FameEX Hot Topics | Solana Co-Founder Anatoly Yakovenko Believes Crypto Could Break the App Store Duopoly

Anatoly Yakovenko, the co-founder of Solana Labs, envisions cryptocurrency as a potential disruptor to the dominant app store model currently controlled by Google and Apple. In a market where these giants command a hefty 30% commission from developers for app sales and in-app purchases, Yakovenko points out the inefficiencies and high costs associated with distributing software on mobile platforms. His critique highlights the limited competition and the significant portion of revenues collected by just showcasing a top 10 list of the most downloaded apps.

The conversation around crypto is not just limited to its financial aspects but also its potential to innovate across various sectors. Yakovenko sees an opportunity for cryptocurrency technology to challenge the stronghold of Google and Apple on mobile app distribution. Despite meme coins and loot boxes often being dismissed for their lack of inherent value, Yakovenko draws attention to the substantial mobile gaming market, which contributes to a $100 billion industry. The app store duopoly's 30% take from this lucrative market underscores the need for a new approach to app distribution and monetization.

Yakovenko proposes that cryptocurrency infrastructure could introduce a new, efficient way of conducting transactions and distributing apps, potentially upending the current business models of Google and Apple. This vision was partly realized with the launch of the Solana Mobile's Saga phone, equipped with the Solana Dapp Store. This store, offering over 16 apps catering to various crypto-related functions, represents an initial step towards this disruptive potential. However, the challenge is steep. Google and Apple's app stores collectively host over 5 million applications, with the mobile app market poised to exceed $500 billion by 2024. These companies' entrenched positions benefit significantly from providing the infrastructure that connects developers with consumers.

Despite these obstacles, Solana Labs is advancing in this competitive space. The announcement of their second mobile device, Chapter 2, following the success of Saga, indicates Solana's commitment to establishing a foothold in the mobile market. The presale of Chapter 2 saw over 100,000 orders, demonstrating significant interest and enabling the production of the hardware. Additionally, Solana Labs' processing of over $20 million in USDC payments without incurring traditional fees showcases the practical benefits of its approach to leveraging crypto technology for mobile app distribution.

Through initiatives like the Solana Dapp Store and the development of blockchain-enabled mobile devices, Solana Labs is actively exploring how cryptocurrency can offer an alternative to the conventional app store model, aiming to reduce costs for developers and offering a more diversified app ecosystem to consumers.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.