Solana’s FTX trouble failed to impact this SOL segment growth but is it enough

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  • Solana gets impact­ed by the FTX deba­cle; Sol­let-wrapped tokens also get affected
  • Solana’s Project Serum gets forked; how­ev­er, the com­mu­ni­ty con­tin­ues to show an inter­est in Solana’s NFTs

One of the major cryp­tocur­ren­cies that was impact­ed by the FTX deba­cle was Solana [SOL]. Fac­tors such as the Project Serum and Sol­let-wrapped assets played a sig­nif­i­cant role in increas­ing Solana’s expo­sure to the FTX collapse.


Read Solana’s [SOL] price pre­dic­tion 2023–2024


Solana’s total val­ue locked (TVL) depre­ci­at­ed by 30% after the FTX saga unrav­eled. One rea­son for the FUD around Solana was Project Serum, the cen­tral order book on the back­end of almost every non-AMM piece of the Solana DeFi ecosys­tem. An unknown enti­ty held the upgrade keys for the Project Serum at FTX, which caused pan­ic among the SOL community.

For­tu­nate­ly, changes were made quick­ly. Project Serum was forked and the chances of being vul­ner­a­ble to a hack were reduced.

Anoth­er aspect of Solana that was impact­ed was the Sol­let-wrapped tokens. As can be seen from the image below, soBTC, which was sup­posed to be pegged to BTC, was unpegged over the last few days. This was due to the FTX/Alameda issued Sol­let-wrapped assets, and as the news of FTX’s fail­ure spread, soBTC was affect­ed negatively.

Oth­er Sol­let-based assets, such as soETH, faced sim­i­lar issues.

Source: Mes­sari

Despite the FUD surrounding SOL…

the asset con­tin­ued to wit­ness growth in the NFT space.

As per the image below, Solana’s blue chip NFT floor price wit­nessed a sig­nif­i­cant spike over the last few weeks. This would indi­cate that peo­ple from the cryp­to com­mu­ni­ty still showed inter­est in major Solana NFTs.

The over­all Solana NFT trad­ing vol­ume also wit­nessed a sig­nif­i­cant increase. Accord­ing to data from Solana Floor, since 1 Novem­ber, Solana’s NFT trad­ing vol­ume went from 183,000 all the way to 66,000 at the time of writing.

Source: solanafloor

How­ev­er, SOL‘s stak­ers did not lose faith in Solana. As evi­dent from the image giv­en below, the num­ber of stak­ers increased by 0.15% and stood at 576,000 at press time.

Source: Stak­ing Rewards

SOL was trad­ing at $12.87 at the time of writ­ing. Its price had depre­ci­at­ed by 5.83% in the last 24 hours, while its vol­ume wit­nessed depre­ci­a­tion, falling to 45.56% dur­ing the same time peri­od, accord­ing to Coin­Mar­ket­Cap.



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