Solana has been on a downtrend for the reason that collapse of FTX, as traders have been promoting their SOL holdings attributable to its reference to the Sam Bankman-Fried crypto empire.
SOL down 55%
In response to CryptoSlate knowledge, SOL was one of many worst-performing digital property within the final 30 days. The digital asset is down over 55% and buying and selling at $13.85 as of press time.
Solana began the month sturdy, surging to above $35 on Nov. 5, however issues took a flip for the more serious when reviews of FTX’s insolvency emerged. The blockchain community’s worth was negatively impacted when Binance revealed intentions of buying FTX.
Markets analysts had speculated that Binance might prioritize its tokens, which pushed SOL’s worth additional down. However the Changpeng Zhao-led change ultimately walked out of the deal.
Throughout this chaos, Solana crashed to as little as $11.01.
Solana DeFi ecosystem TVL down 70%
Solana’s thriving decentralized finance (DeFi) ecosystem was additionally hit by the FUD surrounding the community. In response to DeFillama knowledge, the whole worth locked (TVL) on the ecosystem crashed by as a lot as 70% during the last 30 days.
TVL fell to simply above $300 million as of press time, in comparison with $962.31 million firstly of November and nearly $9 billion firstly of December 2021.
Main Solana-based protocols like Solend, Raydium, Orca, and Marinade Finance all say TVL drop by over 60%. Serum, a DEX-linked to Sam Bankman-Fried, declared itself “defunct” and depends on a neighborhood effort to fork the protocol.
Solana NFTs thriving regardless of downturn
In the meantime, Solana’s NFT market has continued regular progress.
In November, Solana DeFi TVL fell by 70%, however Solana NFT knowledge continues to be rising, with a median transaction quantity growing by 67.7%; the blue chip index elevated by 28.9% to 82.109. Solana nonetheless has appreciable NFT tasks, gamers, and communities. https://t.co/4ua9loNzrO
— Wu Blockchain (@WuBlockchain) December 1, 2022
Wu Blockchain reported that the common transaction quantity for Solana NFTs was up 67.7%. He added that the blue-chip index elevated by 28.9% to achieve 82.109 SOL.
DappRadar knowledge confirmed that some prime Solana NFT collections, like y00ts and DeGods, noticed large gross sales up to now 30 days. In response to the information aggregator, y00ts’ gross sales elevated by 528.82% to 7,942, and DeGods recorded a 324.12% improve in gross sales.
Solana NFTs buying and selling quantity additionally elevated 141% on OpenSea to $255 million and 62% on Magic Eden to $94.48 million.
