Joe McCann, founder and CIO of Asymmetric, provided a bullish outlook on Solana‘s future in the cryptocurrency market, praising its architecture for its high throughput and low transaction costs, essential for broader adoption.
What Happened: In a podcast with Raoul Pal of Real Vision, he highlighted the upcoming “Fire Dancer” update, developed by Jump Crypto, which aims to significantly increase Solana’s transaction capacity to one million transactions per second.
“If Jump is applying this level of intellectual horsepower to something like Solana,” McCann said, “do you think they’re doing that because they think it’s not going to be around and making a difference with as relates to trading tokenized anything?”
McCann, known for his diverse background spanning technology and finance, also pinpointed Solana’s parallelized architecture as a game-changer.
“Solana,” he said, “not only has been this kind of almost obvious play of like this is of course what people are going to use behind the scenes, but they have also embraced culture in a way that I think a lot of other chains have not.”
McCann’s bullish outlook on Solana resonates with the growing recognition of alternative Layer-1 blockchains that offer superior performance and affordability compared to established players like Ethereum , which continues to grapple with scalability challenges.
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Why It Matters: The conversation delved further, exploring the curious phenomenon of meme coins that have stormed the crypto market. While often dismissed as purely speculative, McCann argued their significance: “Speculation, while often viewed negatively, is a necessary and sufficient condition for any new market or industry to exist.”
He drew parallels between the rise of meme coins and the evolution of Las Vegas, where non-gambling revenue now forms a substantial portion of the city’s income.
McCann further explored the concept of “financial nihilism,” suggesting that younger generations, facing economic hardship and limited opportunities, find meme coins not only as a form of entertainment but also as a potential path towards financial liberation.
“If you look at what has happened in just the past few years, post-pandemic, people were doing TikTok videos, they were doing Zoom calls, but guess what else they were doing? They were gambling, they were betting on sports,” he said.
What’s Next: As the Benzinga Future of Digital Assets event approaches on Nov.19, discussions around the potential of Solana and other innovative blockchain solutions are likely to take center stage, shaping the trajectory of this rapidly evolving industry.
Read Next: Coinbase Hires Ex-Mayors To Bridge Crypto And Policy Divide
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