Nftnews Today The state of Solana: Will the layer-1 protocol rise again in 2023?
About two months after the FTX collapse, the Solana community is stronger than ever, in keeping with Austin Federa, head of technique and communications on the Solana Basis.
Federa defines the current SOL token worth crash as a short-term market response to the perceived connection between Solana and the defunct crypto alternate FTX. Whereas FTX founder Sam Bankman-Fried was invested in lots of Solana-based initiatives, Federa identified he didn’t have any affect on the community’s operations and fundamentals.
“The exterior notion was that there was a really shut relationship between the Solana community and FTX, which wasn’t the case,” Federa defined in a current interview with Cointelegraph.
In line with a current report by Electrical Capital, the Solana community has been experiencing a file influx of builders contributing to the ecosystem.
To Federa, builders are more and more constructing on the Solana community due to its fundamental worth proposition: low-cost and quick transactions.
“You possibly can construct new sorts of services and products that aren’t transaction-constrained,” he identified.
When requested to handle the issue of outages which have plagued the community over the previous yr, Federa talked about various technical upgrades that ought to enhance the steadiness of the community within the months to return. Considered one of them is the current introduction of precedence charges, which ought to cut back the quantity of transaction spam on the community.
Federa additionally talked about Firedancer, a brand new validator shopper that’s anticipated to go stay on Solana’s mainnet by the top of 2023.
To seek out out extra about how Solana is recovering after the FTX collapse, try the complete interview on our YouTube channel, and don’t neglect to subscribe!
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.