Recent announcements from payment giant Stripe and stablecoin provider Circle about launching their own layer-1 blockchains—Tempo and Arc, respectively—raise questions about the future of Solana and its blockchain thesis. While Stripe and Circle's initiatives could challenge existing L1s, they specifically cast doubt on Solana’s proposition that applications prefer a shared state layer. According to mteam, a co-founder of Spire Labs, this pivot to launching independent blockchains by large firms suggests a rejection of the Solana thesis. The implication is clear: if major companies opt to create their own chains rather than building on Solana, the foundational belief in Solana as a dominant blockchain for applications becomes increasingly questionable. Furthermore, the developments may bolster the L2 thesis centered around Ethereum, suggesting a shift in how institutional actors engage with blockchain technology.

Source 🔗