Solana Blockchain has since the past two months witnessed massive FUD owing to the FTX- Alameda Research and Sam Bankman- Friend’s shenanigans and the dwindling spring of its network outage amongst other regression.
Until the recent fiasco, Solana Chain enjoyed and processed many NFTs and Defi transactions with Industry’s analysts projecting its as the go to platform for all things Defi.
Due to market uncertainty and Users not wanting to deflate their Crypto holdings, there was a massive exodus from the Solana Chain into Polygon Matic. Prominent developers and social media influencers moved ship to chasing vallaha.
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Popular NFT brand, DeGod and Y00Ts NFTs announced it will make a cross chain switch to Polygon Matic in wake of SBF/Solana ordeal, with Blockchain Experimentalists criticizing the move.
EVERYONE was so quick to jump on the Solana hate when at $8. Even Solana’s own community members and viable projects. Solana believers kept saying the same things:
– SBF leaving is good
– Tech is getting better
– Community is unmatched
– Comeback will be insane.
Apparently, their beliefs are holding water as the Fully Diluted Market Valuations of the Solana Blockchain has flipped Polygon Matic, Using CoinGecko chart index in evaluating the data.
Solana is currently at $27.7B market valuation with a trading volume of $3B, price of $SOL is at $24 per coin— a 33% increase from the previous $14 range a week ago. On the other hand, Polygon Matic is at $9.7 market valuations with price token of $0.97 per Matic as at press time.
Toly Aeyakovenko of the Solana Foundation said;
Luckily, we don’t have a difficulty bomb — we’re already Proof of Stake — so I think it’s downhill from here, But there’s still a lot of really hard problems left.