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Why billionaire Sam Bankman-Fried considers Solana to be the “most underrated” crypto token

Igor Grigorchenko

News editor

Aug 5, 2022 at 05:50

The CEO of FTX, the world’s second-largest cryptocurrency exchange, decided to speak out against the background of problems with the Solana network, saying that the project has faced crashes before but has only become more successful after. We briefly review this complimentary interview and also explain what Sam Bankman-Fried has to do with Solana.

What’s the interview about?

So, after the shitstorm that the Solana network went through recently, FTX CEO Sam Bankman-Fried (SBF) decided to come out and do an interview for Fortune, which by a strange coincidence, is almost entirely about Solana.

To make a long story short (and you can really save time reading the whole marketing-infused interview) — he thinks Solana is incredibly promising as a project. In case you are interested in a little more detail, here are the main points of his speech: 

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  • SBF believes in Solana’s great future, despite all the temporary difficulties.
  • During his interview with Fortune, SBF exclaimed that Solana is the most underrated cryptocurrency.
  • SBF explained that Solana has successfully secured its platform by working through 2/3rd of its technological issues. SBF expressed his confidence in Solana, saying, “I am sure it will get through the remaining 1/3rd.”

Fortune also asked critical questions as part of the interview. About Solana’s frequent breakdowns and extended downtime, the speaker answered as follows:

“Any blockchain would’ve broken if it’d tried to do what Solana had done. This was a way for it to figure out what needed to be refined. Pushing the boundaries to see what breaks is what other blockchains “should be doing.”

Regarding another black PR that Solana received, SBF parried as follows:

“This is a good example of how something can be underrated. A random dAPP gets compromised and it’s blamed on the underlying blockchain. To be clear, no core or internal infra had any issues! It was just a single third-party application some people used…”.

Why SBF loves Solana?

If you are a romantic and ready to believe every nice word about Solana, you should know the following.

The head of the cryptocurrency exchange FTX is closely connected to Solana through several of his companies. SBF has invested in the project through his legendary company Alameda Research. He also participated directly in a $314 million funding round for Solana Labs and in the creation of a decentralized exchange based on Solana called Serum.

So this interest in Solana from SBF is quite understandable; we can only guess what share of this project he already owns.

Bloomberg recently analyzed and highlighted the major investments of three major companies, FTX, FTX US and Alameda, which are now all in the hands of SBF, forming his crypto empire.

Source: Bloomberg

 

We should add that taking advantage of the bear market and the difficult position of most players, Alameda Research has been quite active in buying up various promising crypto projects. In particular, it became known recently that Alameda was negotiating to buy crypto exchange Bithumb.

So such a quick attempt to support one of their sister projects is understandable, but you should also listen to constructive criticism of the project if you want to have a real understanding of the state of things.

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