Solana Co-Founder: Layer-1 Blockchains Can Handle 24 Billion Transactions Daily
1min read Solana co-founder Anatoly Yakovenko has publicly stated that there is no need to develop layer-2 solutions, which are protocols designed to enhance the scalability of smart contract platforms. Yakovenko argues that layer-1 blockchains, such as Solana, can achieve high throughput, low latency, and robust security without the need for additional layers. He believes that layer-1s can handle the demands of eight billion users, processing three transactions per day for each user, which amounts to 24 billion transactions daily. This perspective challenges the prevailing belief in the blockchain community that layer-2 solutions are essential for achieving mass adoption and scalability.
Yakovenko's argument is based on the idea that layer-1 blockchains can process a significant number of transactions without being slowed down by the limitations of layer-2 solutions. He contends that layer-2s are hindered by the slow-moving data availability stack of layer-1s and often compromise security with complex fraud proofs and upgrade multisigs. According to Yakovenko, layer-1s can achieve faster, cheaper, and more secure transactions without these compromises. He also notes that data storage on a single blockchain is not a concern for Solana, as it generates a relatively small amount of data—approximately 80 terabytes per year. This data volume is insufficient to build a business around but too much for any individual to easily store.
Yakovenko's comments highlight the ongoing debate within the blockchain community regarding the necessity of layer-2 solutions. Proponents of layer-2 solutions argue that they are crucial for improving scalability and reducing transaction costs. However, opponents like Yakovenko believe that layer-1 blockchains can handle the required throughput without additional layers. This debate underscores the different approaches to achieving scalability and mass adoption in blockchain technology. Yakovenko's assertion that layer-1 blockchains can process 24 billion transactions daily is a bold claim that emphasizes the potential of layer-1 solutions. However, the actual scalability of a blockchain depends on various factors, including network congestion, transaction fees, and the underlying technology. While Yakovenko's comments are based on the current capabilities of Solana, it remains to be seen whether other layer-1 blockchains can achieve similar levels of scalability.
The future of blockchain technology will depend on the ability of developers to create scalable and efficient solutions that meet the needs of users. The debate over the necessity of layer-2 solutions is likely to continue as blockchain technology evolves. Yakovenko's perspective offers a unique view on the potential of layer-1 blockchains and challenges the community to consider alternative approaches to achieving scalability and mass adoption. Ultimately, the success of blockchain technology will be determined by its ability to provide secure, efficient, and scalable solutions for a wide range of use cases.
