Solana Mobile still has a long way to go until it hits breakeven

Date:

Share post:


Solana Labs co-founder teases possibility of third mobile device

Last month, Solana Mobile’s flagship web3 smartphone, the Saga, sold out. Last week the Solana Labs’ subsidiary launched its second phone and got over 40,000 preorders in less than a week. But the company is not slowing down anytime soon.

“After Saga sold out, it felt like there’s an opportunity and the timing in the market was right,” Anatoly Yakovenko, co-founder of Solana Labs, said on TechCrunch’s Chain Reaction podcast. “The timing [for the new phone] worked out right around that moment.”

And if the second device is a success, there will be a third phone launched later on, Yakovenko hinted. Web3 mobile phones are not a punchline, in other words, but a potential growth category.

But Solana Mobile’s road to growth wasn’t an easy one. Its first Saga handset didn’t see much demand when it launched mid-2023 at $1,000. It soon lowered the price to $599 in light of weak demand.

Saga’s fortunes improved after crypto users noticed the dog-centric memecoin BONK’s decentralized app (dApp) provided Saga owners with 30 million of its tokens for free, which was valued around the same price as the phone at the time. The Saga then sold out quickly.

“I think crypto was going through a hard bear market, and the Solana ecosystem was feeling the worst of it,” Yakovenko said. “We were looking for more devs to go to launch and I would say [we were] kind of in survival mode because during that chasm of despair you just need to survive until something like macro [turns the market] around.”



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

VC Trae Stephens says he has a bunker (and much more) in talk about Founders Fund and Anduril

Last night, for an evening hosted by StrictlyVC, this editor sat down with Trae Stephens, a former...

Waymo can now charge for robotaxi rides in LA and on San Francisco freeways

Waymo received approval Friday afternoon from the California Public Utilities Commission to operate a commercial robotaxi service...

Rabbit’s Jesse Lyu on the nature of startups: ‘Grow faster, or die faster,’ just don’t give up

Rabbit co-founder and CEO Jesse Lyu isn’t afraid of death… the death of the company, at least....

Stay up-to-date on the amount of venture dollars going to underrepresented founders

Venture capital funding has never been robust for women or Black and brown founders. Alongside Crunchbase, we’ve...

MWC 2024: Everything announced so far, including Swayy’s app to tell friends where you’ll be next

The TechCrunch team is in Barcelona this week to bring you all the action going on at...

Is there anything AI can’t do?

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of...

Ultraleap is bringing haptic touch to cars and VR headsets

In May 2019, Ultrahaptics and Leap Motion became Ultraleap (not to be confused with Magic Leap, which...

Rants, AI and other notes from Upfront Summit

The venture capital stars were shining in Los Angeles this week at the Upfront Summit, an invite-only...