Solana Founder Debunks Claims That Only Bitcoin Has Value

Solana founder Anatoly Yakovenko is pushing back against claims that only Bitcoin has value, saying network tokens are 'real tokens' with an ownership structure different from stocks or debt.

In a debate unfolding over the utility of cryptocurrencies, Yakovenko argues that traditional stocks provide only legal rights and can be frozen with a single click if a government chooses to do so. In contrast, he says infrastructure tokens offer 'real mathematical power,' not a paper promise of returns.

'You don't have rights, but you can find your rights yourself,' Yakovenko said in response to critics who claim that other blockchain tokens are merely technology platforms and not valuable assets.

Solana is changing its tokenomics through new technical proposals, including the SIMD-547 proposal to burn base fees, aiming to strengthen the token's value preservation function. This move comes as Solana's native token, SOL, stays at about $81.67, while the total market capitalization of Solana-based assets was tallied at $195.71 billion, according to CoinMarketCap.