Solana has a bright future, said Vitalik Buterin, founder of ETH
The price of SOL has surged by 10% after Vitalik’s tweet.
Vitalik knows the value proposition that Solana brings to the table and understands that there is adequate space for both ETH and SOL to thrive in the blockchain space
Said that Solana has a bright future. Solana a blockchain whose token has dropped by 98% was called Ethereum killer due to its more efficient mechanism. The price of SOL has surged by 10% after Vitalik’s tweet.
"Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from the outside, but I hope the community gets its fair chance to thrive??"
Vitalik said that the severe pressure has filtered out the ‘awful opportunistic money people’ from the community and Solana is left with a smart developer community. Vitalik also accepted the fact that he cannot exactly tell what is going to happen as he does not have much information, but he hopes that the project will get its chance to thrive.
The year could have been better for the Solana blockchain as the price of the SOL token has dropped to under $10 from $170 in 2022. Some of the significant projects on the network had to migrate to better-performing chains in the search for an active community. The token price has severely affected the confidence of the devs building on Solana as it is getting more difficult for them to drive liquidity to their projects.
FTX’s sudden collapse became of the key reasons for the further fall of Solana. Sam Bankman Fried, the CEO of FTX, was one of the biggest Solana whales in the industry. In need of the funds, SBF dumped more than $500 million worth of Solana in the market and the presence of an excess supply further pushed down its prices.
There is no doubt in the fact that Solana is one of the fastest and cheapest blockchain networks present in the entire crypto industry. It aims to solve the problem of scalability trilemma that is faced by other DeFi networks and efficiently archives this to an extent.
Solana deploys a unique proof-of-history consensus mechanism to validate the on-chain transactions that makes its transactions much faster and significantly cheaper. Solana is one of the most popular blockchains for new DeFi projects and has a rich community of active devs that are working towards making the chain more effective.
Vitalik knows the value proposition that Solana brings to the table and understands that there is adequate space for both ETH and SOL to thrive in the blockchain space. Vitalik’s validation has come at a time when the confidence in the SOL is at an all-time low and this single tweet can bring back the Solana community again to life.
