisions the EF is going to
make on these front it may take him
three more months may take him six may
take him nine more months who knows but
my point to you is that the road map
that was committed to four years ago
today is at least partially in question
and perhaps entirely in question um and
so it's just like okay you've been
around for 9 years you're back to the
drawing board like you know what's going
on last thing I want to say about
ethereum before get into salana is that
eth is not acre value the the transition
to this rooll OB Centric road map has
very explicitly surrendered fees both
transaction fees and me fees that used
to go to the L1 and now they're going to
l2s l3s l4s whatever they are um the
intent of this road Ro rollup Centric
road map was of course to push
transactions from L1 to L2 and they've
done that but in doing so they also just
moved all of the actual value accretion
to e the asset away from the
L1 uh you know the E people will tell
you well oh you can still use eth for da
and that's true but as I'm going to show
in the next few slides da rounds to zero
um there's plenty of Da to go around in
ethereum and elsewhere um and of course
the last thing you'll hear people say
about you know value AC cruel for eth is
that eth is money uh and this is
nonsense um this is a circular statement
it is non-falsifiable therefore like
they're just subjecting you to their
religion you can't reason about this at
all the litmus test for is something
money is go to the coffee shop and ask
them hey how do you price the coffee if
they say e then eat is money if they say
dollars then dollars is money like
that's that's the litmus test for money
there is no other litmus test and so if
we look at the data of this whole L2
thing um here we're looking at the
percentage of transactions that have
moved from L1 to L2 over the last three
4 years uh and it's obviously very clear
basically everything is on L2 at this
point 90% plus is on L2 this is by
Design which is great they they
accomplish their objective but to what
end they talk about this da value acral
here we're looking at you know you talk
about da value ACU well in fact the l2s
are the ones making all the money um the
blue this is the revenue and expenses
for base which is the largest L2 by most
major metrics uh and you can see here
very clearly uh Bas is making a lot of
money this is like on the order of a
million dollars a week plus or minus and
uh their expenses are effectively zero
and an expenses here is eth paid for da
to the L1 um as of March that went to
zero and you know it's probably going to
stay at zero um the other thing I really
want to highlight here is that this
whole talk of alignment people have been
saying oh l2s are aligned with l1s but
actually this chart really emphasizes
the fact that they are actually um
anti-aligned base uh is owned by
coinbase and the point of base is to
produce profits for coin bases
shareholders and so they want to
maximize revenues and minimize expenses
and so in fact the incentives are base
are the exact opposites of the
incentives of eel1 because Bas wants to
minimize the cost it
pays um if we look at some of the other
major l2s like optimism you see the
chart looks more or less the same uh I
don't want to highlight just bace you
optimism looks more or less the same and
arbitrum again more or less is the same
uh so you can see this pattern
consistently across all of the l2s
uh I'm going to say the Qui part out
loud ethereum has never really known
what it wants to be uh it it launched as
you know a world computer n years ago uh
and that was never defined still isn't
defined and to be clear I don't think
they have to Define World computer like
whatever it's fine it's a marketing term
but it's been n years so like tell us
what this thing is useful for um
obviously there's been you know defi
there's been nfts there's been web 3
there's been decentralized identity
storage whisper whatever all these
things that you know it could have
evolved into um but right now it's kind
of a mish mash of all of the above and
is quite frankly therefore nothing
because nothing actually stands out um
even as of as recently as a few weeks
ago vitalic and others from the EF were
publicly basically saying def5 is just
circular nonsense like do other stuff
with ethereum and like great I would
love it for ethereum to do more too but
like hey it's been n years like you know
provide some guidance like where do you
think we should go have some opinions
and it's just like the the the lack of
urgency of wanting to figure out what
it's useful for and pushing the
ecosystem that direction has created a
tremendous amount of really bad inertia
in the system as a whole defi is the
most important thing that happens on
blockchains today you see this on
ethereum you see it on salana you see it
on Aptos you see it everywhere you look
and ethereum people are telling you eh
defi whatever okay well if you're not
going to optimize for defi that's fine
then tell us what you're going to
optimize for and they fail to do that
because they don't know so that's recap
ethereum thing is N9 years old it took 5
years to commit to a scaling plan and
then it took seven years to commit to to
actually do the proof of work to proof
of stake transition this thing has never
really known what it wants to be scaling
plan continues to change there's no
Northstar they don't know what they're
optimizing for and because of this
rollup road map they've effectively
taken all of the value ACC cre out of
out of the E the asset and sent it off
to the l2s like base and others
meanwhile e still trades at like 300
billion this is one of the largest
assets in the world probably number 40
asset roughly by market cap in the world
and this thing doesn't know what it
wants to be this asset is just
structurally
broken all right now we're going to turn
to
salana um it's important we started with
the history of ethereum so now we're
going to get into the history of salana
whereas ethereum has never really known
what it wants to be salana has always
been very focused Anatoli founded salana
in started thinking about salana in 2017
cuz he was riding trading Bots um using
a service in the US called interactive
