09.12.2021

The founder of the Solana project compared the cryptoindustry to the first emails

Over the past month, the cryptocurrency market quickly moved from uncertainty to a new round of a bullish trend: the price of Bitcoin fixed above $ 50,000, against which many popular cryptocurrencies reached new all-time highs.

Among them is the native Solana blockchain token, which positions itself as one of the main competitors of Ethereum. SOL has risen in price almost three times in August – and this is far from the limit, the founder and CEO of the crypto startup Anatoly Yakovenko is sure.

He believes the industry is still in its early stages of adoption and has room to grow in the years to come.

Note that the situation on the cryptocurrency market really looks positive. Today, Bitcoin has set a local high of $ 51,943, a new all-time high since mid-May 2021. During the day, the cryptocurrency grew by 3.7 percent.

15 minute Bitcoin chart

Other coins from the top ten cryptocurrencies by market cap are also showing strong growth. Over the past week, as many as three projects have shown growth of several tens of percent. They were Ethereum with 21.7 percent growth, Polkadot with 33.6 percent and Solana with 55.4 percent.

Top Cryptocurrencies by Market Cap

The total market capitalization of the niche is at $ 2.44 trillion.

What will happen to cryptocurrencies next

The day before, Yakovenko became a guest of the Decrypt Daily podcast, where he spoke about the growth rate of cryptocurrencies in comparison with the history of the Internet. In his opinion, digital assets are not a clear financial bubble – but rather an innovative technology at the foot of the peak of its popularity trend. Here is his quote on this matter.

I would not compare everything to bubbles. The bubble of 2017 came and went, and after that people created various projects for three years. Now we have come to the point where we already have the infrastructure that allows us to quickly attract new engineers and developers to create even more things.

That is, Yakovenko believes that the blockchain and cryptocurrency industry was simply not ready for large-scale growth in 2017-2018. And although the cost of tokens was seriously increasing, in fact, nothing was behind most of the projects.

Now the niche has become much more mature and is capable of solving global problems such as inequality in access to banking services. And this creates the preconditions not only for the growth of the value of cryptoassets, but also for the massive popularity of blockchain projects without any restrictions.

Solana creator Anatoly Yakovenko

In other words, the phase of discussing perspectives and white papers has already passed. By the way, it was the sky-high promises in the whitepaper of projects that were one of the main factors in the growth of the ICO bubble more than three years ago. Now “people are starting to supply a real product ,” Yakovenko said.

The financial side of these things is already developing in real projects and communities.

The creator of Solana does not pay much attention to the price of the token in the blockchain he created or the price dynamics of the rest of the crypto assets. For him, the main thing is the actual proliferation of those things that crypto enthusiasts have been working on for so long over the years.

Solana price increase over the last 30 days

The bottom line is that we now have creative people who come up with new ideas, look at the past, improve it and create something new. We may be at a stage where email was just getting started on the Internet.

We agree with this point of view – signs of the fundamental development of the industry are the main prerequisites for its cloudless future. Yes, at the moment, many projects may be overvalued due to the rapid growth of the market. However, more than 20 years ago, early tech stocks also experienced similar explosive gains and subsequent plummets. And yet, a couple of decades later, the “survivors” of that bubble have become one of the main companies in the stock market.

The full recording of the issue is available for viewing. We recommend that you familiarize yourself in order to better understand what is happening in the blockchain industry and its prospects. The conversation is in English.

We believe that the blockchain and digital asset niche is indeed at an early stage of development. This can be seen in how quickly new uses and trends change. For example, last summer was remembered for the massive popularization of projects from the field of decentralized finance like trading platforms. Now the epicenter of the hype falls on NFT tokens, which even surprised the creator of Ethereum, Vitalik Buterin. This means that further the situation will be perhaps more fun.

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