The year 2022 has been terrible for the crypto industry as a whole. The situation of Solana (SOL) has not been very good, and after the FTX crash, it got worse, as Alameda Research had a large number of tokens in the Solana ecosystem. The entire crypto community is wondering what the future holds for the asset as the year winds down.
Why are projects leaving Solana?
As Solana’s seemingly last-minute NFT efforts fail, the protocol situation seems to be getting worse. Two large initiatives of the Solana ecosystem have gone to other chains during the previous day. Its departures will take place in the first quarter of 2023.
The deflationary Solana NFT DeGods project recently announced that it will move to the Ethereum environment in Q1 2023. Furthermore, Y00topia, another Solana NFT project, has also announced that it will connect to the Polygon blockchain early next year. The creators of the projects claim that growth can be most effectively stimulated on Ethereum and Polygon.
Solana used to be one of the top ten cryptocurrencies by market capitalization until the FTX crash. It competed with other cryptocurrencies such as Binance Coin (BNB), Cardano (ADA), and XRP. At this point, SOL is ranked 16th and has a market value of just over $5 billion.
Bitboy talks about Solana
A well-known cryptocurrency influencer and YouTuber by the name of Bitboy Crypto has provided some forecasts related to Solana. According to him, there would be an increase in the number of projects coming out of the Solana ecosystem.
In his words:
“I’m Sorry If This Hurts Your Feelings… But These Are Facts. More NFT And Crypto Projects Will Leave Solana.”
On December 26, Solana Labs founder Anatoly Yakovenko responded to the news, saying he would prefer they focus only on Solana.
However, he was optimistic that the Solana ecosystem would grow due to the interest generated by the team’s efforts to explore uncharted territory.
People on Twitter don’t seem to agree with him. Although it is obvious that some people believe that the project is doomed, others are optimistic as they have seen the high quality of work and dedication of the team.
Will Solana die?
However, investor sentiment remains mostly negative; an ongoing poll by Bitboy shows that almost 70% of users believe that Solana is dead.
Despite the fact that Solana has been experiencing a series of problems of late, many are fully confident that the project will eventually recover. Therefore, do your own research, as you should not just rely on the opinion of others.
