Solana founder Anatoly Yakovenko (아나톨리 야코벤코) directly rebutted claims that only Bitcoin is a valuable asset and that other blockchain tokens are merely technology platforms.

On July 7, blockchain media outlet U.Today reported that Yakovenko, responding on X to a debate that has recently spread, said network tokens are “real tokens” with an ownership structure different from stocks or debt.

At the centre of the debate is why investors should hold a Layer 1 network’s native token. Some in the cryptocurrency market say Bitcoin has established itself as the only store of value, and that other tokens, even if they build technology, cannot preserve value or create a compounding return structure.

Yakovenko said that perception is wrong. He argued traditional stocks provide only legal rights and can be frozen with a single click if a government chooses to do so. By contrast, he said infrastructure tokens provide “real mathematical power,” not a paper promise of returns.

He added that network rights cannot be enforced legally, but at the same time cannot be taken away as long as anyone can run the software. “Real tokens exist. Network permissions can’t be enforced because no one has an obligation to run your software, but they also can’t be taken away when anyone can run it,” he said. “You don’t have rights, but you can find your rights yourself.”

He emphasised an ownership structure that does not rely on courts or state power. That means token holders can enforce economic guarantees themselves. Yakovenko called the blockchain itself a “selling point.” He said it is a neutral digital space where the same rules apply to everyone and cannot be forged, allowing millions of people to coordinate capital on it.

Market figures show the backdrop to the debate. The total market capitalisation of Solana-based assets was tallied at $195.71 billion, according to CoinMarketCap. That is why interpretations have emerged that large-scale capital trusts Solana’s coordination environment. SOL, the native token, is staying at about $81.67. Compared with network operating activity being at record levels, scepticism is growing that the token price does not sufficiently reflect that.

The gap is also why Solana is moving beyond debate to structural change. Solana is now changing its tokenomics. Through new technical proposals, including the SIMD-547 proposal to burn base fees, it aims to strengthen the token’s value preservation function.

Ultimately, the debate is focused on whether the utility of blockchain infrastructure automatically leads to token value. Solana is adding mechanisms linking network usability and capital accumulation, seeking to support Yakovenko’s “mathematical power” of tokens with economic logic that investors can understand. It is an approach aimed at proving in the market whether tokens other than Bitcoin can also accumulate value.

The core of the debate is how the utilisation of blockchain infrastructure and token value are linked. Solana is seeking to show that link structurally by pursuing a tokenomics overhaul, rather than stopping at an explanation of technical permissions.

There’s no reason to hold a token where the equity holders of the platform/network accrue the fees, and not the token holders https://t.co/adA3inHkCS