Fed-Driven Crypto Market Could Last Another 12-18 Months: Co-Founder Solana

the summary

  • Solana Labs co-founder Anatoly Yakovenko appeared on the latest episode of Decrypt’s gm podcast.
  • Discuss the current bearish cryptocurrency market and why the Breakpoint conference is such an important event for Solana’s development scene.

It’s been a tough few months to follow cryptocurrency Terra collapses In May, sending shock waves across the market. But cryptocurrency prices have been dropping for months at that point, and financial markets across the board have been hit hard this year. Inflation rises.

How long will the bear market continue? Estimates vary widely, but many in the crypto space don’t think we’ll see another bull any time soon. And you can count Solana Among them is co-founder Anatoly Yakovenko.

on me The latest episode of Decrypts gm podcastAnd the Yakovenko noted that the pain in the markets will continue for some time to come, citing the impact of the Federal Reserve’s ongoing rate hike. But Yakovenko also said Dan Roberts and Stacey Elliott, co-hosts, say he is bullish about the potential for a return to growth in the cryptocurrency market.

“When you look at the macro things, I think there will likely be another 12 to 18 months of these brutal Fed rate increases,” he said. “But there is an end to that. And just like in the last bear market, a lot of teams built and focused on product markets and really tried to build great products — I think many of them succeeded in a very exciting way.”

Solana was no exception to the broader decline in the crypto market, with the price of SOL down 81% since the start of 2022 per data from Queen Gekko. The Layer-1 blockchain network has also experienced three major downtimes this year, Including one last weekWhich Yakovenko addressed in the episode.

But Solana has also seen continued growth and momentum despite the overall downturn and technical issues. Solanas The NFT market is still growing Despite the lower price of SOL and the depreciation of some collectibles, as well as new projects steadily built On the web. Yakovenko also noted that Solana startups are raising funds at “very high valuations” despite the crypto winter.

His comments come before Solana’s Annual Breakpoint Conference In Lisbon, Portugal in early November. after, after For the first time last yearSome already consider the breakpoint a feature web 3 Conference arena. Yakovenko sees the event as an opportunity to take stock of everything in Solana’s ecosystem over the past year: the good, the bad and the ugly.

“We call it Breakpoint because it’s kind of a break,” he said with a laugh. “But I think it’s important – to take a break and then look back at what we’ve accomplished, the challenges we’ve faced in the last year, and really encourage everyone to keep building.”

When asked if he expects a different mood for a break this year compared to debuting in 2021, at a time when the price of SOL has soared to new heights, Yakovenko replied (again with a laugh), “People will get depressed and pessimistic.? Honestly I don’t know.”

Note that “people still have fun” when they are in their place Solana Spaces Store Or at the developer-focused Hacker Houses event in Solana, I wondered aloud if the fluid situation was because the builders had really lived through multiple crypto market cycles.

They’re like: “Yeah, now we’re driving again.” We can also make the most of it,” Yakovenko said. “So they tend to have a very good attitude about it.”

Listen to full episode From gm podcast wherever you get your podcast, be sure to do it Subscription.

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