Austin Federa is the Head of Strategy at Solana Foundation, a nonprofit organization based in Switzerland that provides grants and supports development on the Solana network. Solana is known for its fast, cheap, and scalable blockchain solution with transactions finalizing in 400 milliseconds and low fees of around $0.00025 per transaction.

Why you should listen

Solana first gained adoption due to its ability to handle a high volume of transactions at low costs compared to other L1 blockchains like Ethereum. The Solana Network continues to grow with about 2,000 nodes globally, demonstrating decentralization and increasing stake distribution compared to other networks like Ethereum or Polygon.

Visa is running a pilot program using the USDC stablecoin on the Solana network after previously conducting it on Ethereum.

Austin says that the collapse of FTX did not significantly impact Solana as users continued transacting and builders kept building on the network. The network is resilient and has a strong community.

Supporting links

Bitget

Bitget Academy

Bitget Research

Bitget Wallet

Solana

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