The host of YouTube crypto channel Coin Bureau remains confident in Solana (SOL) regardless of uncertainties spurred by the smart contract platform’s recent outages.
In a discussion on crypto channel Digital Asset News, the pseudonymous analyst known as Guy shares his thoughts on SOL as the Ethereum rival continues to dip in price.
[adinserter block="1"]“I think Solana still has legs. It’s still in beta. I see these outages as battle testing of the network. They’re concerning. They’re not a good look. It’s not something we like to see, but every blockchain has its own weak points, its own failings and these outages seem to be Solana’s.”
Guy believes that Solana will overcome these setbacks because of its strong ecosystem of developers and investors backing it.
“I’m confident because they’ve got an enormous amount of backing. They’ve got a heck of a lot of developers working on it. Apparently, it’s actually quite difficult. It’s one of the trickier ones to actually develop on. I think [Solana founder] Anatoly said it’s a bit like eating glass.
I mean, that would be my only real concern about it, but you know, it’s got this amazing TPS [transactions per second], which is attracting people to build on it. Those projects that are building on it are also attracted by all that capital that’s there, that’s behind it.”
The closely followed analyst also says that large investors are not bothered by Solana’s outages, and so neither is he.
“There’s an interesting clip from the Algorand conference last November and a bunch of VCs [venture capitalists] are talking there and they kind of mentioned in passing that institutions, they’re not at all bothered about Solana’s downtime and for me, that’s that says quite a lot. I think the smart money still believes in the project, and so do I.”
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