When asked what made the elected team pursue this project, Nano, co-lead of the governance team said “The idea of running our own Solana validator popped up within the community as an aspirational dream.
Staking for this pool is open to everyone, and the commission rates help fund the MonkeDAO and all its initiatives, aiming to push the Solana ecosystem forward. In just two days the MonkeDAO validator is staking over 2,000 SOL ($470,000 USD) and yielding approximately 7-8% APY to users who stake on the node. A tweet put out by the MonkeDAO announcing their achievement, was quickly picked up and commented on by Solana Labs Founder and CEO Anatoly Yakovenko in two separate tweets. On November 14 th 2021, the MonkeDAO validator went live, cementing their place as the prominent NFT DAO on Solana. We're hitting our stride and this is just the beginning. We are talking about several millions transactions per day.It's official, we're now the first DAO to operate a node on the Solana blockchain! We set out to generate value for our members and the Solana community as a whole while being stewards of the Solana ecosystem. But it's already much higher than Ethereum total transactions for sure. I don't have the data right now about how many tx are not votes. That only means that the net capacity throughput of the network is around 48k net and not 50k. Yes, right now around 2k TPS is about voting. And we are talking about defi niche that is the highest value one. You don't need to be the best in everything but the best in some significant niche. And having 1 shard and 1 layer and low latency will make Solana the best one for many use cases. It's absurd any starting technology under 1000 TPS that really wants to be global. Expensive hardware is a trade-off that I'm more than willing to take to have a blockchain that actually can become globally used by million people. Although it's muuuuch less than the 32 ETH required to set up a node in ETH PoS. So voting is only a large ratio of transactions because there aren't a lot of other transactions yet. If the network was utilized to 50,000 TPS, that same 600 TPS would only be 1.2% of transactions. Everyone knows it's a trade-off and Solana seems aimed to fill a niche.Īlso there is the FUD about that like 60% of all transactions are not notmal transaction, but voting transactions. It's obvious they knew that they were sacrificing what they thought was an acceptable level of decentralization.
The validator requirements were chosen on purpose to ensure that the Solana network maintains high performance. Not only does this produce a good user experience, but it's also important for global finance. This means new blocks are created roughly every half second. But it would take a lot more demand before that is needed in the first place versus slower layer 1 chains.Īnother reason and benefit of the validator requirements is so the Solana chain can have low latency. If the Solana main chain becomes clogged up with transactions, there's no reason they couldn't add sharding on top later. Solana redesigned the main chain for faster throughput and lower latency. Sharding is a method of speeding up a slower layer 1 chain. Since they advertise 50k TPS, those validator requirements are likely enough to get to that advertised rate or at least close. The Solana designers chose those specific validator requirements for a reason.
it will become more and more expensive with higher TPS. Lots of people say that for unsharded blockchains, there is a limit which you only overcome by using really really expensive hardware in order to process and store the whole state. Basically its all about solana beeing an unsharded network.
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