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Anatoly Yakovenko, co-founder of Solana (SOL), expressed his belief that Coinbase‘s Ethereum (ETH) scaling solution has become the project’s biggest competitor. In an interview on the Unchained Crypto YouTube channel, Yakovenko stated that Coinbase’s Base platform has emerged as Solana’s greatest rival.

Other Competitors and Solana’s Position

Yakovenko asserted that Base is currently Solana’s closest competitor in terms of network activity. He pointed out that price, features, and content are significant components of Solana’s product-market fit (PMF). He mentioned that the pricing weakness of Ethereum gives Solana an edge with more affordable fees for users:

“Base is probably the closest competitor right now, considering the activity. Ethereum’s weakness lies in pricing, and Solana offers prices that Ethereum cannot match, particularly in terms of user fees…”

Yakovenko noted that Ethereum’s unique aspect is the assets created on its platform, a portion of which has migrated to Solana. He emphasized that Base poses the most significant competition against the Solana ecosystem:

“Ethereum’s uniqueness is the assets created there. I believe a part of this has shifted to Solana. Base is the biggest competition for the Solana ecosystem.”

Yakovenko acknowledged that layer-1 platforms like Sui (SUI) and Aptos (APT) have made notable progress, approaching Solana in terms of features and pricing. However, he stated that the substantial difference Solana had over Ethereum is no longer sustainable:

“Sui and Aptos are also doing quite well. They have approached Solana in terms of features and pricing. However, it is no longer possible for Solana to maintain such a significant difference from Ethereum.”

Recently, Solana has risen to $178, gaining 4% in value over the last 24 hours. The competition between Solana and Coinbase’s Base solution illustrates the rapidly evolving landscape of blockchain networks, where players must continually innovate. Solana aims to increase its market share by preserving its existing advantages and seizing new opportunities.

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