The rise of Solana in the crypto space has not been at the expense of Ethereum, but rather as an expansion of the total crypto user base. Solana’s fast transactions, low fees, and vibrant app layer have served as a gateway for new entrants into the web3 ecosystem. The recent memecoin craze on Solana, with coins like HarryPotterObamaSonicInu and Fartcoin, introduced millions of people to crypto for the first time. While many may have lost money, some users have stuck around, presenting an opportunity for the crypto community to ensure their continued engagement.
The challenge now is to move these new users from being mere spectators to becoming active residents of the web3 ecosystem. The influx of users driven by Solana’s memecoin boom has brought real capital into the space, offering a chance for crypto to achieve mass adoption. However, the key now is to make it easy for these users to navigate the broader ecosystem beyond just one blockchain or use case. Seamless integration across different chains and use cases is crucial for retaining these users and sustaining growth in the long run.
The shift from onboarding to retention is the new focus for the crypto community. While attracting users has become easier with trends like memecoins, the real challenge lies in providing a seamless and intuitive experience across the entire web3 ecosystem. Crosschain infrastructure, such as industry-wide standards like ERC-7683, can play a key role in simplifying multi-chain interactions for users and developers alike. By removing the friction associated with moving across different chains, we can create a more unified and cohesive web3 experience.
The future of web3 lies in unifying the various chains and networks into a seamless ecosystem. Ethereum, Solana, and other chains are not in competition but should work together to provide users with a unified and intuitive experience. By building infrastructure that connects users across chains quickly and simplifies complexity, we can make web3 feel like a seamless whole. The goal is to create an ecosystem where users no longer have to think about individual chains, much like how no one thinks about TCP/IP when browsing the internet. This is the future we are working towards in the crypto space.