brokers Brokers is like Robin Hood kind
of a thing but a little more advanced
you can do some more powerful trades he
was writing trading Bots and he realized
that he could not get realtime Market
data of what was trading on the New York
Stock Exchange or on the NASDAQ um to
ride his trading Bots and obviously it's
well known that you know vertu jump
Citadel Jan Street all these guys have
access to real-time data from the major
stock exchanges and he found that to be
fundamentally unfair and unjust he's
like wait a minute it's if Market I
should be able to trade just like them
and he has you know physically unable to
even get the information to be able to
trade and and so this was the core
Insight that led to the development of
Solana that anyone in the world should
be able to uh have fair and open and
permissionless access to Market data 24
hours a day s days a week the system of
course then needs to be optimized to
propagate this information to anyone who
has computer and internet who can
obviously receive that market data in
real time um this of course kind of
turned into the vision that we've now
been talking about for for 6 years which
is uh building this decentralized NASDAQ
kind of a concept and this has been the
north star that has guided salana from
day one to build this Global realtime
exchange that anyone can
access it's been a lot more difficult to
build this exchange than any of us
thought it was going to take Anatoli
myself and many others included um they
started working on it in 2018 and
launched 1.0 in
2020 uh and uh you know if has had a lot
of public failures Network's gone down I
don't know 10 times since Inception
there's been congestion issues all kinds
of weird stuff has happened uh but the
reason I highlight all of this is that I
want to emphasize even once you pick a
North star a vision and you say okay
we're going to go commit to this Vision
it then takes a lot of time to actually
get there I I think salana really only
since like May of this year has been
able to kind of credibly say it fulfills
the vision that it's set out for cuz
only after the8 upgrade in May that
salana actually the limit orders and
cancels worked on chain transactions go
through meme coins were firing or mining
I mean everything was working Oracle
updates were working and the fees were
effectively zero and you know it's like
right and it took years of battle
testing the system to get there um and
of course the beauty of this model is
that they committed to this really
difficult and ambitious vision and it
took a lot of time to get there and they
failed a lot on the way and uh but the
beauty of that now is that the user
experience is amazing no bridging no
liquidity fragmentation none of that
stuff um and you also get to a crew
value to so the asset so today depending
on the day you look at it's earning
between 500 million and a billion of
Revenue annualized um and that's all
coming from
MV uh and so this is really the beauty
of of salana is that it took you know we
had this focus and we executed on it for
six years and this is really why we
believe Sol is going to flip Ethan
market cap um now next few slides I'm
going to dig into some of the metrics um
on CH metrics that we think are really
the critical ones we look at uh to kind
of Judge hey is the thesis playing out
here uh first of course blockchains are
Financial systems I've been talking
about trading for the last few minutes
um and and onchain trading is in RV the
most important metric for a blockchain
uh over the last year we've seen Salon
dexes basically come to rival ethereum
dexes some weeks I believe every data
point here is weekly so some weeks we're
seeing salana is higher than ethereum
other weeks it's less than ethereum but
it's today effectively on par with
ethereum in terms of daily trading
volumes on chain um we think this is the
most important thing to look at because
that's the whole point of NASDAQ is to
trade next I want to look at actual
Direct Value acral to so the asset
versus Direct Value acral to East the
asset um and as of today's salana again
is effectively caught up to or is
rivaling eth on this metric this is the
looking at the total validator tips paid
to e stakers and soul stakers in these
respective systems um some weeks along
is high or some eth sire but again these
these metrics are more or less neck and
neck right
now uh and then the third metric I want
to look at is stable coin transfers um
here salana is still well behind
ethereum but I want to look at the
relative ratios here um about a year ago
salana was at roughly 110th or 12th of
daily onchain stable coin transfers to
relative to ethereum today it's roughly
half so it's caught up by a ratio of
roughly 5 to 10x depending on exactly
how you want to measure it um and again
we think this is key to show that hey
money is moving around on
chain um and of course if you then look
at the last three charts and look at the
shape of those um it's actually no
surprise to see the shape of the so e
chart looks more or less the same and so
if you believe that the metrics on the
prior three charts are going to continue
in the same direction then it's pretty
reasonable to conclude that the ratio of
this chart is also going to continue in
the same
direction all right now I want to talk a
little bit about the future for salana
and why we think it has a couple of
really three unique advantages that we
think are going to be basically
impossible for the ethereum community to
recreate and why we're even more excited
about this thing going forward the first
is token
extensions um token extensions went live
earlier this year on mainnet uh token
extensions provide a lot of features
that Wall Street companies want or that
uh payments companies want or any major
asset issue around the world those
include features like interest bearing
tokens so like if you want to have
stable coins on chain uh that earn
yields uh if you want to be be able to
have confidential transfers so you can
hide sender and receiver if you want to
do uh ability to issue and revoke assets
and a whole bunch of other uh features
that that in this kind of bucket of of
ideas um and all of these features were
developed based on Direct input from
