- Solana’s crackdown on MEV validators has sparked mixed opinions.
- Ethereum has also faced criticism for reportedly taking a strict stance against memecoins.
that much Solana (SUN) big Ethereum (ETH) The news that made a lot of cryptocurrency headlines last week doesn’t seem to be over yet.
Last weekend, the debate between the two major alternative L1 blockchains resurfaced after Solana cracked down on validators using Maximal Extractable Value (MEV).
In the fight against MEV, the Solana Foundation has reportedly withdrawn financial support from validators who participated in the same effort.
However, Ethereum core developers Ryan BerkmansDismissed this move and called Solana ‘not a serious consensus tier’.
‘Now the next step in the MEV resolution plan was to secure financial support from the validators who extract the MEV 😆. Solana is not a serious settlement.’
For the uninitiated, MEV is essentially a profit strategy where validators maximize profits by reordering, excluding or including transactions in a block.
Is Solana’s anti-MEV good or bad?
Whether the Anti-MEV update is great is debatable.
Lucas Bruder, CEO of Solana-based MEV infrastructure provider Jito Labs, defended the Solana Foundation’s move. declaration,
‘The Solana Foundation is a staker on the network. Stakers must want to see the network succeed. Why would they support something that reduces the network’s chances of success?’
Executives added that the move was intended to protect Solana’s largest user base. same corner merchant.
‘Most activity on Solana is memecoin trading. So if you mess up Blockspace’s main user base, they’ll leave and we’ll sit here using less, wondering why we didn’t do anything.’
Interestingly, Solana co-founder Anatoly Yakavenko also supported the anti-MEV movement as a good way to “respond to the needs of users (meme coin traders).”
But the Berckmans assert This move was taken by the Solana Foundation to protect meme coin traders in order to remain “competitive” against ETH and ETH L2.
‘This story seems to write itself. The SOL/ETH ratio greatly exaggerates Solana’s durability as a serious contender for ETH L1 or the best L2.’
The referenced SOL/ETH ratio tracks the price chart performance of SOL against ETH. This ratio has been rising since October 2023, but has experienced a slight retracement since the surprise ETH ETF adoption in May.
This means that SOL has surpassed ETH on the price chart since last year, but things could change.
Source: SOL/ETH Ratio, TradingView
More Solana vs Ethereum news
In a separate development last week, Wintermute CEO Evgeny Gaevoy comes amid an ongoing dispute over famous coins between Iggy Azalea and Vitalik Buterin. decided The reason ETH may fail is not because of Solana, but because of the “ETH Elite.”
‘If ETH fails in the future, it will not be because “Solana is faster”, but because the ETH “elite” is still stuck in a massive contradiction.’
In particular, Gaevoy’s response was based on the position of Buterin and Uniswap’s founders that memecoins should be for the greater social good rather than purely for financial gain.
In other words, Solana positioned itself as a coin trader and launcher that championed memes, while ETH took the opposite approach.