- Sam Bankman-Fried noted that Solana is the most underrated token “for at least a month”.
- Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers, using a Delegated Proof-of-Stake (dPoS) consensus algorithm.
- The CEO noted that, technologically, Solana had a lot of improvement to make, but he believes that it has already solved “two-thirds” of its problems and will overcome the other third in the near future.
Crypto billionaire Sam Bankman-Fried, co-founder and CEO of popular digital asset trading platform FTX, has revealed that he believes Solana is the “most underrated token right now”, even as the network faced an exploit. which affected more than 8,000 wallets.
In an interview with Fortune, Sam Bankman-Fried noted that Solana is the most underrated token “for at least a month”, but emphasized that his opinion is “not investment advice”. During his interview with Fortune, the 30-year-old CEO said that the recent Solana exploit that affected more than 8,000 wallets “was not a core blockchain issue” but rather appears to have been “an app that someone built with bugs.”
Notably, an investigation into the exploit, which siphoned SOL and SPL tokens, including USDC, revealed that the affected addresses were “at one point created, imported, or used in Slope mobile wallet apps.”
Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers, using a Delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses Proof of History to order transactions in a way that significantly improves their speed and performance.
The network has experienced multiple outages in recent months, causing some investors to question the reliability and security of the network. Sam noted that the network “had a lot of bad PR over a short period of time”, which he says “deserved it”.
The CEO noted that, technologically, Solana had a lot of improvement to make, but he believes that it has already solved “two-thirds” of its problems and will overcome the other third in the near future.
It is worth noting that SBF’s opinion is not entirely neutral, as the CEO has an interest in the Solana network. His trading firm Alameda Research participated in a $314 million funding round for Solana Labs in June 2021, while he is also working on Serum, the decentralized exchange built on top of the network.
For the CEO, Solana has been testing the “limits of what’s possible” and that’s when things start to break down. He added:
Any blockchain would have been broken if he had tried to do what Solana had done, and this was a way of finding out what needed to be refined and what needed to be improved.
Sam Bankman-Fried
SBF added that it wished the previous Solana validator issues had been resolved sooner, but added that as the project pushes its limits and finds what goes wrong, it is on the right track, as that is “what the blockchains should be trying to do right now to grow.”
Solana Spaces, which was established with the help of the Solana Foundation, announced “the opening of the world’s first permanent physical retail, educational and community space dedicated to Web3” in New York City.
Solana Mobile, a subsidiary of Solana Labs, earlier this year introduced Saga, a “flagship Android mobile phone with unique functionality and features tightly integrated with the Solana blockchain”.
In June, Sam Bankman-Fried (SBF) signed the Giving Pledge, an initiative started in 2010 by Warren Buffett, Bill Gates and Melinda Gates, which encourages some of the world’s wealthiest individuals, couples and families to publicly declare that they will dedicate most of his wealth to charitable causes “either during his lifetime or in his will.”