payments companies and Wall Streets over
the last few years uh and all of this is
live on mainnet today it's 100% free
100% open all the documentation is is
open and available uh and I highlight
this because uh I think that you know we
have meme coins we have defi assets we
have dpin assets we have all of these
things that are Crypton native obviously
us and most of you all probably are
following a lot of that stuff but then
there's this whole other world of
Finance which is regulated finance and
regulated Finance is only ever going to
come on chain at scale if they have all
of these collect features um and all of
this stuff is just built into salana L1
natively and it's ready to go uh we
think this is super important and we
think it's going to be basically
impossible to recreate this in the
ethereum ecosystem because the evm
itself is fragmented what do I mean by
that well there's a lot of different
flavors of the evm out there there's the
different optimistic flavors there's
different ZK flavors there's the polygon
side chain flavors there's the JP Morgan
internal blockchain flavor and all of
these versions of the evm are not the
same they're like 98% the same but
they're not 100% the same and so if
you're going to try and create a common
set of Standards to have interest
bearing stable coins to have
confidentiality work through Bridges
across these systems it's going to be
really really hard to make all of those
pieces talk and connect to each other
again it is possible that there's no
physics limitation or software
limitation it's it's a people problem
you have to get all of these different
groups of people to sit down and agree
and that's going to be very very
difficult to do um the first major token
using token extensions is live now it's
called PUSD it's PayPal stable coin it
went live a few months ago uh on mainnet
uh and so we we're really looking
forward to seeing token extensions roll
out it's been a little slow you probably
heard about it and kind of forgot about
it but I would say keep your eyes on
token extensions I think in 3 or four
years time it's going to be like one of
the defining things that makes salana
really stand
out next I want to talk about fire
dancer um fire dancer is a new salon
client I expect it to go live in the
next few days or next few weeks uh I
think they're announcing the dates
tomorrow at that breakpoint for those of
you who are unfamiliar fired aner is a
new uh Salon client being built by jump
trading jump trading is one of the
largest hft firms in the world uh and of
hft firms jump is actually known for
being the fastest um and we think this
is really important because the jump
team is taking all of their accumulated
knowledge and wisdom from building high
performance trading systems uh and
they're building all of that into the
salonic code base um this system again
from day one the vision was
decentralized NASDAQ and we're now
taking one of the preeminent trading
firms and applying all of that wisdom to
making the world's fastest
permissionless exchange um this thing is
going to scale SC it's going to be fast
and it's going to allow everything that
we like about salana the composability
the no the no bridging all these things
will just magically work even better
under fire
dancer um and of course the last thing I
want to talk about then this kind of
built on fire dancer is scaling with
Hardware one of the foundational design
principles of salana is the focus on
scaling organically with parallel
Hardware an has been talking about this
since day one I've been talking about
this for years um and the idea is very
simple is if you double or triple the
number of cores in the system you would
hope that the performance would double
or triple of the system very
straightforward idea um this is
obviously a generically a good idea
because of Moors law over the last 50
years um as core counts have grown
especially over the last 10 or 15 years
um systems that can take advantage of
that have have gotten better in terms of
performance uh but this is actually
particularly important today because of
the Renaissance happening in AI um
there's now more Capital going into the
entire silicon uh value chain from
design through manufacturing uh and
that's growing at the highest rate in
both percent terms and absolute terms in
the last 30 years uh and this is all
because of this AI Renaissance and all
of these AI chips that are being built
by all of these different startups
Nvidia AMD everyone all of these chips
are massively massively parallel chips
uh not all of them will work for salana
but it doesn't matter you only need a
couple of them to be to be applicable
and those are going to be help Drive the
performance of salana even further
what's so amazing about this a
Renaissance is it has absolutely nothing
to do with crypto no one in the salon
ecosystem has to know or care about any
of the stuff going on in AI land and you
just have like an incremental 30 4050
billion dollar of R&D happening across
all these various companies and all of
that labor and energy is going to
produce a better Salon Network and like
those are the kinds of really
foundational bets that you have to make
at the core of the design of the system
in order to win what is going to be one
of the largest markets in the world
which we think is decentralized NASDAQ
the EV m is a single threaded processor
they've been talking about paralyzing it
for 9 years done absolutely nothing um
and like we think this kind of full
embrace the parallelism is going to
again really become more evident over
the coming years as we scale the assets
on
chain uh to wrap things up we really
could not be more excited about the
future of salana the community has
coalesced around a common Vision uh and
that is and everyone's rowing in the
same direction everyone's working
towards this decentralized NASDAQ we
have the teams building we have the
asset issue we have the token extensions
we have the new uh performing clients
all of this m works together cohesively
to produce a network that scales and to
produce an asset that can acue value as
it scales we're really looking forward
to seeing Soul flip e in the coming
years ahead thank you
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