Founder of FTX: Solana is determined to become the largest decentralized finance platform DEFI
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Answer Founder of FTX: Solana is determined to become the largest decentralized finance platform DEFI
On November 25, Sam Bankman Fred was a guest on Kitco news (a YouTube news channel focused on the stock market, commodities, cryptocurrency, mining and metals).
The co-founder and CEO of FTX spoke about his view of cryptocurrency trading platforms and shared his thoughts on some of the projects and protocols that he believes have huge potential.
The young billionaire said that there is a great chance that Solana will eventually become the largest decentralized finance (DeFi) platform.
According to him, Solana’s main advantages are its ability to scale millions of transactions per second and its unique underlying technology for developing DeFi protocols.
Read:What is the impact of the expected rate hike from the Federal Reserve on the crypto market?
Bankman stated the following:
Yes, I think that one of the most compelling parts is that it has the potential to scale to where things need to scale if the blockchain network becomes massive.
It has the ability to host DeFi applications for hundreds of millions to billions of people on top of it through a gigantic buildable ecosystem.
Again, this does not necessarily mean that it will happen, but it can happen.
Solana digital currency price movement:
Solana (SOL) has had a wonderful several months.
The Fast Blockchain platform saw a 900% increase in its price in less than four months (its price reached $260).
It is currently the fifth largest cryptocurrency by market cap, and after the recent decline of Bitcoin, it is trading at $195 at press time.
FTX founder’s opinion on meme coins and the future of cryptocurrency:
In the same interview, Bankman also talked about the future of cryptocurrency.
He stressed that only protocols and projects that have been able to withstand (which cannot be avoided) market disruptions will last, and that will ultimately allow mass adoption.
Read:Facebook begins testing NFT Ethereum and Polygon in user profiles
When discussing projects that likely won’t survive the crash, Fred mentioned meme coins and cautioned investors to stay away from them because they are driven by hype and can crash the most.
He added that people should be especially careful with currencies where more than 60% of the supply is allocated to a small number of individuals.
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