We Want 99% Of Global Finance on Solana, Founder Says

Solana co-founder Anatoly Yakovenko says he sees Solana becoming the lead global finance network.
Although it has taken an early lead in the NFT market, outages in the network has seen it lag behind in the financial sector.

In a recent interview, Solana co-founder Anatoly Yakovenko shared his views on where he sees the network going in the coming months and years. According to the co-founder, Solana could put an end to global market inefficiencies.

This is like my sci-fi end goal for Solana. One chunk of memory that represents all prices in the world synchronized at the speed of light.

Yakovenko explains that he wants it to be the biggest cryptocurrency in the world. In fact, he wants 99% of global transactions to be done in Solana and for it to be their ultimate blockchain in the financial sector.

Crypto has proven it can add great value to the banking system, including:

Self custody
Public and verifiable transactions
Low transaction cost.
High-speed transactions.

Currently, Solana is facing a major problem-power outage. In September 2021, it faced the highest power outage lasting for about 17 hours, where the network validators were not able to process high-volume transactions during peak hours. The network has received five full or partial power outages in 2022. Yakovenko said that the outages were the consequence of the network’s low-fee transactions. The latest outage happened this June for four hours, resulting in a 14 percent SOL price dip.

Yakovenko said;

That has been, I guess, our curse, but it’s because the network is so cheap and fast that there are enough users and applications that are driving that.

Solana NFTs Reach New All-Time High

Solana has set a new record high as it climbed above $2 billion. The said “Ethereum killer” is struggling in DeFi projects but leads in the NFT space. These nonfungible tokens have stimulated a new drive among users due to their monetization. Projects like Okay bear project and yOOts project which generated $7 billion, have tremendously increased Solana’s dominance in the industry and placed it as a leading choice for NFTs.

However, the recent Ethereum merge may be a hindrance for Solana as developers and projects might prefer the cheaper and faster Ethereum.