{"id":50805,"date":"2022-08-04T15:35:23","date_gmt":"2022-08-04T13:35:23","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=50805"},"modified":"2023-09-12T16:01:26","modified_gmt":"2023-09-12T16:01:26","slug":"solana-sol-is-the-most-underrated-token-right-now-says-ftx-ceo","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/solana-sol-is-the-most-underrated-token-right-now-says-ftx-ceo\/","title":{"rendered":"Solana (SOL) is the Most Underrated Token Right Now, Says FTX CEO"},"content":{"rendered":"

Solana<\/strong> is among the most popular blockchain protocols in the world. However, the network is currently dealing with a hacking attempt<\/a><\/strong> on its wallets. The attack was initiated on Tuesday<\/strong>, and it has affected more than 8,000 wallets<\/strong>. Moreover, the total amount of stolen funds stands at over $5 million<\/strong>. Nonetheless, crypto billionaire and CEO of the FTX Exchange, Sam Bankman-Fried<\/strong> has<\/span> said<\/strong> that he is bullish<\/strong> on Solana (SOL) despite the recent attack.<\/span><\/p>\n

<\/p>\n

Bankman-Fried termed Solana as underrated<\/strong>. He warned that it is not investment advice<\/strong> but he firmly believes that the token should have a higher value<\/strong> in the market. He also said that the recent incident does not seem to be a core blockchain problem<\/strong>. It could have been caused by a buggy application<\/strong>.<\/span><\/p>\n

Sam Bankman-Fried Puts Weight Behind Solana<\/span><\/h2>\n

Several crypto security firms<\/strong> have also agreed with the analysis of the CEO of FTX. They believe that there was no problem with the Solana blockchain but it occurred due to the compromising of a large number of user private keys<\/strong>. This could have been done by a third party<\/strong>. Despite the reason, Solana made it into the headlines for all the wrong reasons<\/strong>.<\/span><\/p>\n

Solana projects itself as a faster alternative<\/strong> to the Ethereum blockchain. It offers smart contracts<\/strong> while allowing the creation of NFTs and decentralized applications (DApps)<\/strong>. Throughout 2021<\/strong>, SOL was the leading performer in the market. It stormed into the list of top 10 cryptocurrencies<\/strong> by market cap.<\/span><\/p>\n

\"crypto<\/p>\n

But the token and its blockchain have suffered<\/strong> lately. The Solana Blockchain faced several network outages<\/a> and downtime<\/strong>. Therefore, consumers, as well as developers, have shown concerns<\/strong> over the performance of the blockchain. More people are raising questions about the stability, reliability, and security<\/strong> of the network.<\/span><\/p>\n

However, Bankman-Fried says that Solana has had bad PR<\/strong> over a short period of time. The blockchain had many technical issues<\/strong> but it has successfully covered two-thirds<\/strong> of them. He further added that the network will make it through the remaining issues as well. Sam Bankman-Fried has himself invested<\/strong> in SOL directly and through his companies. Moreover, he is building a decentralized exchange, Serum on Solana<\/strong>.<\/span><\/p>\n

According to the crypto billionaire, Solana has tried to achieve something that other networks did not<\/strong> even try of doing. Thus, the blockchain has always pushed its boundaries<\/strong> which makes it the best among the lot. The analysis<\/strong> of Bankman-Fried has induced some optimism in Solana\u2019s community and overall team<\/strong>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana is among the most popular blockchain protocols in the world. However, the network is currently dealing with a hacking attempt on its wallets. The attack was initiated on Tuesday, and it has affected more than 8,000 wallets. Moreover, the total amount of stolen funds stands at over $5 million. Nonetheless, crypto billionaire and CEO … <\/p>\n

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