Recently, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, explained that although Solana ($SOL) got “a black eye” thanks to its exposure to FTX and Alameda Research, it is far from dead.
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.“
According to a report by The Daily Hodl, in a YouTube video released six days ago, the InvestAnswers host had this to say about Solana:
“Here we are. [Solana] is still ticking. ‘Click clock, every block,’ whatever they say. [SOL] is still out there. People are still developing... It’s not dead. It got a black eye, a broken ankle from all the exposure to FTX and the scammers associated with that but going by the data, [it] looks like it has a very good chance of surviving, especially when you benchmark it against all the other cryptos out there that literally aren’t very active today...
“Remember everybody, crypto is Darwinian. The question is, ‘Who will survive?’ The fittest always survive, and the fittest [are the ones with] lower fees, highest TPS [transactions per second], most decentralized, best leadership, etc.“
Two weeks ago, former Goldman Sachs executive Raol Pan, who is currently CEO of finance and business video channel Real Vision, explained why this could be a great time to buy $SOL despite all the doom and gloom surrounding the Solana ecosystem in the wake of the collapse of FTX.
During an “Ask Me Anything” session streamed on YouTube channel “Real Vision Crypto”, Pal said:
“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 6:27 p.m. UTC on 3 December 2022), according to data by CryptoCompare, $SOL is trading around $13.53, down 0.81% in the past 24-hour period.
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