In a recent interview with Thinking Crypto, macroeconomic expert Raoul Pal discussed the unfolding events around crypto exchange FTX and its connections to blockchain network Solana, often seen as a rival to Ethereum. Despite the trials surrounding FTX and its founder, Sam Bankman-Fried, Pal expressed no concern, citing the well-documented nature of assets held by the FTX estate. He distinguished the situation from unexpected crises like the Mt. Gox debacle, which rocked the crypto sphere earlier.
Pal commended Solana’s remarkable transaction speed and the active development within its ecosystem. Highlighting the upcoming Firedancer update, he noted it’s set to catapult Solana’s transactions per second (TPS) from 65,000 to an astonishing 1.2 million, marking a notable advance in blockchain tech. He drew parallels between Solana’s current resilience and Ethereum’s survival post a 97% value slump in 2018, underscoring the robust community backing Solana.
Regarding the crypto landscape, Pal foresees a multifaceted evolution in the next cycle. He pinpointed growing involvement from traditional financial entities, emphasizing the surge in blockchain-based payments, stablecoins, and central bank digital currencies (CBDCs).
Institutional engagement is climbing, with investments from pension funds and entities like Texas teachers symbolizing a broader acceptance and integration of cryptocurrencies within mainstream financial structures.
In his words: “Solana’s indisputable speed, coupled with the Firedancer update, is a game-changer. With a rising tide of activity, innovative projects on Solana, and increased institutional interest in the crypto domain, the future seems promising.”
This discourse sheds light on Solana’s potential to sustain its momentum despite the scrutiny surrounding its ties to FTX and paints a hopeful picture of its role in the broader adoption of blockchain technologies.
