On Tuesday (22 November 2022), Synapse COO Max Bronstein explained why be believes that this might be a great time to invest in $SOL, the native token of the Solana blockchain.
Here is how Coinbase described Solana in a blog post published on 29 June 2022:
“Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization, and is one of the largest proof of stake blockchains by market cap.
“Solana aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more. When users stake their crypto, they make the underlying blockchain of that asset more secure and more efficient. And in exchange, they are rewarded with additional assets from the network, which are paid out as rewards.“
“Think $SOL is one of the most asymmetric bets today Criticisms that were more true at the peak are comfortable to make down 95% + The root causes of its issues — alameda/sam — are gone and as Ethereum’s roll-up vision accelerates, Solana will be the main monolithic challenger“
Matthew Kaye, Managing Partner and COO at Blockhead Capital seems to agree with Bronstein because he responded with this comment:
“Couldn’t agree more with this. -on/off ramps already exist -wallets already downloaded by retail -#2 NFT chain -proper developer community w/ observable adoption Reminiscent of sub $100 ETH“
According to a report by The Daily Hodl, last Tuesday (16 November 2022), during an “Ask Me Anything” session streamed on YouTube channel “Real Vision Crypto”, Pal had this to say about Solana:
“I really like Solana and I understand that the chain breaks. I also understand that they are fixing it. I also understand that’s a no-no. And one of the elements was, it was concentrated in its ownership because of FTX. They are now able to liquidate it and so you’re getting rid of one of the issues.
“Solana itself, I think it’s doing something very clever. In cryptocurrencies, what matters is narrative. Bitcoin narrative, digital gold for example. Ethereum, the distributed Internet for Web3. So where do these other chains fit in? Well, Solana has and is building a narrative, which is the consumer chain…
“But the consumer Internet, these are the people who’ve done the deal with META, doing deals with Google. They’ve got stores. They’ve got clothing lines. They have a consumer feel to them. And I believe consumer adoption, not at owning cryptocurrencies, but the use of NFTs [non-fungible tokens] and other digital assets is only going to explode over the next few years…
“Solana reminds me of Ethereum back in 2018 when it was down 97% and nobody cared. And that was a great bloody opportunity.“
Currently (i.e. as of 17:00 a.m. UTC on 23 November 2022), according to data by CryptoCompare, $SOL is trading around $13.14, up 14.26% in the past 24-hour period, and down 94.9% since it hit $259.96, the all-time high which was reached on 6 November 2021.
Featured Image via Pixabay