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FTX Collapse Puts Solana into Battle Mode
The Illusion of SBF’s Prodigy
How to Respond to SEC’s Securities Charges
Solana Phone Project Fails Miserably, Only Sells 2,000 Units
FTX Collapse Puts Solana into Battle Mode
Solana (SOL) is one of the best-performing cryptocurrencies this year, with an increase of over 500% so far. Co-founder Anatoly Yakovenko discussed Solana’s recovery and future development after the FTX collapse on the Unchained Podcast.
Yakovenko expressed his concern during the FTX collapse about how many teams in the Solana ecosystem had long-term operating funds stored in FTX. He contacted and reached out to these teams, and some of them were forced to reduce their operating funds to 18 months. This put him and the major project teams into battle mode, working twice as hard to expand the Solana ecosystem.
The Illusion of SBF’s Prodigy
Yakovenko mentioned that, like many others, the impression of SBF is that of a super genius. It is uncertain whether this is due to the MIT degree or personal admiration. SBF’s pace also gives the impression of being quite fast.
He said:
The whole FTX team looks like a billion-dollar check, making it difficult to know the truth about what they are doing.
Yakovenko was also asked how Solana plans to address the long-standing issue of downtime:
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Bankless comments on Solana: Significant improvement in network downtime, protocol revenue and TVL grow by nearly 50%.
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How to Respond to SEC’s Securities Charges
The SEC has mentioned SOL and other tokens as securities in their lawsuits against Coinbase and Kraken.
Yakovenko stated that the SEC did not accuse Solana Labs, the foundation, or team members of any improper behavior, so they cannot take any specific actions. He believes that it is really necessary for Congress to address such uncertainty, and he is optimistic that the United States will ultimately clarify the securities attributes of cryptocurrencies.
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Polygon (MATIC), Solana (SOL), and Cardano (ADA) respond to securities charges in three ways.
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Solana Phone Project Fails Miserably, Only Sells 2,000 Units
Yakovenko confirmed that only 2,200 units of the Solana Phone Saga were sold. However, he firmly denied the phone vulnerabilities claimed by the security firm CertiK and jokingly said they would never hire CertiK for security analysis.
When asked about the development cost of the phone, Yakovenko automatically ignored the question. But he admitted that he still uses an iPhone and switches to Saga:
Because there are too many business apps and security codes tied to the iPhone, it is like my work phone, while Saga is like my NFT phone.
As for the next steps for the phone project, he stated that the team is still discussing it and believes that achieving sales numbers of 25,000 to 50,000 units will bring them a hardcore user base.
Yakovenko seems to be using the Saga phone himself, casually picking it up to show Laura Shin.
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Big discount! Solana Phone Saga at 40% off, now only $599 instead of the original price of $1,000.
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Anatoly Yakovenko
FTX
Saga
SBF
Solana
Further Reading
Solana Phone’s Surging Sales Turn it into an Airdrop Tool? Bonus $BONK Tokens Worth More than the Phone’s Price
20% of SOL Ecosystem Projects Were Previously Invested in by FTX, Solana Founder Declares: Rebirth Through Fire