Solana Network Still Attracting Users and Developers Despite FTX Contagion
If you've been keeping up with the crypto world, you've probably heard about the recent collapse of crypto exchange FTX and the fraud charges facing its founder, Sam Bankman-Fried. But despite the drama, it looks like the Solana network is still going strong. In fact, according to Austin Federa, head of strategy and communications at the Solana Foundation, the network has actually seen an increase in on-chain activity.
"What you've seen is real staying power for both users and developers to build on the network," Federa told CoinDesk TV's "First Mover" on Tuesday.
Now, you might be wondering how this is possible, especially since Bankman-Fried was such a vocal supporter of Solana. In fact, according to a blog post from Solana in November, FTX and affiliated trading firm Alameda Research (which Bankman-Fried also owned) purchased over $58 million worth of SOL tokens from the foundation and its sister company Solana Labs just six months after the platform first went live on a test network.
While this "initial attention" from FTX and Alameda was certainly helpful, Federa thinks it may have also contributed to the recent turmoil on the Solana network. Some Solana-based decentralized finance (DeFi) projects have been leaving the ecosystem, and top non-fungible token (NFT) projects like DeGods and Y00ts have announced their plans to move away from the network.
But despite these departures, Federa says that developers are still flocking to the Solana network. In fact, he pointed to NFT project Bonk (BONK), whose recent "airdrop" sent a large portion of its tokens to Solana users and caused SOL to jump 20% on Tuesday.
"You're not really seeing any projects migrate off of Solana that need the performance and power of the network," Federa said. "There's a lot of stuff that you can only build on Solana, and those developers are continuing to build here."
So what does this all mean for Solana? It looks like the network is still attracting both users and developers, despite the FTX contagion and the departure of some DeFi and NFT projects. With its impressive performance, energy efficiency, and decentralization, it seems like Solana has some serious staying power. Keep an eye on this one, folks.
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