Year's best-performing crypto token is tied to Sam Bankman-Fried
Sam Bankman-Fried’s crypto empire, one of the blockchain projects most associated with the now disgraced entrepreneur is emerging from under the cloud his downfall cast over the digital-asset world.
Solana’s SOL token has surged about 340% to $41 in 2023, outdoing the 114% rally in market bellwether Bitcoin and becoming the best performing token among the largest cryptocurrencies tracked by Bloomberg. That follows a 94% drop last year as Bankman-Fried’s FTX and Alameda Research — two major backers of the project — collapsed into bankruptcy.
The token has doubled over the last 30-days amid the launch of a software solution dubbed Firedancer and the broader rally in the crypto market. Testing of the Firedancer network was announced this week at a Solana-themed Breakpoint conference in Amsterdam that attracted developers, investors and users of the blockchain.
Solana is among the blockchains competing with Ethereum, crypto’s key commercial highway, for a bigger share of digital-asset activity. It differentiates itself by offering lower transaction costs and faster processing speeds. VanEck Associates wrote in a recent report that the Firedancer update “promises to exceed Solana’s current capacity by a factor of 10.”
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View Details»Matthew Sigel, head of digital asset research at VanEck Associates, told Bloomberg that SOL’s recovery this year is proof that the project has moved beyond the FTX overhang.
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