How One Friendship Almost Took Out The Third Largest Crypto

Solana was one of the hottest projects in the last bull run. Today We are taking a look inti what happened to it and its connection with SBF.

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That is until salana came along I've Been telling you guys against into Salana salana wins everything Sal salana Has been the darling of this current bll Run doing an almost 20x from its low Around $10 $30 and $32 $75 today $135 to A high of over $200 in the last couple Months like salana is already offering Pretty much everything there a lot of Projects building on salana but how did A relatively new blockchain named after A sleepy California Beach Town salana Beach right here my favorite place in Salana Beach become the center for meme Mania and millions of dollars in Development our city is a great place to Live there's so much to love about our City that's what we're going to uncover Today in our new series foundations and Today we're talking Salana he's the creator of salon and the Co-founder of salana an An Yako this is probably the most Controversial thing you'll get me to say I bet that I think a lot of people came Into salana in 2020 or 2021 the story of Salana begins actually much earlier than That my family left the Soviet Union They saw like the full Devastation of What badly run economy and currency can Do to people that belief of sound Moneyness and like what Bitcoin promised I think like resonated with me I spent

Most of my career Qualcomm it's a Company that works in the wireless Industry and I was there from the start Of the mobile Revolution basically 2003 If folks ever had a flip phone and ever Played like any of those games I wrote a Bunch of codes that made that possible We basically bootstrapped that whole Ecosystem from like nobody wanted to run Any applications on phones to like okay We're playing around and messing around With stuff all of a sudden this is the Most important platform in the world you Know I spent most of my career making Code as energy efficient on mobile as I Could this is a crypto fun and what you Thinking 2017 I had a side with a buddy of mine One of the folks that became a Co-founder of salana Steve arriage is Called a tensor Cloud pre-open Ai and we Were like we think deep learning is Going to be a thing we're going to build These boxes and what is this stupid Crypto thing that people are paying us For like doing nothing might as well use It to like pay for the hardware and this Is when I got on proof of work why does It cause high fees in Bitcoin cuz at That time Fe spiked to like 60 70 bucks A transaction is it stupid why are People like pay for our gpus like what Is the point of all this did didn't sit Well with

Me then one night in 2017 a Groundbreaking idea popped into his head As a legend goes I had tea coffees in a Beer tea coffees in a beer and I had This like Eureka moment Eureka moment Eureka moment that there's a way to Encode passage of time as a data Structure if you remember your physics Classes like imagine you have two radio Towers that transmit at the same time or The same frequency you get noise so if You give each one a clock they alternate By time there's no longer interference And information passes through that time Component is very important for Optimizing wireless networks this is Actually exactly the same thing that Happens with blockchains you have two Block producers that produce a block at The same time they'll produce a fork so Now the chain doesn't know what the next State is and has to resolve it and That's effectively noise because now You've dropped the amount of information That this thing is is handl like per Second we have nearly 3,000 validators All in a single Quorum all voting every 400 milliseconds so this is a single Replicated Global computer that's Synchronized every 400 milliseconds in The world I need to know first of all Why does your company exist and second If you look at salon's Energy report a Single salana transaction is about two

Google searches think even out of proof Of stake networks it's one of the most Energy efficient ones and do you Anticipate other blockchains moving in That direction this is probably the most Controversial thing you'll get me to say I bet that if eventually it doesn't Switch to proof of stake nobody is going To use it Bitcoin can process about Seven transactions per second ethereum Is capable of almost double that but Salana boasts that the network can Handle over 50,000 transactions per Second holy I think there's Something really fundamentally cool About these systems when you look at our Team it's not surprising that we're able To build this ridiculously fast Blockchain once I realize that I think We have a design that can utilize all The bandwidth available to the hardware The other hard problems that are left Were basically the bread and butter of My career and like all the folks that Have worked at a qualcom that's what Drove me to basically take the leap Become a Founder try to raise money we Were like 9 10 months of cash left March 12th we announced that it was going to Be a week later March 16th is when the Markets crashed and I was like we So dead but I was just too exhausted to Delay and we really didn't have an Option you bought $100 of salana in 2020

May $100 July $120 September $629 you're holding salana Congratulations it's a great day we are Still on top of $28 we might Spike up to $30 salana is creeping up very quickly On xrp and B&B and if it keeps going Here it's looking like it could possibly Start to overtake xrp and B&B November $213 January 2021 $259 March $224 my next price target for is Probably somewhere in the 90 to $95 Range salana is trading at $80 and also Has flipped xrp and market cap and is Now a top five crypto May $6,795 what's the most underrated token Right now I think the answer in some Sense was July $493 September $2,730 how do you make sure that there's No downtime there's no outages or Security issues with salana on top of What else is going on every time you Have 10x growth you you see new Challenges Salon is transactions failing Failing I old transactions anytime you Test the limit of what's possible that's When you figure out what bre so pretty Good meme to start off here salana I got One transaction and then behind the Board lots and lots all failures why do You think it's salana rather than Ethereum or those layer 2 networks that Has attracted all of this mean coin

