2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025? - Ep. 755

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

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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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