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Analyzes for the Future of Solana


No one can say that 2022 is a terrible year for Solana, and it does not mean that it is “Ethereum killer”. Solana has many issues over the years and is not stable when used. Whenever the network goes down, the SOL price changes and users are charged for its processing. At press time, SOL was trading at $11.16.

More things have emerged, showing more problems for the environment as we move into 2023. FTX triggers the Solana disorder

FTX’s balance sheet shows the SOL token is valued at $982 million. At the time of the fall, the exchange had $8.9 billion in debt. Then-CEO Sam Bankman Fried (SBF) distributed the balance sheet to raise funds for the struggling platform.

The Solana Foundation said it holds about $1 million in cash and stock markets. As of 11/14/22, Solana Foundation disclosed assets related to FTX / Alameda. These include 3.24 million shares of FTX Trading LTD, 3.43 million FTT shares and 134.54 million SRM shares. The day before FTX filed for bankruptcy, FTT was worth $83 million and SRM was worth $107 million. At press time, the assets are worth $3.17 million and $20 million, respectively. Legislators decide what happens to those assets during the bankruptcy process.

During the bad week, SRM fell 69%, while OXY and MAPS fell 46% and 78% respectively. FTT lost more than 90% in the same period. The Foundation does not hold any SOL on stock exchanges. FTX with modified serum is based on Solana.

According to Compass Solana, Alameda has a locked pool of 48,671,518 coins, which makes up 65.4% of the locked pool. It is unlikely that money will be transferred when it is released, since the exchange is under bankruptcy protection. At this time, money continues to gain interest. FTX and Alameda Research committed fraud and stole client funds to invest in Solana’s work. Now all the money is gone and the workers will forever associate the two negatives.

The Solana NFT Project Abandoned the Environment

In a shocking move, Solana’s massive NFT project is breaking the blockchain for an alternative. Sol blockchain has had its fair share of down times, but has proven to be a game changer in terms of scalability, speed and affordability. Boxing Day 2022, the DeGods NFT collective announced on Twitter that they are cutting ties with the ecosystem for Ethereum.

DeGods is the best collection in the environment, with a value of $56.77 million. Following the announcement, the collection saw a 220% spike in trading volumes compared to the previous week.
Y00ts NFT art collection also made a similar move on the same day, revealing that they were closing in on the Polygon blockchain. All changes will take place in 2023.

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Damaged Brand Image

In the bull market of 2022, anon launched the decentralized finance (DeFi) application Sunny on the Solana blockchain. Within two weeks, billions of dollars flowed into the orchard.

Ian Macalinao, who is behind this application, worked as the brain behind 11 said independent developers. The developer has a large network of DeFi protocols to create billions of dollars in binary options flowing into the ecosystem.

At its peak, the project was 75% of Solana’s $10.5 billion TVL, which is related to its price. Crypto trading companies are also getting a big hit from their association with blockchain. Multicoin Capital, once a major FTX and SOL sponsor, is the same. In November, the company lost more than half of its crypto holdings.

Final Thoughts

Once presented as a genius, one of the biggest frauds in the crypto industry has supported the Solana ecosystem. The connection has greatly affected the image of the blockchain.
In 2018, the Ethereum ecosystem experienced a kind of regression and lost more than 90% of its value; The coin will eventually hit a new record. The crypto industry is full of surprises, and 2023 may prove us wrong.

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