2024 has been a transformative year for Solana. With a surge in developer activity, bold innovations in DePIN, and its ambitions to become a “decentralized Nasdaq,” the ecosystem is making waves. But are these changes enough to differentiate it from competitors like Ethereum and L2 solutions such as Base?

In this episode, Lily Liu, president of the Solana Foundation, and Mert Mumtaz, CEO of Helius, join Unchained to discuss how Solana is carving out its niche. They debate whether Base is a serious contender, why they’re not concerned about the 2025 token unlocks, and how Solana’s unique approach to MEV could shape its future. Plus, they tackle the ecosystem’s broader challenges and why they believe Solana’s vision will endure.

Show highlights:

• Why Mert feels paranoid but also vindicated 
• Why Lily started working on Solana after being known as a hardcore bitcoiner
• How Mert’s background in Coinbase led him to found Helius and become the voice of Solana online
• Whether Solana can become a place where unique innovations are built, rather than copying Ethereum
• Whether Solana can achieve its vision of a “decentralized Nasdaq”
• Why the ecosystem has attracted so many developers in 2024 
• Why Lily believes that Base is no competitor to Solana
• What network extensions actually mean, according to Mert
• How Mert responds to the criticisms around Solana’s MEV
• Why Mert and Lily are not worried about the token unlocks of 2025
• How the Solana mobile phone will compete with the giants
• Why DePIN showcases the real value of blockchain technology

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Kelp DAO
• Robinhood & Arbitrum
• Polkadot

Guests:

• Lily Liu, President of the Solana Foundation
• Mert Mumtaz, CEO of Helius

Links

• Unchained: 
• Pudgy Penguins See NFT Floor Price Drop Almost 50% After PENGU Launch - 
• Pump.fun Becomes First Solana DApp to Top $100M in Monthly Revenue
• How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
• Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name?
• What Are DePINs in Crypto? A Beginner’s Guide

Timestamps: 

• 00:00 Intro
• 02:34 Mert’s mix of paranoia and vindication about Solana
• 07:08 Why Lily shifted from Bitcoin to working on Solana
• 09:43 Mert’s journey from Coinbase to becoming Solana’s online advocate
• 14:47 Can Solana foster unique innovations rather than mimic Ethereum?
• 19:47 Solana’s vision of a “decentralized Nasdaq” vs. center of memecoin mania 
• 27:54 What’s driving Solana’s surge in developer activity
• 30:26 Why Lily sees Base as no real competitor
• 33:04 The meaning and implications of network extensions
• 37:07 Mert’s take on criticisms of Solana’s MEV approach
• 42:11 Why they aren’t worried about the 2025 token unlocks
• 44:26 Competing with tech giants through the Solana mobile phone
• 50:48 How DePIN highlights blockchain’s true potential

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