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Anatoly Yakovenko, CEO of Solana Labs, spoke during the second day of UDC 2021, a blockchain conference hosted by Dunamu. Dunamu is the firm that operates the South Korean exchange Upbit.
Solana is a blockchain network that has shown remarkable growth throughout the past year. Last month, its native token (SOL) stood at around $34. Currently, it's over $193, having risen by over 57% within the past week.
During his speech, Yakovenko called Solana "the blockchain that's optimized for DeFi."
"Solana is a high-performance blockchain that's much faster than Ethereum, with a transaction rate of 3,000 TPS (transactions per second)," he said.
Yakovenko said that Solana is much better suited to serve the needs of the financial industry.
To illustrate Solana's speed, he pointed out that the Bitcoin network processes transactions at around 3-4 TPS, while Ethereum has a rate of 15 to 40 TPS.
However, there are protocols out there that can process transactions at a rate of 10,000 TPS or more.
Yakovenko therefore touted Solana not because it's fast but because it's optimized for DeFi and finance.
One of the biggest weaknesses of decentralized exchanges (DEXs) is that they can be low in liquidity, since there is no central planner or manager. Users on Serum, a DEX on the Solana blockchain, can use the network's on-chain central limit order book (CLOB) to share liquidity.
"Serum's central limit order book just took the method used by financial institutions around the world and applied it to crypto," Yakovenko said. "This is why Solana is suited to DeFi."
He also pointed out Wormhole, a cross-chain bridge that allows Solana users to interact with Ethereum.
"Wormhole is a key tool in Solana's expansion," he said.
Solana is sometimes called the "Ethereum killer," but Yakovenko says he doesn't view the situation as one or the other.
"I just hope that Solana can evolve into a tool that will help developers enjoy building traditional financial instruments on a blockchain."
UDC 2021 articles are sponsored by Upbit.