Solana Co-Founder Anatoly Yakovenko Advocates Distributing FTX's SOL Tokens to Former Customers

Introduction: Nearly a year following its bankruptcy, Solscan data has revealed that FTX continues to hold approximately seven million SOL tokens securely stored in cold wallets. These tokens are presently valued at approximately $135 million in accordance with the current market prices. In light of this situation, Anatoly Yakovenko, co-creator of Solana, has proposed a solution that involves redistributing these SOL tokens to former FTX users. This strategy not only seeks to make FTX users whole but also aims to enhance the Solana network, possibly by promoting user adoption and fostering decentralization.

A Beneficial Redistribution Proposal: On the social media platform known as X, Anatoly Yakovenko, often referred to as Toly, has expressed his vision of allocating a substantial quantity of SOL tokens to millions of new users. His belief is that this approach would serve a dual purpose - rectifying the losses suffered by FTX users and contributing to the long-term development of the Solana network. In his words, "My wish would be to distribute the SOL to all the FTX customers directly. Probably the least worst outcome for everyone... And getting it distributed to 5 million users would benefit the network over the long term. Win-win in my honest opinion."

Efficiency Over Legal Proceedings: Yakovenko underscores the efficiency of the proposed SOL token distribution compared to the protracted legal processes currently associated with FTX. He opines that evenly dividing the tokens among all users and granting them autonomy over their holdings would have been a swifter and less legally cumbersome approach. This perspective implies that the redistribution plan could serve as a practical resolution to the aftermath of FTX's bankruptcy.

Impact on Solana: The collapse of FTX last year had a significant impact on Solana due to the exchange's substantial holdings of SOL tokens. Consequently, Solana's market value plummeted from $260 to a mere $8. This development, in particular, caused a substantial decline in Solana's position relative to its rival Ethereum (ETH). Nonetheless, as of the time of writing, SOL is being traded at $19.35, illustrating its resilience and potential for recovery.

Conclusion: The proposal set forth by Anatoly Yakovenko regarding the redistribution of seven million SOL tokens from FTX's reserves to its former users represents a potential solution to rectify past losses and invigorate the Solana network. This proposition aims to achieve a win-win scenario, benefiting users while also fostering the growth of the Solana ecosystem. The efficiency and practicality of this plan, especially when compared to prolonged legal processes, suggest that it could be a viable course of action moving forward.