Solana (SOL) has risen from $33.3 a month ago to an all-time high of $130.01 on August 31. Believe it or not, the Founder and CEO of Solana Labs, Anatoly Yakovenko, is a crypto skeptic.
Beyond the SOL currency, Solana is renowned for its decentralized blockchain technology. Which aims to build the cheapest, quickest, and most censorship-resistant network imaginable.
Popularity and Investors Boom
Furthermore, the four-year-old blockchain platform has exploded in popularity. Moreover, its blockchain ecosystem includes over 400 projects on DeFi, NFTs, and Web3. Crypto exchange, FTX by Sam Bankman-Fried, and Alameda Research, a quantitative trading company, are built on the platform.
Along with big-name customers, Solana has big-name investors who have pumped millions into the business. Earlier this year, a16z and Polychain Capital completed a $314 million private token sale. Thus, helping the firm raise funds.
The present crypto market is not a bubble, according to Solana founder and CEO Anatoly Yakovenko. Not in the manner you think.
In this respect, the price of SOL or other cryptocurrencies is irrelevant since the products themselves are becoming usable. Neither is Yakovenko worried about the viability of NFTs, whose sales have helped draw users to his network looking for a cheaper alternative to Ethereum for digital collectibles and art.
He said:
“The sustainable part is that you have creative people that come up with new ideas, looking at the past and remixing them and building something new.”
CryptoPunks come and go, but the creativity continues to grow as more people—not just speculators— increasingly enter the field.
So is it a price bubble? Perhaps. In 2000, the dot-com bubble burst, causing sites like Pets.com to fail. But, if you’re reading this, you already know that the collapse didn’t destroy the internet—just the hype. Thus, it is also a similar move as per Yakovenko.
