{"id":145904,"date":"2021-11-26T15:07:18","date_gmt":"2021-11-26T15:07:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=145904"},"modified":"2021-11-26T15:07:18","modified_gmt":"2021-11-26T15:07:18","slug":"what-crypto-billionaire-sam-bankman-fried-has-to-say-about-solana-taking-the-lead-over-ethereum","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/what-crypto-billionaire-sam-bankman-fried-has-to-say-about-solana-taking-the-lead-over-ethereum\/","title":{"rendered":"What Crypto Billionaire Sam Bankman-Fried Has To Say About Solana Taking The Lead Over Ethereum"},"content":{"rendered":"<p>Sam Bankman-Fried, the 29-year crypto billionaire who helms FTX exchange, has recently weighed in on the possibility of Solana surpassing Ethereum by market capitalization as it&#8217;s a more usable, low-cost alternative. He made the remarks while speaking with <em>Kitco<\/em>.<\/p>\n<h2><strong>Can Solana Overtake Ethereum?<\/strong><\/h2>\n<p>Bankman-Fried observed that the Ethereum token could see mass institutional adoption even if the underlying smart contract-enabled blockchain does not attain the same feat owing to its high transaction fees. Admittedly, absurdly high Ethereum fees and slow confirmation times have become somewhat of an existential crisis.&nbsp;<\/p>\n<p>ETH 2.0 that promises to drive transaction prices down by increasing network capacity is expected to go live in 2022. Bankman-Fried pointed to the native composability concerns around the much-anticipated upgrade, noting that synchronous operations will be an issue with sharding.&nbsp;<\/p>\n<p>These concerns have resulted in users jumping ship to other rival networks like Solana that can handle more transactions and more quickly in a native way. When asked whether Solana\u2019s market capitalization can outpace Ethereum\u2019s market cap in the near future, Bankman-Fried stated:<\/p>\n<p><em>\u201cIt could happen. It could never happen.\u201d<\/em><\/p>\n<p>He explained that while Solana has many qualities that supersede Ethereum and a lot of potentials to host a large number of DeFi applications, it can fail to achieve mainstream adoption on the blockchain side. Moreover, it may have serious flaws or even be challenged by another blockchain.<\/p>\n<p>The Solana network currently hosts over 400 projects including a slew of non-fungible tokens (NFTs) and decentralized finance (DeFi) projects. The SOL cryptocurrency has enjoyed explosive growth since its launch, even massively outperforming ETH on a year-to-date basis. SOL is the world\u2019s fifth-most valuable cryptocurrency on the leaderboard as of press time.<\/p>\n<p>Bankman-Fried has an eye-watering net worth of nearly $26 billion thanks to his FTX exchange and Alameda Research trading company, which makes him the richest crypto billionaire.<\/p>\n<h2><strong>How Memes Are Essential For The Market<\/strong><\/h2>\n<p>Bankman-Fried also discussed memes in the market. He suggested that investors should follow meme cycles when selecting crypto projects to dabble in. \u201cMemes are f***ing important. They drive the market,\u201d the crypto billionaire opined.<\/p>\n<p>However, users should exercise caution when dealing with meme stocks and meme coins as they are high-risk. While meme coins like Dogecoin and Shiba Inu have fetched gargantuan returns for investors, others like the Squid Game-inspired token scammed investors in a rug-pull scheme.<\/p>\n<p>That said, the FTX boss advises investing only what one is willing to lose as regardless of the project that you are purchasing, \u201cit could actually go down by 90%\u201d.<\/p>\n<p>Source: <a href=\"https:\/\/zycrypto.com\/what-crypto-billionaire-sam-bankman-fried-has-to-say-about-solana-taking-the-lead-over-ethereum\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, the 29-year crypto billionaire who<\/p>\n","protected":false},"author":3,"featured_media":145903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Crypto Billionaire Sam Bankman-Fried Has To Say About Solana Taking The Lead Over Ethereum - 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