Ethereum news today: Is Solana’s anti-MEV decision “exaggerated”?

• Solana’s crackdown on MEV validators has sparked divergent opinions.
• Ethereum has also been criticized for its strict stance towards memecoins.

THE Solana [SOL] against. Ethereum [ETH] The news that dominated crypto headlines last week appears far from over.

Over the weekend, the debate between the two major alternative L1 blockchains resurfaced after Solana cracked down on validators using MEV (Maximal Extractable Value).

In the fight against MEV, the Solana Foundation would have withdrawn its financial support from validators who engaged in it.

But a core developer of Ethereum, Ryan Berkmansdownplayed this decision and called Solana “not a serious colonization layer.”

“Now the next step in their plan to solve the MEV was to get financial support from the validators who mine the MEV 😆. Solana is not a serious implementation layer.

For the uninitiated, MEVs are essentially profit strategies maximized by validators by rearranging, excluding, or including transactions in the block.

Is Solana’s anti-MEV good or bad?

Whether the anti-MEV update is great or not is still up for debate.

For his part, Lucas Bruder, CEO of Solana-based MEV infrastructure provider Jito Labs, defended the Solana Foundation’s decision: declaring,

“The Solana Foundation is a stakeholder in the network. Stakeholders should want to see the network succeed. why would they support something that diminishes the network’s chances of success?

The executive added that the move was intended to protect Solana’s larger user base, piece of money traders.

“Most activity on Solana is trading memecoins, so if you screw up the core blockspace user base, they will leave, and we will all be sitting here with less usage wondering why we didn’t do anything .”

Interestingly, Solana co-founder Anatoly Yakavenko also supported the anti-MEV move as a great way to “meet the needs of users (coin traders).”

However, Berckmans claims that this move was the Solana Foundation’s protection of coin traders in order to maintain “competitiveness” against ETH and ETH L2.

“I think this story writes itself. The SOL/ETH ratio significantly overestimates Solana’s sustainability as a serious competitor to ETH L1 or our top L2s.

The referenced SOL/ETH ratio tracks the price chart performance of SOL against ETH. The ratio has been rising since October 2023, but recorded a slight retracement following the surprise application of the ETH ETF in May.

This means that SOL has outperformed ETH on the price charts since last year, but this could change.

Source: SOL/ETH ratio, TradingView

More Solana vs. Ethereum news

In another development last week, amid a row between Iggy Azalea and Vitalik Buterin over fame coinsEvgeny Gaevoy, CEO of Wintermute declared that ETH could fail because of “ETH elites” and not Solana.

“If ETH fails in the future, it won’t be because ‘Solana is faster’, it will be because the ETH ‘elite’ are still stuck in a massive contradiction. »

Notably, Gaevoy’s reaction was based on the Buterin and Uniswap founder’s stance that memecoins should be for the greater social good and not purely financial gains.

In other words, Solana has positioned itself as a pro-meme coin trader and launcher, while ETH has taken the opposite approach.

Source