Bankless

Austin Federa: Is SOL Money?

Aug 10, 2023
Guest
Austin Federa
Austin Federa, Head of Strategy at the Solana Foundation and host of the Validated podcast, dives into the intricacies of the Solana network and its native asset, SOL. He contrasts Solana's unique architecture with that of Ethereum and Bitcoin, highlighting the implications for network performance and economic sustainability. The discussion touches on SOL’s inflation model, staking mechanisms, and recent technological advancements. Austin also explores the dynamics of Miner Extractable Value (MEV) in both ecosystems, underscoring the philosophical differences that shape their development.
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INSIGHT

Solana's Architectural Philosophy

  • Solana's architecture, like city zoning, dictates what's buildable.
  • Its initial thesis was blockchain at Nasdaq speed, prioritizing a single, fast global state machine.
INSIGHT

Single Global State vs. Multi-Layer

  • Solana aims for a single global state, unlike Ethereum's multi-layered approach.
  • This offers better developer and user experience but requires heavier hardware.
INSIGHT

Solana's Economic Model

  • Sol's utility, like ETH, involves securing the network and paying gas fees.
  • Solana's economic model anticipates high blockchain usage, keeping base layer fees low.
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