Solana Network Thriving Despite FTX Contagion: Developers Still Flocking to the Network
Solana Network Still Going Strong Despite FTX Contagion
The crypto world has been buzzing with news of 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.
FTX's Initial Attention
It's not hard to see why. Just six months after the platform first went live on a test network, 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. This "initial attention" from FTX and Alameda was certainly helpful, but it may have also contributed to the recent turmoil on the Solana network.
DeFi and NFT Projects Departing
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.
Solana's Staying Power
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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