Solana (SOL) has turned out to be one of the biggest losers among the top cryptos in 2022. Solana price dropped under the crucial $10 price level making it hard for the community to hope for a recovery. However, this report suggests where Solana Blockchain can head from this mega crisis.
Solana TVL down by 97%
Solana entered the year 2022 with a trading price of around $172. Meanwhile, SOL price has dropped by over 94% on year to date (YTD) basis to trade at an average price of $9.43, at the press time. Its market cap has shrunk to stand at $3.4 billion.
As per the data, the Solana network’s Total value locked (TVL) is down by 97%. The recent collapse of SBF’s FTX and Alameda has dragged the token into the max turbulence zone. These two have been the biggest backers of SOL. Coingape reported that Arthur Hayes, co founder of the BitMEX crypto exchange called Solana a Shitcoin.
Solana even laid out the details of its exposure to FTX. It mentioned $1 million cash, 3.24 million shares of FTX, and 3.42 FTT tokens. While it also held 134.54 million SRM tokens which are stuck on the FTX token. However, 50.5 million SOL were vesting with Alameda Research.
Where does Solana Blockchain Go From Here?
Report mentioned that Serum and Solana’s CLOB was a critical move for the DeFi infrastructure. However, the Serum program update key wasn’t controlled by the SRM DAO. This directly implies that the hacker who stole assets from FTX can viciously update Serum.
Meanwhile, the Solana community rushed to the situation, and in order to cure the damage it created Openbook dex. OpenBook is claimed to be a DAO where all the development is sourced from people who refused to abandon the network. However, the DAO is using SRM tokens but a new token might be made ahead.
The most important question here stands where will Solana can go from here? As per reports, Firedancer, an independent validator for Solana Blockchain, built on Jump will be scaling throughput, sustainability and efficiency.
While Anatoly Yakovenko, Co-founder of Solana Labs flashed his Saga phone at a recent event. While Openbook is on a mission of saving Solana DeFi. However, Aurory, a Solana-based blockchain gaming project will make one of the first Web3 games on a mobile device.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.