According to Ethereum community member Ryan Berckmans, Solana is not well-suited to be the backbone of the new global financial system. Berckmans points out that Solana initially marketed itself as capable of handling global transactions on a single chain before shifting its approach to focus on Layer 2 (L2) solutions. However, Berckmans argues that Solana's acknowledgement of Ethereum's L2 backbone strategy came after seeing flagship applications building custom L2 appchains on Ethereum. He identifies several barriers preventing Solana from becoming a global backbone, including the lack of multiple independent chain clients, high bandwidth requirements, outages, and economic centralization concerns. Additionally, the emergence of zk proof aggregation for L2 settlement poses a challenge to Solana's position. Berckmans predicts that Solana's market share will continue to decline compared to Ethereum's L1 and L2 ecosystem. Despite its strengths in meme coin growth and price appreciation, Solana's fundamental limitations make it unsuitable as the backbone of a global financial system according to the analysis.



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