The CEO of FTX exchange Sam Bankman-Friend (SBF), has committed to saying that Solana is the most ‘underrated token’ right now. Solana (SOL) has been under the cosh recently, with some 8,000 users of the Solana wallet falling victim to hackers losing $5 million in funds and counting.
What Was Said?
In an exclusive interview with Fortune, SBF stated that his opinion is certainly not financial advice, but he remains bullish about the potential of Solana. The 30-year-old CEO had his say on the current wallet hack issue facing Solana “This wasn’t a core blockchain problem, likely seems like one app someone built was buggy.”
His opinion has been backed by various crypto security firms that believe Solana’s blockchain security isn’t to blame; rather, the coding of the wallet was exposed. More specifically, the explicit was found due to a mass compromise of users’ private keys, or passwords, by a third party.
What Does Solana Offer?
Solana is a robust blockchain, offering a faster alternative to the highly popular Ethereum (ETH) blockchain, which uses smart contracts that power various decentralised apps (dApps) and non-fungible tokens (NFTs). In fact, Solana has increasingly been used as the blockchain for upcoming NFT projects due to its high speed and cheap cost of transactions.
Solana is a top 10 coin by market value but has also endured the torrid times of the crypto market in 2022. Like many blockchain networks, Solana has had its hiccups. It’s had its critics, with doubts about the quality of the network in recent months following several outages and significant downtime.
But, despite all this, one of the leading voices in the crypto space, SBF, doesn’t doubt Solanas's security and stability, stating, “I think it had a lot of bad PR over a short period of time—I think it sort of deserved that, to be clear: Technologically, it had a lot of shit to work through,” he went on to say “But, I think it has already worked through two-thirds of that. I think it will get through the other third.”
Invested In Solana
SBF set up a trading shop called Alameda Research in 2017, which participated in a $315 million funding round in the summer of 2021. As such, it’s clear that he’s got a vested interest in the success of Solana. On top of that, he’s clearly a proponent of crypto.
However, he’s been touted as an impartial voice of the industry and has often lived up to that name. It remains to be seen how Solana will perform throughout the rest of 2022 as the market stays in a slump.