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Layer 2 On Solana?

Layer 2 On Solana? Possible But Irrelevant, Says Co-founder – Here’s Why

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Bitcoin Is Overheated, But These Altcoins Could Be Worthy Buys

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.

Will @solana ever require Layer 2 solutions? There’s nothing stopping developers from creating Layer 2s on Solana. However, Solana’s aim is to synchronize a global atomic state machine as fast as the laws of physics allow.

In this end state, any Layer 2, side chain, or…

— toly 🇺🇸 (@aeyakovenko) January 5, 2024

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.

Related Reading: 6,000 Solana Wallet Drainers Lurk – Secure Your Crypto Today!

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

🚨 SOLANA WALLET DRAINER

We have detected a new Solana wallet drainer kit being actively distributed. This is targeted at popular meme coins such as Bonk, Jupiter, Chonky, Galactic Geckos & dogwifhat.

Our browser extension is now proactively blocking these websites. 🫡 pic.twitter.com/59VVuUa2eI

— Wallet Guard (@wallet_guard) December 29, 2023

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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