Solana co-founder calls timeline for ending the current bear market

Anatoly Yakovenko believes that the reversal should be expected after the US Fed eases its policy

07.10.2022 - 12:50

788

2 min

What’s new? Anatoly Yakovenko, the co-founder of the Solana blockchain, said during the Decrypt podcast that markets continue to fall as the US Federal Reserve System (Fed) continues to tighten monetary policy by raising rates. In his opinion, rates will rise for another 12 to 18 months, which means the cryptocurrency bear market will last as long. But Yakovenko is optimistic about the future and thinks that teams that create really important products will survive this downturn.

Decrypt’s material

What is known about Solana? The blockchain was launched in 2018. The network uses the Proof-of-History consensus algorithm, which eliminates the scalability problem while maintaining a high level of security and decentralization. The native token, SOL, ranks 9th in the ranking of cryptocurrencies with a capitalization of $11,88 billion. As of October 7, 12:00 UTC, the asset is trading at $33,36, down by 2,13% per day, according to Binance.

According to a report from analytics firm Nansen, the Solana blockchain surpassed Ethereum in terms of user activity in Q2 2022. The number of transactions on Solana was more than 40 million, while the Ethereum network processed about 1 million transactions.

On October 1, Solana developers reported an outage on the network and temporarily suspended its operation. Later, the issue with a misconfigured node that caused the blockchain to stop processing transactions was fixed, and the network began functioning again.

Author: