Anatoly Yakovenko, Co-Founder and CEO of Solana Labs, the technology company that is building high-performance L1 blockchain Solana, has refuted the notion that the crypto markets are in a bubble.
During an interview on September 3 with Decrypt Daily podcast host Matthew Diemer, Yakovenko pushed back on the idea that the cryptomarkets are overvalued, despite SOL tripling in value over the last month on its way to a $40 billion market capitalization.
According to a report by Decrypt, Yakovenko called the current market situation a “really different time” in the space of crypto, saying it was difficult to compare to previous bubbles.
Yakovenko said crypto enthusiasts spent the three years of market turn-down building stuff, creating the infrastructure to enable new engineers and developers to quickly iterate on the technology.
The Solana Labs CEO went on to say:
People are shipping everything. The financial aspect of these things is happening with real-life products and real-life communities.
Yakovenko also mentioned that the high market capitalization was irrelevant in the face of crypto adoption and the growing usability of the technology. He also downplayed the unsustainability of non-fungible tokens (NFTs), saying creative people would continue to come up with new ideas to bring innovation to the industry.
Yakovenko compared the current state of the cryptomarkets to the adoption curve of the world wide web, saying we had finally reached the point when “email started working on the internet.”