Ethereum co-founder Vitalik Buterin recently expressed his hopes for the developer community of Solana, a competing blockchain project. In a tweethe commented that the “ugly money opportunists have been washed away“.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
– vitalik.eth (@VitalikButerin) December 29, 2022
Buterin said that it may be difficult for him to make an assessment from the outside, but he still wished these developers the best.
In 2021, many investors invested in Solana in hopes of reaping quick financial rewards without regard to the future value of the technology. With the departure of these investors, Vitalik Buterin seems to believe that it is time for real developers who are passionate about the potential of blockchain to shine.
Since peaking at $260 in November 2021, Solana has seen its value drop by 97%, bringing its current market capitalization down to just over $3 billion. It is currently positioned in 22nd place in terms of market capitalization, according to CoinGecko.
FTX’s collapse last November shook up much of the crypto-currency market, with bitcoin plunging to its lowest level in two years. However, Solana’s price was affected more significantly than other major coins due to its close association with FTX founder Sam Bankman-Fried and his companies.
On top of that, the blockchain suffered from technical difficulties throughout 2022, with multiple periods of network downtime.
This is quite a downfall for the project that was once considered the leading “Ethereum Killer“. Bank of America predicted at the time that Solana could become a Visa-like behemoth because of its high scalability.