Despite the cascading negative effects caused by the FTX collapse, Solana’s (SOL) performance in the last period of time shows us that the network and its ecosystem are overcoming the initial shock and remain highly resilient. These are the findings of an analytical report recently published by the reputable research firm Messari.
Functionality and mass adoption
Growth in network functionality has continued, along with several other potential catalysts as far as Solana’s further growth is concerned.
Solana’s goal for mass adoption remains solid, as evidenced by continued growth, further integrations with new partners such as Instagram and Facebook, and the expansion of the ecosystem into the world of NFT, GameFi and DePIN.
In addition, Solana continues to work to attract new users as it seeks new partners and expands into more ecosystems.
DeFi ecosystem hit hard
Solana’s DeFi ecosystem has been hit hard by the collapse of FTX and it remains a gamble and a challenge to rebuild it from scratch.
However, new integrations and partnerships, not related to FTX, are underway across Solana’s decentralized finance ecosystem, which is expected to increase demand again.
Staking and decentralization
Network staking and decentralization have remained relatively stable despite adverse events. The health of Solana’s network remains intact and is in a better position following the relocation of its validators to dozens of other geographic locations and data centers.
Light at the end of the tunnel
Quite a bit is in the works for Solana’s network and ecosystem, which continues to roll out several initiatives, including upgrades to its network, development of its ecosystem, and efforts by its community that remains loyal and strong.
After a tumultuous year that brought one challenge after another, light is beginning to appear at the end of the tunnel heading into 2023.