The next is a visitor publish and opinion from Hart Lambur, Co-Founding father of RIsk Labs (UMA and Throughout).
Solana’s current progress didn’t come at Ethereum’s expense. It expanded the whole crypto person base. As a substitute of pulling customers away from Ethereum, Solana served as a gateway for brand spanking new entrants into web3. With quick transactions and low charges, and a vibrant app layer, it grew to become the perfect onboarding ramp for the most recent wave of memecoin merchants.
Prefer it or not, memecoins like HarryPotterObamaSonicInu and Fartcoin weren’t simply noise; they launched hundreds of thousands of individuals to crypto, many for the primary time. Solana wasn’t simply the place they made their first commerce – it was their first actual interplay with the web3 ecosystem. And whereas many misplaced cash, a few of these customers caught round.
The query now could be: how can we guarantee they keep, and expertise extra of what web3 provides past hypothesis? As Vitalik put it final 12 months about memecoins, there may be an “alternative right here to attempt to create one thing extra positive-sum and long-lasting.”
From Spectators to Residents
This inflow of recent customers presents a uncommon alternative for crypto. At its peak, Solana’s memecoin increase helped drive a $47.9 billion market cap. Sure, memecoins are down 76% since their December 2024 all-time excessive, however Solana didn’t simply gasoline hypothesis; it onboarded actual customers and actual capital. Whereas the memecoin craze could also be short-lived, the contributors it attracted don’t need to be.
Crypto has lengthy promised mass adoption, and now, we’ve the prospect to ship on that promise. However this progress comes with its personal set of challenges. If we don’t make it straightforward for brand spanking new customers to navigate the broader ecosystem – limiting their expertise to only one blockchain or a single use case – we threat shedding the momentum, capital, and progress that include it.
The Shift from Onboarding to Retention
Attracting customers is not the principle problem. Memecoins on Solana opened that door for a brand new technology, similar to ICOs, DeFi Summer time, and NFTs earlier than. The true take a look at is making certain the broader web3 ecosystem is as seamless and intuitive as probably the most user-friendly blockchains and use instances. Solana nonetheless feels separate from the broader Ethereum ecosystem, very like the varied Ethereum L2s used to really feel. If we fail to make it straightforward for customers to discover totally different ecosystems after the thrill round developments like memecoins fades, we’ll lose them simply as rapidly as they arrived.
Previously, transferring from one chain to a different (whether or not to Ethereum, Base, or one other L2) felt sophisticated and expensive. It’s very like arriving in an thrilling new metropolis, desperate to discover, solely to understand that one of the best locations are onerous to achieve resulting from outdated transit techniques. That is how crypto feels for a lot of customers right this moment: filled with potential, but slowed down by friction at each step. This friction isn’t inevitable and we now have the instruments to take away it.
Crosschain Infrastructure Gives the Resolution
Crosschain infrastructure can present the answer. Business-wide requirements like ERC-7683 permit web3 apps to deal with advanced multi-step crosschain transactions as a single person request. Authored by Throughout and Uniswap, the usual permits builders to cover the complexity of interacting with a number of chains whereas nonetheless leveraging their mixed energy. Customers profit from one of the best of each worlds: the simplicity of 1 chain with the scalability of many.
The Future is Unified
Solana’s current person progress illustrates how UX optimization can drive onboarding at scale. However onboarding is only one aspect of the equation – retention is the actual take a look at. For web3 to really develop, it must really feel like one seamless ecosystem, not a set of fragmented networks. In the identical method ERC-7683 and intents have unified Ethereum L2s, we should give customers the identical seamless interactions with Solana.
Ethereum, Solana, and each different chain aren’t in a zero-sum battle. The long run isn’t about which chain wins. It’s about making web3 work as a unified, intuitive expertise. This implies constructing infrastructure that connects customers throughout chains quick, simplifying complexity, and making your entire ecosystem really feel cohesive. Web3 will solely scale when customers cease eager about chains fully, similar to nobody thinks about TCP/IP when looking the web. That’s the longer term we’re constructing towards.
Talked about on this article
