Gavin Wood believes that after losing $1 trillion in the recent bloodbath, the crypto market could witness further decline. In response to this price drop, Cryptocurrencies like Solana, BNB, XRP and Cardano could also dive, he says.
Ethereum co-founder has predicted a Solana market crash by making a negative statement on its outlook, says Solana blockchain slows down fueling a bearish sentiment among investors. On this, the Ethereum co-founder has issued a warning for altcoin holders on Solana’s price drop.
The spectacular collapse in LUNA has sparked doubt among the crypto investors and led to fears among holders. Adding to this Solana Gavin Wood believes that in response to the crypto market volatility Solana price may swing rapidly.
The solana is not just suffering with the market downfall, it is also facing operational issues slowing down its market.
Solana’s team announced at 3.34 UTC on May 28, that the blockchain clock was running 30 minutes behind the clock. whereas this slow block times influences staking rewards negatively, the status update reveals:
” On-Chain timekeeping is running approximately 30 minutes behind that of wall clocks, due to longer-than-normal block time. WHile this has no impact on performance or network operations, the time reported by block explorers and dapps may not reflect wall-clock time.”
By Design Solana blockchain has 400 milliseconds block by time, and by average 1-minute stands at 659 milliseconds.
This slow in block time translates to a disparity with clocks, reducing the staking rewards of Solana. Instead of 182 epochs annually there are fewer with delay in the blockchain.
Further, Gavin Wood at World Economic Forum in davos said that:
“I would hope that people pay more attention to what is belying the currency name when they get involved in a community, ecosystem, economy. The technology cannot prevent people from making mistakes but can help those who want to better understand the facts of the world, what they’re buying.”
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Source: https://coinpedia.org/altcoin/sol-bnb-xrp-and-cardano-price-to-crash-hard-ethereum-co-founder-gavin-wood-warned-investors/