What 42 Solana Founders Think About Crypto, Rivals, and Their Ecosystem
2025-01-06
An anonymous survey by Lightspeed provided rare insights into the perspectives of 42 Solana founders and key players.
Covering topics like blockchain rivals, venture capital, internal dynamics, and emerging trends, the survey sheds light on the current sentiment within the Solana ecosystem.
Key Takeaways
1. Rising Competition: Base and Sui are considered Solana's most competitive blockchain rivals.
2. Ecosystem Challenges: Insufficient block space and increasing developer costs are urgent concerns.
3. Memecoin Impact: Founders see memecoins as beneficial for Solana’s growth, despite some skepticism.
Survey Highlights
Rival Blockchain Preferences
When asked which blockchain they’d choose outside Solana, many founders expressed loyalty to Solana, with some stating they wouldn’t be in crypto if not for it.
However, Base and Sui emerged as strong contenders, reflecting their growing appeal among developers.
Views on Venture Capital
Founders were divided in their opinions on crypto venture capital (VC):
Most Respected: Several top-tier VCs received high praise.
Least Promising: Asian VCs blindly following lead investors were criticized.
Solana’s Inner Circle
Opinions on Solana’s tight-knit community varied:
Some acknowledged the existence of an “inner circle” but clarified that it fosters collaboration rather than exclusion.
Others felt this narrative exaggerated the dynamics within the ecosystem.
One founder noted:
"Toly (Solana co-founder Anatoly Yakovenko) is excellent at supporting builders impartially, valuing sincerity and innovation over personal connections."
Challenges and Opportunities
Block Space Shortage
The most pressing issue is Solana’s insufficient block space:
Demand Surge: Usage has increased fivefold while costs for developers have doubled.
Solution Needed: Block size must increase tenfold to accommodate growth and keep costs sustainable.
Memecoins: Boon or Bane?
While some founders viewed memecoins skeptically, the majority believed they bring value by driving engagement and adoption within the ecosystem.
Underrated and Overrated Sectors
Overrated: Founders pointed to SocialFi, DeSci, and gaming as overhyped but still holding potential.
Underrated: Areas like infrastructure, tooling, and niche DeFi solutions were deemed underappreciated.
Read more about Solana (SOL):
Solana (SOL), Market Cap, Price Today & Chart History
SOL to USD: Convert Solana to US Dollar
Founders’ Insights on Startups
When asked about startups they admire within the Solana ecosystem:
Desired Affiliations: Startups with innovative products and proven progress.
Least Desirable: Companies with little demonstrable development or direction.
Damage to Reputation
The fallout from FTX loomed large, with one founder remarking:
"FTX was both the best and the worst for Solana in the early days."
Conclusion
This survey offered a rare glimpse into the thoughts of Solana founders, revealing a mix of optimism and critical introspection.
While Solana faces challenges like block space constraints and external competition, its founders remain committed to fostering innovation and growth.
As Base and Sui gain traction, Solana’s resilience and ability to adapt will be key to maintaining its position as a leader in the blockchain space.
FAQ
1. What are the biggest challenges facing Solana?
The primary challenge is insufficient block space, which increases developer costs and limits scalability.
2. Who are Solana's main blockchain competitors?
Base and Sui are seen as the most competitive rivals to Solana.
3. How do founders feel about Solana’s inner circle?
Opinions vary, but most agree that the ecosystem encourages collaboration and innovation rather than exclusion.
Disclaimer: The content of this article does not constitute financial or investment advice.
