Solana (SOL) Supported by Top Analyst Despite Meltdown; Why?

Chris Burniske of VC firm Placeholder, the author of many early models of digital asset valuation, explained why Solana (SOL) looks special to him despite having a terrific year.

Independent innovation, committed community, easy-to-use product: Chris Burniske is bullish on Solana

Burniske took to Twitter to share his vision of the Solana (SOL) blockchain, its endeavors and prospects in 2022. As the Solana (SOL) ecosystem is among the worst sufferers of the FTX/Alameda collapse.

1/ Still longing $SOL while haters spinelessly pile onto the downside momentum. When @solana recovers, it's not me that will be haunted by the thought, "Instead of jeering, I could have been buying $SOL ~$10."

— Chris Burniske (@cburniske) December 30, 2022

Recently, he had a conversation with Ethereum's founder Vitalik Buterin about Solana (SOL). Burniske appreciates the way Solana (SOL) addresses blockchain problems as it is totally separate from the attitudes of Ethereum (ETH) and Cosmos (ATOM).

In terms of what I like most about Solana, firstly for me it has its own unique flavor of hardcore devotees & nerds, which means the innovation is independent from what I find in Ethereum and Cosmos

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He also admitted that the Solana (SOL) community is full of experts in hardware and network optimization, while its validator ecosystem is passionate and committed.

Solana's key figurehead Anatoly Yakovenko looks more pragmatic to Burniske than Ethereum's Vitalik Buterin and Ethan Buchman of Cosmos. At the same time, it should be attributed to his original vision of blockchain progress, not to his readiness to "betray" the decentralization ethos.

Is Solana (SOL) ghost chain?

Solana (SOL) smashed through a number of major accomplishments when it comes to introducing Web3 products to the Web2 world: its developers have relevant backgrounds.

Solana's virtual machine can also scale more aggressively than its major competitors. That is why Chris Burniske and his team are bullish on Solana (SOL) and Cosmos (ATOM).

Commenting on his post, Shiv Sakhuja, a co-founder of Magik Labs, admitted that the network activity on Solana (SOL) is too impressive for a "ghost chain" or a "zombie chain":

Things are looking rough for Solana but 500M transactions were confirmed on the network by 10M active addresses this month. That doesn't sound like a ghost-chain though maybe a bot-chain

In the last year, Solana's (SOL) token price dropped from $171 to $9.88; 95% of its value has been erased.