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Analyzing how Solana can possibly give ETH and BTC a shot for their money

Ethereum (ETH) is second only to Bitcoin (BTC) for market capitalization, and its smart chain technology changed the rules of the game. Now, with the fast pace of the industry and some of the complications related to ETH such as scalability, fees, etc., the new contenders are challenging ETH for its throne. The interviewee here even considers that one of them is the next Bitcoin.

Hunting for the next top altcoin

Sam Bankman-Fried, the founder of crypto exchange FTX added support for two cryptocurrencies by competing against the largest token. The billionaire while speaking on Kitco News, expressed an optimistic narrative about Solana (SOL). He believes that Solana had the potential to scale to the level of mass adoption of Bitcoin (BTC). Also, he discussed avalanche (AVAX) as well.

To compete with ETH, a token needs different aspects. It is necessary to analyze what it would take for a billion people to use the cryptocurrency and blockchain infrastructure. Meanwhile, people end up using blockchain infrastructure at the same level that they use social media or finance today. Needless to say, it will create millions of transactions per second. The young entrepreneur sees SOL and AVAX blockchains scaling to that level.

He added:

I think Solana has the opportunity to do it, which is really exciting. I think there are other tokens that are aiming to scale a bit too, and Avalanche is one of them. “

Let’s separate this a bit. Talking about the fifth largest token first. When asked if he thought Solana could exceed Ethereum’s market capitalization, Bankman-Fried leaves it up in the air and says: “It could happen. It could never happen. ” But the great potential offers a lot of opportunities.

“[Solana] It has the potential to host DeFi (decentralized finance) applications for hundreds of millions to billions of people in addition to a giant composable ecosystem. Again, that doesn’t mean it will necessarily happen, but it could happen, and I think that’s really exciting. “

Not just ETH, but Solana also challenged the biggest crypto currency, BTC as well. Recently, SOL returns surpassed that of BTC.

Another project that he spoke about on Avalance. The # 11 ranked token has posted some impressive stats to back up its stance. Consider the tweet below:

The flagship token was up about 1% in 24 hours, trading above the $ 108 mark. Previously, it pushed DOGE to mark its entry into the top 10 cryptocurrency list. Really remarkable.

Cryptocurrency Overview

The aforementioned interview also referred to the contrast between bullish and bearish runs. It is a fact that there will always be more crashes and more bullfights. And in the years to come, he hopes to see “see substantial institutional adoption of cryptocurrencies.”

However, projects with a loyal following and important use cases are not intimidated by correctness.

“Projects that have actual adoption or potential for actual adoption are the ones that loyalists will support, even during bear markets.”

Quite a contrast to certain “overdone” meme tiles. For example, speculation about SQUID tokens. He was affiliated with the famous Netflix show ‘Squid Games’. Apparently people lost their life savings after the ecosystem pulled the rug from under them.

Bankman-Fried warned users to invest based on their appetite for risk and not be swayed by profits. You need to verify the token supply distribution of an ecosystem. One of the reasons this coin-meme failed.

This is a machine translation of our English version.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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