Solana Network Shows Staying Power Despite FTX Collapse

• The collapse of FTX has not deterred users and developers from using Solana, according to Austin Federa, head of strategy and communications at the Solana Foundation.
• Federa said there has been an increase in on-chain activity despite the FTX contagion.
• Solana’s native token SOL has fallen roughly 90% in the past 12 months following the collapse of one of its most prominent backers, FTX.

Despite the collapse of one of its most prominent backers, FTX, the Solana network has not been deterred from attracting users and developers. Austin Federa, head of strategy and communications at the Solana Foundation, recently spoke with CoinDesk TV’s “First Mover” and said that there has been an increase in on-chain activity despite the FTX contagion. This is surprising news considering that Solana’s native token SOL has fallen roughly 90% in the past 12 months following the collapse of FTX.

Federa noted that the strong user and developer base has remained on the network, showing that there is a true staying power. He said that the platform has become a haven for developers building their own applications, while also creating their own tokens on the Solana network. This includes the recently launched Bonk token, which has been gaining interest in the community.

The Solana Foundation is also working on several initiatives to further enhance the network, including the Solana Ecosystem Fund, which is aimed at supporting developers and projects building on the Solana network. Federa also spoke about the Foundation’s partnership with Chainlink, which is helping to bring more DeFi projects to the Solana network.

Overall, the Solana network has continued to gain traction despite the collapse of one of its most prominent backers. With initiatives such as the Solana Ecosystem Fund, along with the emergence of new tokens such as Bonk, the platform looks set to remain a popular spot for developers and users alike.