1 year ago
Solana has been connected a downtrend since the illness of FTX, arsenic investors person been selling their SOL holdings owed to its transportation with the Sam Bankman-Fried crypto empire.
SOL down 55%
According to CryptoSlate data, SOL was 1 of the worst-performing integer assets successful the past 30 days. The integer plus is down implicit 55% and trading astatine $13.85 arsenic of property time.
Solana started the period strong, surging to supra $35 connected Nov. 5, but things took a crook for the worse erstwhile reports of FTX’s insolvency emerged. The blockchain network’s worth was negatively impacted erstwhile Binance revealed intentions of acquiring FTX.
Markets analysts had speculated that Binance could prioritize its tokens, which pushed SOL’s worth further down. But the Changpeng Zhao-led speech yet walked out of the deal.
During this chaos, Solana crashed to arsenic debased arsenic $11.01.
Solana DeFi ecosystem TVL down 70%
Solana’s thriving decentralized concern (DeFi) ecosystem was besides deed by the FUD surrounding the network. According to DeFillama data, the full worth locked (TVL) connected the ecosystem crashed by arsenic overmuch arsenic 70% implicit the past 30 days.
Solana TVL (Source: DappRadar)TVL fell to conscionable supra $300 cardinal arsenic of property time, compared to $962.31 cardinal astatine the commencement of November and astir $9 cardinal astatine the commencement of December 2021.
Leading Solana-based protocols similar Solend, Raydium, Orca, and Marinade Finance each accidental TVL driblet by implicit 60%. Serum, a DEX-linked to Sam Bankman-Fried, declared itself “defunct” and is babelike connected a assemblage effort to fork the protocol.
Solana NFTs thriving contempt downturn
Meanwhile, Solana’s NFT marketplace has continued dependable growth.
In November, Solana DeFi TVL fell by 70%, but Solana NFT information is inactive growing, with an mean transaction measurement expanding by 67.7%; the bluish spot scale accrued by 28.9% to 82.109. Solana inactive has sizeable NFT projects, players, and communities. https://t.co/4ua9loNzrO
— Wu Blockchain (@WuBlockchain) December 1, 2022
Wu Blockchain reported that the average transaction volume for Solana NFTs was up 67.7%. He added that the blue-chip index accrued by 28.9% to scope 82.109 SOL.
DappRadar information showed that immoderate apical Solana NFT collections, similar y00ts and DeGods, saw monolithic income successful the past 30 days. According to the information aggregator, y00ts’ income accrued by 528.82% to 7,942, and DeGods recorded a 324.12% summation successful sales.
Solana NFTs trading measurement besides accrued 141% connected OpenSea to $255 cardinal and 62% connected Magic Eden to $94.48 million.
The station Solana crashes 55% successful November but NFT trades inactive booming appeared archetypal connected CryptoSlate.
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