Anatoly Yakovenko jokes ‘Solana is Ethereum’ in ironic social media exchange Anatoly Yakovenko jokes ‘Solana is Ethereum’ in ironic social media exchange

Anatoly Yakovenko jokes ‘Solana is Ethereum’ in ironic social media exchange

A recent joke from the Solana creator was taken too literally in CryptoSlate's previous coverage, resulting in confusion.

Anatoly Yakovenko jokes ‘Solana is Ethereum’ in ironic social media exchange

TechCrunch / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate

In a recent exchange on social media, Solana creator Anatoly Yakovenko, made a remark that was misinterpreted in our previous coverage.

In a Dec. 25 tweet, Yakovenko playfully suggested that Solana could be considered an Ethereum layer-2 (L2) solution through its Wormhole eigenlayer. This statement was part of a tongue-in-cheek response to a tweet listing various L2 solutions like Arbitrum, Aztec, and Polygon. He quipped:

“Solana is ethereum! Solana is an ethereum L2 through the wormhole eigenlayer. Once danksharding is scaled up no one is going to stop you from submitting all the Solana blocks into some data validating bridge contract on ethereum.”

This playful assertion was meant to ironically juxtapose Solana, a distinct and independent blockchain, with Ethereum’s layer-2 solutions. The mention of a Wormhole eigenlayer and the speculative reference to submitting Solana blocks to Ethereum were part of this jest.

Our initial report, however, presented it seriously and failed to recognize its ironic nature, and thus our coverage suggested that he meant it in earnest. We sincerely apologize for the error and for any confusion caused by our failure to recognize the ironic intent behind it.

On the rise

Yakovenko’s jesting aside, Solana is poised to close the year on a high note. December was a particularly active month for the blockchain, showcasing one of the quickest price recoveries in the final quarter. The total value locked (TVL) on Solana more than doubled, escalating from $671.62 million at the beginning of the month to $1.529 billion by December 26th.

However, when denominated in SOL, the increase was more modest, from 11.35 million SOL to 12.56 million SOL in the same period. This discrepancy reflects the significant rise in SOL price, which climbed from $59.2 to $121.4, affecting the USD valuation of the TVL.

Notably, Solana overtook XRP in market cap, becoming the fifth-largest cryptocurrency with a market cap of $34.8 billion as of December 20, 2023, following an 11% increase in Solana’s value, which outpaced the broader market’s 3% gain. The SOL/ETH ratio, comparing Solana’s value to Ethereum’s, also shows recovery, highlighting Solana’s competitive stance.

The SOL/ETH ratio, a metric comparing the value of Solana (SOL) to Ethereum (ETH), is a critical measure of Solana’s competitive position. This ratio has experienced significant fluctuations, with the most recent data showing a recovery in Solana’s standing against Ethereum.

Solana’s blockchain technology, known for its high performance and scalability, is designed to support decentralized applications (dApps) and decentralized finance (DeFi) use cases. The platform’s success is attributed to its unique consensus algorithm, “Proof of History,” which enables high transaction speeds and low fees, making it a popular choice among developers for dApps and DeFi projects.

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