Competitors Should Mimic Solana to Succeed – Europe’s Oldest Crypto Fund Founder

The founder of CyberCapital, reportedly the oldest cryptocurrency fund in Europe, Justin Bons, has described the Solana blockchain network as an exciting project with the potential to remain at the top and succeed in the crypto industry. Justin’s praise for Solana extends to describing the project as one worthy of emulation. The crypto fund founder stated that Solana (SOL) is undoubtedly winning, and therefore, competitors should study and observe why the project is progressing rapidly, then replicate its approach to achieve a similar level of success.

This comes in the context of the numerous accolades Solana has received in recent times. Justin praised Solana as the best blockchain project. When compared to Algorand, the cofounder believes Algorand is also a noteworthy blockchain project that can help close some gaps in the industry, especially after the completion of its gossip network. However, Justin mentioned that Solana is still ahead of Algorand, considering that the former is permissionless, while the latter is not.

“Relay nodes still represent a major red mark against ALGO’s current design,” Justin added.

Justin Bons asserted that although he urges competitors to replicate Solana, he does not mean that the replication should be done “literally to the letter.

Meanwhile, a challenge by one of his followers led him to acknowledge the strength of the SuiNetwork blockchain project. The follower argued that SuiNetwork is better than Solana, suggesting that Solana is only winning due to “MCPS (meme created per second).

Responding, Justin mentioned that “SUI is great and it is better than SOL in multiple ways,” but SOL still stays ahead of SUI when compared to BTC and ETH because SUI struggles to overcome those network effects.

Solana to Host Ethena Multi-Million Dollar Token

Many recognize Solana for offering lucrative opportunities for launching and deploying projects on its network. Recently, Guy Young, cofounder of the synthetic dollar protocol project Ethena, announced that Ethena would be launching on Solana, allowing users to create USDe synthetic dollars with SOL tokens.

According to Guy Young, the creation of an additional $600 to $900 million USDe could be facilitated.
Ethena is said to operate differently from the popular traditional stablecoin Tether. Unlike Tether, Ethena will let users deposit volatile crypto assets like BTC and XRP to create USDe, rather than holding assets equal to the amount of stablecoins on the market.

Solana Gaining Ground in the Crypto Industry

The growth of Solana in the blockchain and crypto industry has been recognized by many, making the blockchain network the talk of the town. The performance of SOL against BTC and ETH has also helped the crypto project draw more attention. While ETH tumbled against BTC since the start of the year, SOL has