Citi Research Says Solana Blockchain Remains Active Despite Nearly 50 Million Solana (SOL) Locked Due to Bankruptcy Proceedings of Cryptocurrency Exchange FTX ) said in a report released on January 12.
That said, Solana’s circulation has plummeted, increasing uncertainty about the future of the Solana blockchain.
“Several key metrics, such as active addresses and daily NFT trading volume, have recovered to pre-FTX collapse levels, suggesting that some users on the chain are in good hands. It’s possible,” the analyst wrote.
According to Citi, developers continue to be active on the Solana blockchain, with a new crypto asset called “Bonk” recently being airdropped to Solana holders.
Solana blockchain’s main challenge is to incentivize users and developers, the report said, adding that Solana’s largest NFT project, “DeGods,” decided to move to the Ethereum blockchain last month, citing concerns about the network’s future. I touched on the announcement of
Towards the end of 2022, Solana was in a slump, with a sharp 20% drop on Dec. 29. However, the price nearly doubled in the following weeks after Ethereum founder Vitalik Buterin announced his support the next day.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Danny Nelson/CoinDesk
｜Original: Citi Says Solana Blockchain Activity Remains High