Why Jupiter on Solana will be bigger than Binance with Anatoly and Meow | EP 34
Dec 5, 2023
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Anatoly and Meow discuss why Jupiter on Solana will be bigger than Binance. Topics include disrupting the NY Stock Exchange, technical abilities of Solana, advantages of a decentralized system, differences between Solana and Ethereum Layer 2, hotspots programs, Solana's potential applications, and its rivalry with Uniswap.
Solana's fast transaction speed and low fees make it ideal for payment use cases, especially in cross-border remittance.
Solana's composability allows for seamless interaction between different stablecoins, creating a rich and diverse ecosystem.
Solana's unique features and capabilities position it as a potential disruptor in the traditional financial system.
Deep dives
Solana's advantages for payments and cross-border remittance
Solana's fast transaction speed and low fees make it ideal for payment use cases, especially in cross-border remittance. With its localized fee markets, Solana allows for efficient and cost-effective payments by minimizing fees and providing real-time transaction settlement. The goal is to enable a global digital dollar that can compete with existing payment systems, bringing millions of users onto the blockchain and offering them DeFi services and yield opportunities.
Composability and the potential for a diverse stablecoin ecosystem
Solana's composability allows for seamless interaction between different stablecoins, creating a rich and diverse ecosystem. The vision is to have various stablecoin variants, including multiple versions of the US dollar, as well as other fiat currencies, easily accessible and interchangeable on the Solana blockchain. This would enable efficient and flexible fund transfers, cross-border transactions, and the ability to explore different DeFi services. The goal is to provide a user-friendly experience that allows for easy and instant swapping between stablecoin variants.
Advantages for payments and short-term transfers
Solana's fast transaction processing and low fees make it an ideal platform for payments and short-term transfers. Whether it's in-person checkouts, international transfers, or real-time fund distributions, Solana's quick transaction confirmation times and low costs provide a seamless and efficient user experience. Utilizing Solana's infrastructure, users can easily conduct transactions, send payments, and split funds in seconds, regardless of geographical location or the number of participants involved.
Potential for disrupting traditional financial systems
Solana's unique features and capabilities position it as a potential disruptor in the traditional financial system. The ability to build high-speed, composable applications on Solana, combined with its low transaction costs, opens up possibilities for creating decentralized alternatives to traditional financial institutions. Solana's focus on scalability and performance offers a path towards building decentralized alternatives to traditional exchanges and even stock markets. This provides opportunities for greater accessibility, liquidity, and innovation within the financial sector.
Scaling Solana and localized fee markets
Anatoly discusses the scalability of Solana and the concept of localized fee markets. He explains that by treating Solana as a database with hotspots, they can create a pricing system that charges additional fees for transactions in high demand hotspots, thus optimizing the usage of the block space and allowing for more efficient fee pricing.
The value of Solana for cross-border payments
The podcast explores how Solana, specifically through Jupiter's APIs, offers a seamless and cost-effective solution for cross-border payments. Users can pay with any token on Solana and the recipient can easily swap it to a token of their choice using Jupiter. This payment process on Solana is more affordable and faster compared to Ethereum, making it a compelling option for global transactions.
Imran and Qiao invited Anatoly and Meow to discuss why Jupiter on Solana will be bigger than Binance. No BS crypto insight for founders.
Timestamps
(00:00) Intro (00:36) Welcome to Good Game (01:07) Who is Meow and what is Jupiter? (02:01) How we met Meow (03:14) Let's bring on Anatoly and Meow (03:19) Notes and updates about Solana (05:22) Anatoly's Idea about being able to disrupt the New York Stock Exchange and Nasdaq (09:58) Technical abilities that Solana has (14:04) Why is it better to build a Nasdaq or NYC on Solana VS on an Ethereum Layer 2 (14:56) The one massive advantage of a decentralized system (17:18) What is different about the Layer 2 (21:35) Is Compulsivity really important? (23:56) What is The Most Important Application of Compulsivity? (24:54) Why people use Uniswap for Ethereum and Jupiter for Solana (28:32) Hotspots programs for Anatoly and how that scales over time (38:14) Is this something Ethereum could adapt (39:28) Understanding How to Leverage EVM (41:23) Qiao's opinion about the difference between Solana and Ethereum's DNA (43:43) If Anatoly believes Solana won't experience Layer 2, what is his opinion? (46:00) Anatoly's definition of layer 2 (48:48) Types of applications that are only possible for Solana that they're excited about (57:26) Where do they see the space going against Uniswap? (01:01:47) Insight about Ethereum being instituted in Solana (01:05:08) Anatoly's feeling about where Solana is today (01:07:02) Areas that Solana can improve on (01:08:32) Final thoughts (01:10:40) Learnings from the conversation
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DISCLAIMER: The views expressed herein are personal to the speaker(s) and do not necessarily reflect the views of any other person or entity. Discussions and answers to questions are intended as generalized, non-personalized information. Nothing herein should be construed or relied upon as investment, legal, tax, or other advice.
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