However, there seems to be a glimmer of light as Vitalik Buterin proclaims his support for the blockchain and its ecosystem. Solana has lost several projects to its rivals. Buterin, the creator of Ethereum, thinks that the network may yet regain control of its operations and bring its values back up to the top 20 cryptocurrencies.
A tweet from Vitalik Buterin stated that the chain has a promising future because a number of opportunistic money individuals have been flushed out. In the developer community, Buterin has made a point of not abandoning Solana through its difficult period.
A broad ripple effect has been caused by FTX throughout the blockchain industry. Since FTX announced its financial crisis, which has since evolved into a major criminal felony of fund misuse, projects are struggling to maintain trust. According to reports, a sizable chunk of Solana was exposed to FTX, drawing harsh condemnation for its present situation and intended course of action.
To escape the existential catastrophe, as described in various papers, Solana needs to get its act together. Only FTX's demise has made volatility in the cryptocurrency market a crucial factor.
No digital currency has been verified to be operating within permissible limits. Despite departing the top-20 club of cryptocurrencies, SOL is still in the same level. For the first time in its two-year history, its value is currently trading somewhere around $10. The market does not support its ecology, and approximately 96% of its worth has been lost.
Although Buterin's support provides a soft cushion, it might not be enough to sufficiently energize the team. Decentralized projects must be introduced with an increasing trajectory that lasts for a very long time.
As many projects have indicated their desire to quit the network, Matrixport has announced the delisting of Solana and Solana-U. DeGods has previously declared their intention to switch to Ethereum. Yoots are also switching to Polygon in line with the fashion.
Because the Solana ecosystem doesn't appear to have anything beneficial to offer market participants, they appear to have lost faith in it.
Co-founder of Solana Labs Anatoly Yakovenko has spoken out to make it clear that not all of Solana is exposed to FTX. In actuality, that exposure does not even apply to the majority of the section. Only 4% of the projects, according to an estimate publicly given by Anatoly, are exposed to FTX, while the other 80% are in a safe zone with no exposure to any compromised crypto exchange.
Along with SOL, the market is also down for SLND and SRM. Solana Labs co-founder Anatoly Yakovenko said that instead of worrying about price, they would focus on creating some decentralized technology for a better future.