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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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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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