- Vitalik Buterin tweeted that Solana has “a bright future.”
- Solana’s price has fallen below $10 for the first time in two years.
- Many projects have left Solana, indicating a need for confidence among developers.
Solana has endured an exceedingly difficult road this past year, falling from $173 to under $10. Matrixport, one of Asia’s largest crypto lenders, announced that it would remove Solana and Solana U from its platform.
The collapse of FTX set off a significant freefall in Solana’s price, which hadn’t dipped below $10 in the past two years. Despite market sentiment hitting rock bottom, Vitalik Buterin, co-founder of Ethereum, extended his support. He said:
Some smart people tell me there is an earnest, smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.
Additionally, Solana’s blockchain faced several outages over the past year, causing multiple Solana-based projects to depart. For instance, DeGods and y00ts, two popular NFT projects, have announced shifting to Ethereum and Polygon. This shows the declining trust of investors in the Solana ecosystem.
Co-founder of Solana Labs Anatoly Yakovenko said that he wouldn’t focus on price trends but on “the technology and having people build something awesome that’s decentralized.” He went on to say that only 4% of the projects built on Solana have exposure to FTX.
While the outlook remains grim, Buterin’s tweet could revitalize confidence in Solana. With 2023 right around the corner, only time will tell if Solana will be able to recover.
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