Solana Labs co-founder Anatoly Yakovenko shared an important piece of advice for founders of cryptocurrency projects in a statement he made on social media.
Yakovenko said that it is necessary to be prepared for possible sharp market declines and that it would be beneficial to conduct a “pre-rehearsal” every quarter.
Yakovenko said these rehearsals should focus on scenarios such as a 95% market crash. He suggested founders ask three key questions:
- Which products should be focused on in such a downturn?
- What competencies should a core team have?
- Are there sufficient cash reserves to sustain operations for 18 months before the market recovers?
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In addition, Yakovenko said that statements that Solana had achieved significant victories in the market were damaging the ecosystem, and that the cryptocurrency still had a lot of work to do.
The price of SOL has increased by 5% in the last week and is trading at $175 at the time of writing. In the last month, there has been a significant increase of 17%.
*This is not investment advice.
