Solana Founder: Would Rather Have ‘No Reserve’ Than Government Control

Solana Labs co-founder Anatoly Yakovenko, weighed in on reports of Ripple pitching SOL as part of a national reserve, a move purpotedly aimed at bolstering the legitimacy of XRP’s own potential inclusion. In the March 6 post, Yakovenko outlined his criteria for reserve assets, particularly focusing on decentralization and objective, measurable requirements.

He also expressed a preference for no reserve at all, arguing that government control undermines decentralization.

My reserve order of preference 1. No reserve, because if you want decentralization to fail you’d put the government in charge of it. 2. Or states run their own reserve as a hedge against the fed making a mistake 3. Or if there has to be a reserve, it’s based on objectively measurable requirements.

His response prompted Laura Shin, a renowned journalist, to ask if this was an indirect confirmation of Ripple, but not Solana, actively lobbying for inclusion. Yakovenko clarified, stating that no one had approached him to pitch SOL for the reserve. He also likened the situation to a Bitcoin representative, highlighting the decentralized nature of the Solana ecosystem.

“What’s a solana representative? At this point it’s honestly like saying a bitcoin representative. No one asked me, and I didn’t pitch it,” he wrote on X.

Solana is among the major altcoins that have been proposed in the Crypto Strategic Reserve along with XRP and Cardano (ADA). David Sacks, the White House Crypto Czar, has hinted that major updates on crypto regulations and reserves will be announced, underscoring the significance of the event.

Solana’s Double Bottom Bounce

While the market is keenly focused on the March 7 summit, attention has shifted towards the token’s price trajectory. After a significant downturn, SOL is showing signs of a potential recovery.

Source: A.A

Following a weekly high of $177, SOL experienced a sharp decline, leaving it down 30% for the month. However, recent price action indicates a potential bullish reversal.  

The 1-day chart appears to show a potential double bottom pattern, indicating a shift in momentum. The sixth-ranked token has rebounded by 5.5% in the last 24 hours, currently trading around $147. Traders are now eyeing the yearly open as a key target.

Confirmation of this bullish structure could signal a move back towards the $177 resistance level. If successful, this would mark a substantial recovery for SOL.