Solana’s native token SOL has emerged as one of the standout performers of the year, defying the odds and experiencing a remarkable surge of over 500%. This success is particularly noteworthy considering the challenges the blockchain faced, including its close association with FTX and multiple outages in 2022. However, according to Anatoly Yakovenko, co-founder of Solana, these hurdles have played a role in fortifying the platform.
Yakovenko Clarifies Solana SOL’s Security Status
In an insightful episode of the Unchained podcast, Yakovenko delves into the aftermath of FTX’s collapse, shedding light on how it affected SOL. FTX, a major supporter of the platform, held substantial amounts of SOL, making its collapse a significant event for It. Despite this, Yakovenko suggests that the discipline imposed by FTX’s downfall, coupled with technological enhancements, has ultimately strengthened Solana.
During the interview, Yakovenko also shared his early impressions of Sam Bankman-Fried, highlighting the intricate dynamics within the cryptocurrency space. Addressing regulatory concerns, particularly the SEC’s designation of SOL as a security, Yakovenko clarified that the accusation was aimed directly at the exchange and did not implicate Solana Labs, the foundation, or himself. He emphasized that the current situation may require Congress’s intervention for resolution.
Another aspect covered in the discussion was the entrepreneurial exodus from the U.S. due to regulatory risks. Yakovenko expressed concerns about how regulatory uncertainties are prompting entrepreneurs to seek more favorable environments, impacting the cryptocurrency landscape.
Intriguingly, Yakovenko touched upon Solana’s share of the stablecoin market and his belief that finance will inevitably transition to a platform like Solana. The co-founder sees the network as a robust foundation for the future of finance.
Switching gears to hardware, Yakovenko revealed that the Solana Saga phone, a venture by Solana Labs, has seen modest sales of 2,200 units. Acknowledging the need for a more substantial user base, discussions within the company are ongoing, exploring options such as new models, enhanced applications, and store discounts to boost sales.
As of the latest SOL price analysis, SOL is currently trading at $64.28, boasting a 24-hour trading volume of $2 billion, reflecting a 7.83% increase. Over the past 24 hours, SOL has experienced a 6.54% uptick and a 7.82% rise in the seven-day chart. The cryptocurrency holds the impressive rank of #6 on CoinMarketCap, with a market cap reaching $27 billion.
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