Ethereum co-founder Vitalik Buterin has come down in support of Solana whose development activity has nosedived.
In his tweet, Buterin believes that SOL’s network got rid of its “terrible, opportunistic money guys” paving the way for a “bright future”.
He then hoped that the SOL community gets its fair chance to thrive.
Buterin’s endorsement comes after Solana’s ongoing FUD since the FTX crash, events like the departure of leading NFT projects, and the subsequent delisting of the SOL token by a major AUM, TronWeekly reported.
Chris Burniske, partner at Placeholder ventures also tweeted in support of the Ethereum founder. According to him, the negative sentiment surrounding Solana reminded him of the ETH in late 2018 when BTC proponents mocked its second-biggest rival would plummet to $0.
“We all know how that played out… it only motivated Ethereum more. Just as Sol folks are only getting further motivation currently…”, he added.
Following Buterin’s tweets, SOL, recovered from its $8.19 low on 29 Dec and reclaimed the $9.50 zone where it had been trading for the majority of the day.
At the time of writing, the token with a $3 billion market cap is exchanging hands at $ 9.16, down by nearly 5% in the last 24 hours.
The once-championed Ethereum killer has been under the limelight following reports of almost zero development activity which a leading data platform claimed a few days ago.
Santiment further asserted that the developer activity was essentially faked via artificial identities.
Additionally, the report highlighted James Spediacci’s Twitter thread in which he referenced numerous references from major journals to support his argument that Sam Bankman-Fried and FTX were crucial to Solana’s market-wide bull run in 2021.
Solana’s Co-Founder- “There’s definitely more to Solana than FTX”
Co-founder of Solana Labs Anatoly Yakovenko, the startup that developed the blockchain, said in an interview earlier this month that he doesn’t typically comment on price and that the emphasis should instead be on “the technology and having people build something fantastic that’s decentralized.”
There’s definitely more to Solana than FTX.
However, Solana and its founders are affected by the demise of FTX on a personal and professional level. Furthermore, the token’s decline reflects a loss of faith in the platform as a whole, whose market value at its height was close to $80 billion but is now only a small portion of that.