Volume I'm deep in the minds working on Like optimizing how fast bits move Through these servers and somebody sh The top is like creating random ass Memes I don't I don't know working out All the Kinks now with memes is like a Blessing those are just engineering Problem that's the kind of problem that I would rather have than the other kind I think you're really really impressive History and there are people who have Made fortunes who are connected with you So I need to know first of all why does Your company exist and second why we Blockchain is a revolutionary technology That is really enabling people to go you Know person the person without any Intermediaries but Bitcoin and ethereum Are just way too slow for that so salana Is there to really enable that 1 billion People to go fully interconnected the Promise of this project has never been Greater but Then why fraud on [Music] Customers on this Thursday night the Stunning collapse of a crypto Empire Conspiracy to commit wire fraud on Lenders cryptocurrency exchange FTX goes Bankrupt in a matter of days conspiracy To commit Commodities fraud if there's Ever a place I could be that I'm not Going to get in trouble it's going to be An FTS conspiracy to commit Securities

Fraud I'm probably going to have to file For bopy conspiracy to commit money Laundering what Sam did was oldfashioned Financial fraud and the list goes on the Journal reporting the CEO allegedly Using customer money from FTX to fund Risky bets at his other company a hedge Fund called Alam all anyone has from Bank freed is an apology I'm deeply Sorry about what happened so Um Sam do you want to like I Guess do you need an introduction the Man that doesn't need an introduction You know I'm I'm Sam I'm uh you [Music] Know uh I think the initial attention That Sam brought was certainly helpful In the early days Sam B but freed was a Prominent backer of the cryptocurrency Salana obviously he's done you know huge Damage to the industry and the network I Believe the worst thing he has done is The suffering he has caused to millions Of victims worldwide $8.9 billion dollar In customer funds are missing renewed Concerns about the safety and Credibility of many cryptocurrencies Their values have plunged as well over $150 billion in 3 days that's how much The world's 15 largest cryptocurrencies Lost in market value it's a bad look for All of crypto wow look at where we've Come here salana completely unrelated But getting caught up in the Mailroom

That's down 56% we have seen the price Of salana fall in roughly 90% over the Last 12 months now and one of the main Narratives was that salana is dead they Were inextricably tied to FTX and salana Was going to zero it was pretty scary Like I wasn't sure what was going to Happen everyone I think is that's an Influencer in crypto is like hyper aware Of like FTX and their place in in the Market and stuff like that but the Engineers actually don't they want to Build products they don't really care About like one exchange or another this Is a crypto fun the crypto phone is Basically a pretty standard Android Phone with a couple kind of cool but Extremely Niche crypto features for one Specific crypto stack one that happens To also be tanking pretty hard and has Been tanking for months took an entire Year for them to sell 20,000 units fast Forward only a few months into 2023 and Salana is actually doing many more Transactions by many multiples than Ethereum and other layer 2os and layer Ones at best ahead of its time but at Worst completely useless to most Everyday People spoiler alert if you're brave Enough to buy salana around $10 I bet You doing a little happy dance right now What we're building has a possibility to Change the world it sucks that the

Metrics are down but like who cares Those are vanity metrics if they're not Actually driven by true organic growth What I see now is that like really good Davs have taking this as an opportunity And they've built better products and Are growing go check out margin 5 Jos Phoenix the open book rewrite of serum We need those small Founders to get Product Market fit and grow in an Organic way because this is what Actually going to create the next really Really strong companies salana showed Its quality with the local fee markets The salana blockchain is absolutely Booming right now then in July salana Introduced hyperledger salong salana is A super hot project right now then just A month later salana pay integrated with Shopify salana will will skro it also Released fire dancer in October 2023 Salana is eventually going to overpower E and take the lead this was the perfect Time for salana to release pre-orders For its second attempt at a phone and This time they reached 100,000 Pre-orders in just 28 Days look at this you guys got to see This this is ridiculous look at this 7 Days it's up like a a freaking weed look At this a month ago it was all the way Down to $55 it's almost 2x in a month Look at this you cck the one-ear chart All the way down to January 2023 it was

$16 you five extra money only a day After flipping xrp now flipping Binance's BNB and market cap at time of Recording Salon is fourth in terms of Total value locked in the last 5 months Salon's tvl went from around 600 million To almost 5 billion

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