Well, the thing about crypto and blockchain Actually, the thing about most products across all industries, is that the best product from a technical standpoint doesn't always win. Is Nike, the best sneaker probably not yet. It's the number one selling sneakers. Does Apple really make the best phones and computers? Again? Probably not. Does Starbucks make the best coffee? Probably not. But it's the number one selling coffee. Because when it comes to growth, what's more important than the technical aspect is popularity and the network effect. And at this point, Solana has built up a network effect. There are actual users, there are wallets there is activity there is volume. And when it comes to blockchain, when there is blood, sweat, and tears put into a project, people don't leave right away. And the same thing goes for Bitcoin and Aetherium Bitcoin and Aetherium as much as I love them have so many issues, but they were fortunate enough to grow in a time where there weren't really any other blockchains and during that time, they built up a network effect. Again, actual people, developers, users, time and money in those ecosystems. So despite all of the issues of Bitcoin and Aetherium, and also in this case, Solana people don't leave right away. Instead of leaving, they try to fix the problem, because right now, there also isn't really anywhere else to go, because all blockchains are facing the blockchain trilemma
This is when a blockchain tries to have security, decentralization and speed all at the same time, except no one has done it so far to date. blockchains can only have two at a time when it comes to Bitcoin and Aetherium. They're secure and decentralized. But when it comes to speed, very slow when we talk about something like by Nance, smart chain, speed security, but it's not really decentralized. And then I know a lot of you thinking that the blockchain you're thinking about has all three, but it actually doesn't most other block chains in the space that are not Bitcoin and Aetherium have speed. And then from there, they can either have security, or decentralization. But the reason you might think your blockchain has all three is because that blockchain hasn't experienced extremely high volume and attacks yet, for example, that a few experiences many times we see that a blockchain may have speed security and decentralization. But then when it experiences attacks and high volumes, the blockchain goes down or it's centralized enough that there's a few people that can just shut it down right away
So this is something that people are still working on. Now when it comes to Solana like we said, there's a network effect actual people users while it's an activities. And when we look at defi llama Solana is actually number five in total value locked. And when it comes to Solana staking, they have a staking ratio of 74%, a much higher ratio than most other blockchains that use proof of stake. So we can see at this point that Solana has all of these people and activity on the chain. But not only do they have a network effect, they have something that really no other blockchain has. And that is the amount of Wall Street and venture capital money back in this ecosystem. Often we look at this in the crypto space and we criticize it, there definitely is something to criticize about having VC money back in your project. But on the opposite end, there's also a benefit. When problems arise. Money can usually fix it. I know, we like to think that money doesn't fix problems, but in the crypto and blockchain space, it actually does. And when we talk about products in the fight across any blockchain, who do you think builds it real people, developers, and they don't do anything for free?
So Solana has a lot of funding to actually build out these products. And these marketplaces, I mean, if you think about the Phantom wallet, it is one of the best di firewalls in the entire crypto space. It didn't just build itself for free. And earlier this year, we saw the wormhole bridge attack $320 million stolen. This would have been very, very harmful to the entire Solana defi ecosystem. But the very next day, chum capital jumped in and replenished all of the $320 million that was stolen. This is insane. I don't know if there is another blockchain that is capable of doing this and even if there is would they be able to do it this quickly. When Solana runs into issues like they have many, many times big money comes in and fixes it. Like we said, Blood Sweat Tears users volume Wall Street money. They're not just going to go away anytime soon, but I will tell you this. If blockchains like Ethereum and Solana do not fix their problems and still have them in 10 years from now, at that point, people will leave and when it comes to Solana like we said, every time it goes down, it seems like people forget and they move on the blockchain continues after that period immediately after usually it's a good time for people to get into Solana or Solana NF Ts
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