The Saga smartphone, developed by Solana, has faced challenges in the market since its release. With only around 2,500 units sold, there are concerns about its performance and future prospects. Anatoly Yakovenko, the founder of Solana, shared his reflections on the smartphone’s journey and addressed other issues related to the Solana blockchain.
Underperformance in the Market
The current sales figures indicate that the Saga smartphone has underperformed in the market. Its future is uncertain due to market dynamics and limited adoption from developers. To encourage more applications on the smartphone, Yakovenko mentioned the need to drive sales to a base level of 20,000 to 50,000 users. Ongoing internal company discussions are considering alternative strategies for the phone’s future.
“We have to decide if there’s a place for a smart wallet, a much cheaper version that an iPhone user could use as a secondary device. We haven’t seen a ton of signal whether that’s a compelling enough thing to sell 50,000 units.” – Anatoly Yakovenko, Solana’s founder
Yakovenko suggested the possibility of pivoting to a cheaper secondary device for iPhone users as a smart wallet. However, he admitted that Saga is not his exclusive phone of choice due to the business applications on his iPhone. He characterized Saga as an “NFT phone” and emphasized the importance of determining if a cheaper smart wallet would have enough demand.
Progress of the Solana Blockchain
Aside from the smartphone’s performance, Yakovenko also discussed the progress of the Solana blockchain. Despite the setback caused by the collapse of FTX in 2022, which led to a significant drop in Solana’s value, the asset has rebounded and gained popularity. It has become a favorite among institutional investors, with increased inflows into its investment products and a rise in assets under management.
“The asset has been described as an institutional investor favorite following weeks of inflows into its investment products and a massive rise in assets under management.” – Anatoly Yakovenko, Solana’s founder
This year, SOL has experienced substantial growth, surging over 500% overall and 46% in the past month. However, it still lags behind Ethereum in some growth metrics.
In conclusion, Solana’s Saga smartphone has faced challenges in the market, with underperformance and limited adoption. The future direction of the device is uncertain, and the company is considering alternative strategies such as a cheaper smart wallet for iPhone users. Despite these challenges, Solana’s blockchain has shown progress and gained popularity among institutional investors.
