Billy Markus, one of the co-founders of the popular meme-inspired cryptocurrency DOGE, has taken to Twitter to express his thoughts on the current state of popular cryptocurrencies, including Solana.
In a tweet, Markus, also known on Twitter as Shibetoshi Nakamoto, commented that high gas fees and transaction fees make popular cryptos essentially “broken garbage” unless they can scale their technology effectively.
The tweet quickly caught the attention of the cryptocurrency community, including GOKU, Director of Vibes at CodeCanvas_Art, who replied to Markus saying that Solana fixed this issue. However, Markus responded that Solana is essentially a centralized database and doesn’t really solve anything.
Another member of the community added that Solana is a VC shitcoin and that this will ultimately benefit Bitcoin in the long run. By discouraging high-frequency trading and transactions, bitcoin will become a true reserve asset with reduced volatility.
Markus agreed, stating that L2s and L3s will eventually become “regular” day-to-day crypto applications. Still, if a cryptocurrency is not meant to scale, then it won’t be able to compete effectively in the long run.
Markus’ comments have sparked a lively debate within the cryptocurrency community, with many agreeing that scalability is a key issue that needs to be addressed in order for cryptocurrencies to become more widely adopted.
With the rise of new technologies and innovative solutions, cryptocurrencies will ultimately prevail in the highly competitive market remains to be seen.
Solana DEX Volumes Soar Beyond Pre-FTX Levels
In recent crypto news, Step Data Insights, a data analysis company, tweeted about the rebound of Solana DEX volumes after the FTX crash. According to the tweet, Solana DEX volumes have surpassed their pre-FTX levels, with $5.57B recorded in the last four months compared to $5.54B four months before the FTX crash.
GooseFX, a super exchange that allows trading cryptocurrencies, perps, NFTs, and liquidity pools, also confirmed that DEX volumes are bouncing back stronger than ever. The exchange added that the ride is just getting started, hinting at the potential for even higher volumes in the future.
A community member responded to the Step Data Insights tweet, asking how the next 100x in DEX volumes would be achieved. The response to the question was that time would tell, but several narratives are forming on Solana that can lead to higher volumes and adoption.
Another community member commented on the news, saying they always believed that decentralized exchanges were the answer. They expressed happiness at seeing more people using them, adding that it’s the true ethos of cryptocurrency – no middlemen.
Many others agreed, expressing their hopes that the trend would continue to shift towards good decentralized exchanges. However, as the crypto market continues to grow, the demand for decentralized exchanges will only increase, with Solana at the forefront of this movement.
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