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 response to 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 change 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 keeping with a current report by Electrical Capital, the Solana community has been experiencing a document influx of builders contributing to the ecosystem. 

To Federa, builders are more and more constructing on the Solana community due to its essential worth proposition: low-cost and quick transactions.

“You possibly can construct new sorts of services that aren’t transaction-constrained,” he identified.

When requested to deal with the issue of outages which have plagued the community over the previous yr, Federa talked about a lot of technical upgrades that ought to enhance the steadiness of the community within the months to come back. One among 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 consumer 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, take a look at the complete interview on our YouTube channel, and don’t overlook to subscribe!