Co-founder of Solana: Memecoins intuitively integrate users

Solana co-founder Raj Gokal told Consensus attendees that user demand is driving the popularity of memecoins, providing a fun way to attract new participants.

Solana (GROUND) has become the essential blockchain for speculation on memecoins. While the increased on-chain activity has been a boon for SOL prices, it has also generated debates about the on-chain’s position in the blockchain ecosystem.

CoinGecko reported Solana is the fastest chain of the lot, processing thousands if not millions of memecoin transactions.

On the other hand, developers have harassed several users through SOL memecoins, and celebrities are now supporting memetic projects, adding fuel to the craze. “We did nothing to make this happen. It’s just something to do,” Gokal said on the last day of Consensus 2024.

Solana aims for grassroots adoption with Saga Mobile

According to Gokal, the boom in mobile crypto apps like StepN in 2021/2021 was a precursor to the Saga Mobile device. Placing blockchain operability and crypto utility in the hands of users offers a new way to drive mass adoption, the founder explained.

Saga Mobile started with mediocre sales. However, the crypto resurgence last year, coupled with the current memecoin mania, has boosted sales beyond 150,000 units. Gokal said the next device is under development and is expected to launch next year.

New validator set to 1000x transaction capacity

Gokal confirmed work on a second validation client set dubbed Fire Dancer. The initiative is expected to increase Solana’s transaction throughput by up to 1,000 times, increasing speeds to 5,000 to 10,000 transactions per second (TPS).

Currently, Solana clocks up to 1,053 TPS, but its theoretical speed could reach 65,000 TPS with scaling and upgrades. The team behind the staking protocol, Jito, is also developing a third set of validators focused on maximum extractable value, commonly referred to as MEV.

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