Anatoly Yakovenko unpacks Solana's rise, memes, and NFT snafus

It has been a wild summer for blockchain project Solana.  From the meteoric rise in the price of its native token to technical problems facing NFTs launched on the blockchain, the project has entered the forefront. On this episode of The Scoop, Anatoly Yakovenko Founder & CEO of Solana Labs joins host Frank Chaparro for a deep dive into Solana, which some believe can compete with Ethereum despite being less decentralized.  As for price specifically, Yakovenko admitted it doesn't always make sense.  "This is just mind-boggling that if the price of Solana doesn't make any sense, then I have no clue why Ethereum has anything in terms of its value," he said, adding: "I don't pay attention to the price so much because I have no control over it and I'm an engineer. So, like, if I can't change it, then it's just like one of these variables." Solana Labs completed a $314.2 million fundraise back in June 2021 (that amount raised is a play on the number Pi). Investors included Andreessen Horowitz, Polychain Capital, FTX via Alameda Research and CoinShares. But as of yet, Yakovenko said much of their capital raise has not been deployed. It is also known for powering Serum, the decentralized exchange launched by Sam Bankman-Fried of FTX. Solana recently launched its Metaplex NFT marketplace, which Yakovenko acknowledged experienced server issues. Still, DeFi comes to the top of Yakovenko's mind as a core use case. “I've really felt that finance was a place where blockchain makes sense," he said. In Yakovenko's view, users could even one day use their own hardware to tap into the network in order to access financial market data as quickly as professional trading firms with access to exchange data. "The network guarantees as close as possible to an impossible problem, which is that information propagates equally to everybody at the same speed," he said. Episode 55 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Anatoly Yakovenko, Founder & CEO @ Solana Labs. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Bakkt, Kraken, and Exodus Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and merchant stored value. We began in 2018 with the vision to bring trust and transparency to digital assets. Through the Bakkt Warehouse and Bakkt Bitcoin Futures and Options contracts, we serve institutional clients in an end-to-end regulated market with true price transparency. For consumers, Bakkt aggregates digital assets to enable instant liquidity and to empower users to trade, transfer and pay however they want. Visit Bakkt.com for more information About Kraken Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today. About Exodus Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface.   Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.   Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.