Solana was the biggest new thing in 2021, and it'll never come back.
Solana's fate is sealed. They can't even keep it up and running...how many times has it broken over the past year?? lol. Blockchains need to actually work, which means they are always up.
Solana had its day in the sun late Summer and Fall of last year, but that time is over now. The fact that Solana was tied up with FTX just makes its death quicker.
Man, I thought I was getting out late when I sold all my SOL at like $46 this Spring. It just went down to $11!! Though I should have sold 12 months ago when it was still around $200 when that first outage occurred.
Oh well, there will be new smart contract platforms for the next bull run that'll get the same sort of hype SOL, ADA, DOT, LUNA, etc got in the last bull run as most or all of the stars of the last bull run fade away. The lifecycle of Crypto.
Network outages, and now the recent FTX collapse, will ultimately "kill" Solana's ability to overcome Ethereum in the long run. It's unfortunate things will turn out this way, since the project holds a lot of potential to revolutionize the crypto/Blockchain industry (fastest confirmation times and cheapest fees per transaction unlike any other blockchain in the world today). The SOL cryptocurrency is now trading below $14, way below its ATH of over $200 per coin. Only a "miracle" would save Solana and make it one of the top 5 cryptocurrencies in market cap. But I doubt there's a chance for Solana to recover, especially when developers haven't fixed the network outages yet (in other words, they don't care about the project at all).
I don't think Solana or any other smart contracts platform will "beat" Ethereum, especially when the latter has first-mover advantage on the market. At least, there will be many platforms to choose from. People will ultimately decide which platform stays and which one goes all the way down the drain. As long as there's healthy competition on the industry, nothing else matters. Just my thoughts
I think that there is pattern for new coins, it's either they are the next hype or will be the next Ethereum killer.
When I was new this was already the trend in 2017, I can't remember how many projects claims to be the Ethereum killer but no one beats Ethereum and on the contrary, those projects suddenly die or maybe still in the cryptospace existing but nowhere near the success that they claim to be in the beginning.
Even BNB was touted to be the next Ethereum, yeah it enjoyed success because of CZ but still though in terms of market cap and volume, no altcoin can match ETH, maybe besides USDT but that is another story.