While such an outage can negatively impact the project image and outcomes, noted the Coin DCX research team, some experts remain optimistic about the prospects of Solana, given its high energy efficiency and cost-effectiveness.
Edul Patel, CEO & Co-founder, Mudrex, pointed out that while the 17- hour outage did cause unrest among a large section of retail investors, "SOL continues to gain traction among institutional investors, given that a significant portion of SOL tokens in circulation is held by institutional investors and only a small percentage of it rests with the retail holders".
The popularity of the Solana blockchain can be fundamentally attributed to superfast transactions and dirt cheap transaction fees. “It is highly likely that Solana will take up all the blockchain gaming activity, which is computationally intensive, including payment transactions activity. It has the potential to compete with alto solutions, side chains on Eetherium Matic, Arbitrum, Optimism, among others. It would be interesting to see how it evolves in the future,” mentioned Gaurav Dahake, Founder & CEO, Bitbns.
Vikram Subburaj, Co-founder and CEO of Giottus Cryptocurrency Exchange, highlights the need for multiple layer 1 solutions to tackle network congestion. “With strong weekly inflows from institutional investors as well as adoption as a non-fungible token (NFT) platform, it faced network congestion back in August as well, leading to questions about its decentralized nature and a sudden diversion of interest towards another layer 1 solutions such as Avalanche. We believe that multiple layer 1 solutions will co-exist in the future and hence, Solana is well-positioned as of now,” he explained.
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