- Ethereum co-founder Vitalik Buterin defends Solana (SOL) amid the SEC turmoil
- He emphasizes that the real competition is not the chains but “the rapidly expanding centralized world
On the heels of regulatory challenges from the U.S. Securities and Exchange Commission (SEC), Solana (SOL) has found support among some OG crypto natives. Taking to Twitter on June 30, Vitalik Buterin, the enigmatic co-founder of Ethereum, wrote that Solana is facing unprecedented challenges that may prove strenuous for the crypto industry in the long run.
The one comment I'll make is that I feel bad that @solana and other projects are getting hit in this way. They don't deserve it, and if ethereum ends up "winning" through all other blockchains getting kicked off exchanges, that's not an honorable way to win, and in the long term…
— vitalik.eth (@VitalikButerin) June 30, 2023
He added that competition among blockchains must first deal with the challenges posed by centralized finance, or CeFi, before going on to develop a more robust crypto ecosystem as a whole.
“This is especially true since the real competition is not other chains, it’s the rapidly expanding centralized world that is imposing itself on us as we speak.”
After wishing Solana the best in their current regulatory challenges, he offered some final words of solace. “I wish all honorable projects a fair outcome in this whole situation.”His tweet has been garnering support among many in the crypto community.
Udi Wertheimer from Taproot Wizards responded: “A confident founder doesn’t FUD [short for fear, uncertainty and doubt other projects, he embraces competition as a healthy force for progress and fears a world where competitors are no longer around.”
While Anatoly Yakovenko, co-founder of Solana labs, stressed that he was proud Buterin was taking a stand.
He also added:
“We are all super lucky that Ethereum has amazing founders and a brilliant research community and devs that grind through really hard problems. Without all those folks contributing open-source code and research Solana wouldn’t be here.”
Over the past 24 hours, according to CoinMarketCap, the price of SOL has soared more than 5% reclaiming the coveted $19 price point. Remarkably, the 24-hour trading volume of Solana (SOL) spiked by over 100%.
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