What the terrible year 2022 has been for the crypto industry as a whole. The situation for Solana (SOL) hasn’t been great, and following the FTX crash, it worsened since Alameda Research held a large number of tokens in the Solana ecosystem. The entire crypto community is left wondering what the future holds for the asset as the year winds down.
Why Are Projects Ditching Solana?
As Solana’s ostensible last-ditch efforts in NFT fail, the protocol’s situation seems to be becoming worse. Two major initiatives in the Solana ecosystem have left for other chains during the previous day. Their departures will take place in the first quarter of 2019.
The deflationary Solana NFT project DeGods announced recently that it will be moving to the Ethereum environment in the first quarter of 2023. Moreover, Y00topia, another Solana NFT project, has also announced that it would be bridging to the Polygon blockchain at the beginning of next year. The creators of the projects claim that growth may be stimulated most effectively in Ethereum and Polygon.
Solana used to be one of the top ten biggest cryptocurrencies by market cap until the FTX debacle. It competed with other cryptocurrencies such as Binance Coin (BNB), Cardano (ADA), and Ripple (XRP). At this point, SOL is ranked sixteenth and has a market value of a little over $5 billion.
Bitboy Talks Solana
A well-known cryptocurrency influencer and YouTuber by the name of Bitboy Crypto has provided some forecasts pertaining to Solana. According to him, there would be an increase in the number of projects that would leave the Solana ecosystem.
In his words:
“I’m sorry if this hurts your feelings… but this is facts. More NFT and crypto projects will leave Solana.”
On Dec. 26, founder of Solana Labs Anatoly Yakovenko responded to the news, saying that he would prefer it if they concentrated only on Solana.
Nevertheless, he was optimistic that the Solana ecosystem would grow due to the interest generated by the team’s efforts to explore uncharted territory.
Folks on Twitter don’t appear to agree with him. Though it’s obvious that some people believe the crypto project is doomed, others are optimistic since they’ve seen the high quality of the work and the dedication of the team.
Is Solana Dead?
However, investor sentiment remains mostly negative; an ongoing survey conducted by Bitboy shows that nearly 70% of users believe Solana to be dead.
Despite the fact that Solana has been experiencing a number of problems as of late, I have every confidence that the project will eventually bounce back. Therefore, in my opinion, you should not give up hope.
Source: https://coinpedia.org/news/is-solana-sol-dead-more-projects-will-leave-the-platform-says-ben-armstrong/