Solana Co-Founder Anatoly Yakovenko Thinks Crypto Has a Shot at Disrupting the App Store Duopoly

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13 Mar 2024

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Solana Co-Founder Anatoly Yakovenko Thinks Crypto Has a Shot at Disrupting the App Store Duopoly

By Sergio Goschenko
Tue Mar 12 1:30:13 EST 2024

Anatoly Yakovenko, co-founder of Solana Labs, believes that crypto can have a shot at disrupting Google’s and Apple’s app store duopoly. He criticized the state of the software distribution on mobile devices, lamenting that the two stores collected over 30% of all earnings just to display a top 10 list of the most downloaded apps.

Solana Labs’ Anatoly Yakovenko Blasts the Google-Apple App Store Duopoly

Crypto proponents are considering extending the applications of this technology to reach other markets. Anatoly Yakovenko, co-founder of Solana Labs, considered the application of cryptocurrency technology as a disruptor of the mobile app store duopoly, in which Google and Apple reap benefits for providing the means for users to acquire software for their phones.
Yakovenko stated that, as meme coins, loot boxes had no real value. However, Yakovenko remarked there was a $100 billion mobile gaming market behind these, and that the app store duopoly collected 30% of this revenue to show a list of the top ten apps in each platform.
Yakovenko stressed:

There is a tiny outside chance that crypto rails can grow fast enough and different and weird enough that they can disrupt the duopoly business models.

In 2023, Solana Mobile, a Solana Labs mobile phone-focused subsidiary, produced Saga, its debut phone. At its launch, Saga featured the Solana Dapp Store, which included over 16 apps for different cryptocurrency-centric functions.

Nonetheless, Google and Apple control the mobile app market, with over 5 million apps in the Apple App Store and Google Play. The mobile app market is expected to reach over $500 billion in 2024, boosting the earnings of these structures just for providing the rails to reach potential customers.
Solana Labs has another shot at becoming a part of this market, as it is currently working on its second phone, Chapter 2. The company registered over 100,000 orders in its presale phase, reaching the number allowing it to build the hardware. Also, Solana Labs processed over $20 million in USDC payments without paying fees for this task.
What do you think about Anatoly Yakovenko’s view of the Google-Apple mobile app store duopoly? Tell us in the comments section below.

TAGS IN THIS STORY

Anatoly Yakovenko, Apple, Crypto, Cryptocurrency, Google, Mobile app store duopoly, solana labs

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