- Solana’s creator is bearish on the blockchain and predicts Ethereum might render it useless.
- The founder believes upcoming crypto projects will change the industry in the next few months.
The founder of the Solana blockchain Anatoly Yakovenko is bearing it all out in an interview with the Bankless podcast. Yakovenko has given insight into what he thinks the future holds for the Ethereum rival, and it’s not entirely bullish. Solana might be rendered useless by Ethereum if the ongoing patterns in the market continue.
The Solana creator is weary of the increase in interest rate by the Feds. Yakovenko worries that if the Feds repeat the same action in an attempt to curb inflation, smaller crypto projects might suffer as a result. Investors might pull out from Solana if this continues to happen, he asserts.
I think that’s a big question for probably all of the smart contract platforms except for Ethereum: Are we going to be in a high-interest rate environment for the next five years where all the riskier bets get squeezed down and there’s no traction?
With Ethereum being more known, more valued, and more adopted than Solana, it poses a major threat to the latter. Solana might not be providing anything unique that Ethereum doesn’t already offer to investors, Yakovenko explained. “Even if Solana is 100 times faster. Even if we do more transactions than all the Ethereum [layer-2s] combined.”
Although all of his assertions are speculative, he’s not as hopeful for Solana if the dangers persist. If Solana’s value dwindles with time, its survival rates will continuously reduce, he remarks.
Yakovenko tells what to expect from crypto and future crypto projects
Yakovenko has the same sentiments when it comes to the entire cryptocurrency industry. “What is crypto doing right now that is so crucial to the world that it can’t live without it?” He quizzes.
Speaking on the future of cryptocurrency‘s, the Solana boss is very bullish on the new figures entering the market. He states that he is way more bullish than he was in 2018 and in 2019.
He observed that there are a lot of smart younger people that are no longer looking to simply join bigger cryptocurrency companies. Rather, he says them being more focused on building awesome products.
He also has positive predictions for what could potentially take place in the market in the next 12 to 18 months.
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Every new product or event that could take place in the cryptocurrency market within the aforementioned time period would have more impact on crypto, than anything else that has been put out from as far back as when crypto was incepted.
Cryptocurrency has a chance at survival, because if new products are being launched, founders are “grinding“ for the product market, and they will certainly get users.