Solana’s cryptocurrency, SOL, has so far soared by over 22% in November 2023, surpassing $50 for the first time since May 2022 which coincides with the ongoing sale of SOL tokens by FTX’s bankruptcy estate.
The network, which was heavily affected by the FTX collapse due to their close financial ties, has also rallied nearly 80% in the last 30 days. FTX had invested in Solana and Solana-based projects, including Serum, a now-defunct decentralized finance (DeFi) protocol that once formed the core of Solana’s DeFi ecosystem.
SOL Price (USD) Growth in the last 30 days to Date (CoinMarketCap)The Solana Foundation’s holdings included millions of dollars worth of FTX common stock and FTT tokens. As a result of FTX’s demise, Solana’s treasury shrank, and the SOL that FTX held is now under the control of liquidators.
Despite the challenges it faced, Solana’s resilience has apparently been bolstered by its expanding developer community, which experienced over a 40% increase year-over-year, and a loyal group of supporters who refused to give up on the project.
The number of developers on Solana actually surged by 83%, at least according to RockwayX, a European VC firm that invested in Solana. Vitalik Buterin, founder of competing blockchain Ethereum, publicly showed support for Solana’s developer community.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
— vitalik.eth (@VitalikButerin) December 29, 2022
Solana proponents insist that the proof-of-stake blockchain’s novel technology is faster, more scalable, and cheaper to use than the Ethereum blockchain.
Ethereum saw its TVL grow 10% and remains the industry champion, Dappradar said in its October 2023 industry report. However, the biggest growth was seen on Solana, where the TVL went up a whopping 40% in October 2023. Yet, Solana doesn’t represent the biggest part of the DeFi industry.
Solana’s decentralized applications (DApps) have witnessed a 10% increase in deposits over the past three days, according to various reports.
While the current SOL deposit level of 11.1 million is still lower than the pre-FTX bankruptcy level of 30 million SOL, this recent upward trend indicates that Solana may be past the worst of its troubles.
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