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Why did we choose Solana as a blockchain layer for the Synthetify application? If you want to build exchanges on chains, your main priorities are cost, bandwidth, and confirmation time of transactions. Currently, only Solana fits well in both of these criteria.
It can process over 50k TPS with a fraction of a cent fee, and transactions are committed in sub-second intervals.
What about scaling? A couple of years ago, Ethereum was just like Solana – fast and cheap. What has changed? Solana scales with hardware, so over time, performance will improve without any special trick such as layer 2, rollups, or sharding.
It’s important to keep all applications on the same network to enable compostability, which really creates killer applications. For example, Synthetify leverages PythNetwork oracles to provide users with fair asset prices and reliable safety features for stakers and liquidators. And there are more integrations needed to build a fully decentralized financial system.
Does Solana deliver on its promises? Yes, it does! We already have applications like Serum or Raydium that show how performant Solana truly is.
What’s next? Both Solana and projects built on top of it constantly evolve and improve. Synthetify aims to be a core component of Solana’s DeFi ecosystem and really start Wall Street’s migration to blockchains.
For those who are new to Solana, Anatoly is the creator of Solana. He led the development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox.
Solana is focused on building crypto apps that scale. Solana is a fast, secure, and censorship-resistant blockchain facilitating the open infrastructure needed for global adoption.
Solana can process 50k transactions per second. Those who do not believe need to stress test the network to experience Solana’s speed simply.
Solana is focused on speed without tradeoffs. There are several ways to contribute to the Solana ecosystem. Users can build an app, organize an event, or create educational resources to help others learn.
Serious builders are those who choose Solana for millions of users. The creators of the protocol, like the Solana Labs, hail from some of the best companies in the world.
Recently more than 13,000 builders registered for the hackathon, and 350 teams submitted projects covering for DeFi, NFTs, Web3, and more.
The hackathon brought together developers, designers, and business operators worldwide to move DeFi, Web3, and NFT ecosystems forward by leveraging Solana’s speed, low fees, and scalability.
The number of projects which are getting built in the Solana ecosystem is increasing.
