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Anatoly Yakovenko Takes Aim at Apple and Google: Solana Boss Wants to “Disrupt the App Store Duopoly

Last Updated March 12, 2024 11:02 AM
Teuta Franjkovic
Last Updated March 12, 2024 11:02 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Solana co-founder sees potential for cryptocurrency to disrupt Google and Apple’s app store dominance.
  • Yakovenko criticizes the app store model where platforms take a large cut from app revenue for simply listing them.
  • Solana Labs launched its Saga phone with a crypto app store and is developing Chapter 2.

Anatoly Yakovenko, the co-founder of Solana Labs, thinks cryptocurrency can challenge the dominant app store duo of Google and Apple.

He expressed dissatisfaction  with the current model of software distribution on mobile devices. He also mentioned the hefty 30% commission Google and Apple take from app earnings, essentially for showcasing a list of top downloads.

Solana’s Yakovenko Targets Google and Apple’s App Store Dominance

Advocates for cryptocurrency are exploring its potential to penetrate and transform other industries. Yakovenko views blockchain technology as a means to challenge the established dominance of Google and Apple in the mobile app distribution market. These tech giants currently profit by helping smartphone users download software.

Yakovenko critiqued  the apparent lack of intrinsic value in meme coins and loot boxes, but acknowledged the substantial $100 billion mobile gaming industry underpinning them. He highlighted the issue with the app store duopoly , which garners 30% of this revenue for just listing the top ten apps on each platform.

Can Crypto Apps Shake Up Google and Apple’s App Store Dominance?

Anatoly Yakovenko there is a slim, but significant, possibility that the rapid growth of blockchain infrastructure could unsettle the prevailing business models of the mobile app store duopoly dominated by Google and Apple.

Solana Mobile, a subsidiary of Solana Labs dedicated to mobile technology, unveiled its inaugural smartphone, Saga, in 2023. This launch marked a significant milestone because Saga introduced the Solana Dapp Store. As a result, this expanded the mobile app landscape with more than 16 applications designed for various cryptocurrency-related activities.

This initiative represents Yakovenko’s effort to use the blockchain’s capabilities to redefine software distribution on mobile platforms. Therefore, this could help challenge the entrenched practices of the industry’s giants.

Solana Labs Aims to Break Into the Lucrative Mobile App Market

Despite Google and Apple’s firm grip on the mobile app market, featuring over five million apps  between the Apple App Store and Google Play, the sector is on track to surpass $500 billion in revenue by 2024.

Solana Labs is poised to carve out its space within the market with its second smartphone, Chapter 2. The company has already seen over 100,000 orders during the presale phase, hitting the target necessary for hardware production.

Furthermore, Solana Labs has successfully processed over $20 million in USDC payments, bypassing the hefty fees typically associated with such transactions, showcasing their potential to offer a competitive alternative in the mobile app ecosystem.

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