What’s your take on Solana?

Ethereum's scalability problems

Scalability seems to be Ethereum's number 1 problem according to most users, and there's a lot of excitement around L2 solutions like optimism and zk-rollups.

Solana claims to address this problem without sharding or rollups. According to them, they can process up to 50,000 tx/s right now.

My experience with L2

I've playing around with L2 rollups just for the sake of testing them, and honestly, so far the experience has been downright terrible.

Losing composability is a major blow to the ecosystem, so for DeFi users L2 exchanges are downright inconvenient, limited and rather expensive.

And for small traders or holders, who only do the occasional swap, it's objectively better to do trading on CEXs… Or even L1 (because the cost of depositing and whitdrawing from L2 ruins them). Hence, I'm not surprised at all users are still on Uniswap or CEXs and not on, say, Loopring.

I understand it's early days and most projects still live on L1, but because composability is lost, then L2 bridges will be necessary to move funds from L2 to L2, I'm not fully convinced this will ever be a good experience.

I guess the vision is L1 will just become a settlement layer for a bunch of L2 rollups.

What Solana claims to do

Solana claims to have solved the blockchain impossible trinity using VDFs (Verifiable Delayed Functions) to support their Proof of Stake. This combination seems to provide decentralization, low transaction costs and privacy at the same time.

Their solution, if it works as intended, keeps L1 composability and can scale over time. This seems like a major threat to Ethereum DeFi dominance to me, not tomorrow, but in the mid to long term.

Your thoughts on Solana

What do you think of Solana? Do you think it's an actual threat or am I missing some problems with its design that makes it less attractive as a blockchain?