FTX Collapse Boosts SOL’s Performance, According to Nansen Data
Recent on-chain data from Nansen reveals that Solana (SOL) has outperformed Ethereum (ETH) following the collapse of FTX. Despite facing setbacks such as network interruptions and the FTX incident, Solana has maintained a 100 percent uptime this year, showcasing its resilience and improvements. The Total Value Locked for Solana has nearly doubled since the start of the year, reaching 30.95 million SOL. The Solana vs. Ethereum ratio has also been approaching year-long highs, indicating the increasing preference for SOL as an investment choice.
Solana Still Affected by FTX Bankruptcy
Kaiko, an alternative source of cryptocurrency market data, reports that Solana ecosystem tokens continue to suffer from low liquidity due to the FTX collapse. Tokens like SRM, MAPS, FIDA, and OXY were held by the exchange and have been impacted. This situation creates conflicting opinions on whether investing in SOL is a good choice at this time.
Hot Take: Solana’s Resilience Amidst Challenges
Solana has faced various challenges but has demonstrated its ability to overcome them. With solutions like state compression and isolated fee markets, it has addressed significant issues within its technology stack. State compression has significantly reduced the cost of NFT minting on Solana. Despite the effects of the FTX collapse, Solana’s performance and increasing Total Value Locked indicate its potential as an investment option in the crypto market.
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