Recently, James Mullarney, host of the hugely popular YouTube channel InvestAnswers, stated that while Solana ($SOL) got “a black eye” from his affiliations with FTX and Alameda Research, he’s far from dead. As Coinbase described Solana in a blog post published on June 29, 2022: “Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana uses a hybrid of proof-of-stake consensus and so-called proof-of-history to increase the scalability of blockchains. Solana is one of the largest proof-of-stake blockchains by market cap and claims to support 50,000 transactions per second without sacrificing decentralization.
Solana aims to make smart contracts available so that programmers can create various decentralized finance (DeFi) applications, new cryptocurrency tokens, games, and other things. When users deploy their crypto, they make the underlying blockchain for that asset more secure and efficient. And in return, they are rewarded with additional network assets paid out as a bounty. According to a report by The Daily Hodl, in a YouTube video posted six days ago, the host of InvestAnswers had this to say about Solana:
Here we are. [Solana] is still working. Any block, click the clock, whatever they say. There is still SUN outside. Humans are still developing.
He’s still alive. Due to his exposure to FTX and the con artists that go along with it, he has a black eye and a broken ankle but based on the data; it appears as though he has a pretty good chance of surviving, especially if you do compares it to all the other cryptos that are not very active today. Nowadays… “Remember everyone; crypto is Darwinian. The question is, ‘Who will survive?’ The fittest always survive, and the fittest are the ones with the lowest fees, highest TPS (transactions per second], more decentralized, better governance, etc.)
Two weeks ago, former Goldman Sachs exec Raol Pan, currently CEO of financial and business video channel Real Vision, explained why this could be a good time to launch $SOL despite all the pessimism surrounding the Solana ecosystem to buy the FTX breakdown. During an “Ask Me Anything” session that aired on the Real Vision Crypto YouTube channel, Pal said, “I like Solana, and I understand the chain is broken. I also understand that they fix it.
And one of the elements was that because of FTX, he was focused on his property. Now they can liquidate you, which will eliminate one of the problems.
“Solana herself, she’s doing a very clever thing. What matters with cryptocurrencies is the narrative. The bitcoin narrative, digital gold, for example. Ethereum, the distributed Internet for Web3.
Solana has built and is building a narrative, which is the consumer chain… “But the consumer internet, these are the people who made the META deal, who made the Google deal. They have stores. You have clothing lines. You have a consumer mood.
And consumer acceptance of not owning cryptocurrency but using NFTs [non-fungible tokens] and other digital assets will skyrocket over the next few years…
Solana makes me think of Ethereum in 2018 when it dropped 97%, and no one noticed. And that was a great opportunity. According to CryptoCompare, $SOL is currently trading around $13 (as of December 3, 2022, 6:27 p.m. UTC) 53, 0.81% down in the last 24 hours.