BONK is a Token of Community, Says Solana’s Head of Strategy

• Austin Federa recently sat down with Bloomberg to speak about Bonk.
• Federa said that BONK is a token of the Solana community.
• Bonk recently gained a lot of attention and was also flagged as Shiba Inu’s rival.

Solana’s head of strategy and communication, Austin Federa, recently sat down with Bloomberg to talk about Bonk and all its recent hype. Federa outlined the second half of 2022 and spoke about how difficult it was for the crypto community and Solana.

Speaking about Bonk, Federa reiterated that people are witnessing the community having fun with blockchain. He stressed the fact that Bonk was a meme coin that was airdropped to the community, to thousands of wallets.

Speaking about the utility of the meme coin, Federa said that memes are fun and that they are also a proxy for the community.

One of the utilities of crypto that’s often overlooked is that it is a system for galvanizing community, and so the excitement around Bonk is, on one level, a token of community.

Speaking about the aftermath of the FTX event, the headlines were doom and gloom for the Solana community, according to Federa. He also stressed the fact that developers and communities all around the world came together to replace the FTX-involved aspects of the ecosystem.

Federa spoke about the vision of the Solana ecosystem as the fastest settlement layer for the global ecosystem. Speaking about the present relationship between Solana and SBF, Federa mentioned that the community and developers have taken over some of the aspects in which FTX was involved.

In an effort to reduce the outages on the Solana blockchain, the team has invested in a second validator client. Federa mentioned that if one validator goes down, then the second validator can step in.