Sam Bankman-Fried, Chief Executive of Alameda Research and crypto exchange FTX has recently claimed that Solana ($SOL) is the “most underrated token right now” despite the ongoing wallet exploit that began on Tuesday.
Investigations by the Solana team revealed that “affected addresses were at one point created, imported, or used in Slope mobile wallet applications”. He wrote in an email asserting his confidence in the network, opining that the recent Solana hack that drained $8 million worth of tokens “wasn’t a core blockchain problem,” but instead appears to have been a case of “one app someone built was buggy”.
Despite seeing some investors questioning Solana’s reliability and security, he thinks “it (Solana) had a lot of bad PR over a short period of time – I think it sort of deserved that.”
He believed technologically it had a lot of improvements to make. On this, he said: “Anytime you test the limits of what’s possible, that’s when you figure out what breaks.
“Any blockchain would’ve broken trying to do what Solana had done, and it was a way for it to figure out what needed to be refined and what needed to be improved.” Solana might have already worked “through two thirds” of its issues and will get through the “other third” soon.
He was optimistic about the growth potential of Solana and praised its habit of pushing the boundaries as “what blockchains should be trying to do right now in order to grow.”
Crypto Globe pointed out that his opinion isn’t entirely unbiased as he is a prominent backer of Solana. He is developing the Serum derivatives exchange which is built on top of the network. Alameda Research was also one of the leading investors in the $314.2 million funding round for Solana Labs in June 2021.