Why Solana?
Say Goodbye to High Fees
Bolstered by the surge in Defi, Ethereum as the second-largest cryptocurrency after bitcoin outperformed major digital currency rivals and soared to over $400B market cap. However, Ethereum has been plagued by the network’s high transaction fees as well as sluggish transactions. Deploying ETH 2.0 is a slow and complex process. Even CeDefi initiatives like BSC, suffered from network congestion while daily transaction volume hits an all-time high of 11.84 million and over 80% network utilization. Thus, scalability and cost-efficiency are critical to wider adoption.
Scalable and Affordable
The bloodbath dip on 19 May 2021, only amplified the forever-criticized gas fee surge on the Ethereum network (peaked at over 2000 GWEI and stayed between 1500–1700 GWEI for almost an hour) and service outages on centralized exchanges when users need them the most. Thus, scalable, decentralized, and affordable networks not only allow quicker transactions but also boost the long-term healthiness of the entire crypto market. For instance, Defi staking participants and derivatives traders could manage leverage, reduce slippage, and top-up margin calls in time to avoid unnecessary loss over liquidation events.
Secure and Efficient
At the heart of Solana’s ascendancy is the Proof of History algorithm leveraging on the bitcoin SHA256, which enables a throughput of higher than 50,000 TPS, averagely 400–600ms block time, 900+ nodes globally, and an extremely low transaction fee of ~$0.00025. Not to mention that attributes, such as Tower Byzantine Fault Toleration (BFT), parallel smart contracts run-time, Turbine, Gulf-stream, etc., when implemented completely as designed, enable extremely high throughput far beyond current performance level.
No doubt that most of the smart contract-enabled blockchains using Solidity allow developers to build the same way that they would do on Ethereum, and benefit from the widely available tools and applications. Solana is brave enough to choose a distinct path using Rust, more ergonomic and compatible than Solidity, and is determined to establish the ecosystem from almost scratch. Several tooling and development blocks are still under construction.
Welcome to Larix
“Our decision to build a major borrow lending platform on Solana is challenging yet thrilling. However, together with Solana and Serum teams, we can create a riveting and revolutionizing product to serve the Defi community better.”
Larix — the lending protocol on the Solana blockchain, adopted a dynamic interest rate model and created more capital-efficient risk management pools, as such a broad selection of collateral types can be fully utilized in a safe way. Furthermore, the rewarding system based on a delicately designed token economy enables continuous incentive allocation to boost real demands.
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