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Solana NFT Ecosystem Shines But DeFi Remains Muted: Report

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Solana’s NFT ecosystem continued to show resilience amidst a bear market. Data from Messari noted that the total number of daily new NFTs users grew by more than 8 million, over a 19% increase on a QoQ basis.

“For perspective, this growth in the third quarter followed after increasing by 46.4% in Q2 and is ~8.5x the level minted a year ago”, the tweet read.

The report attributed Solana’s NFT rise to fundamentals like a foundational user base, network stability, and improved transaction activity that drove the network value during Q3.

Sol’s position in the NFT sector remained the second largest by secondary sales volume, behind Ethereum, and narrowed the gap. Strategies to boost GameFi are underway, and unique use cases like Helium are coming to the Solana network. Efforts to improve decentralization through greater geographic, hosting, and ownership distribution continue.

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Solana NFT Ecosystem Shines But DeFi Remains Muted: Report 2

The report also highlighted the continued optimization of Metaplex’s Digital Asset Standard which it claimed played a key role in bolstering the network’s NFT ecosystem.

As reported by TronWeekly, the NFT marketplace recently announced cutting back its workforce due to the ripple effects of the FTX shockwaves.

In Q2, SOL suffered numerous network downtimes and gas fee woes during periods of congestion. To overcome these issues, core developers have rolled out QUIC and a novel fee prioritization model. 

“The solutions were clearly working by the end of Q2 as degraded network performance stabilized,” the report claimed. These along with Solana Pay and Solana mobile has expanded the ecosystem, it added.

That said, the report took note of the network’s subdued performance in the DeFi sector.

Solana’s Q3 Total Value Locked [TVL] decreased by about 16% both in USD and SOL QoQ terms. But according to the data platform, a healthy distribution of TVL across applications still exists.

“Currently, 50% of TVL is locked across most of the long-tail DeFi protocols on the network. The continued level of diversified TVL helps mitigate overall ecosystem risk.” 

Solana Roadmap: New Updates On the Horizon

As per GitHub, the latest mainnet version of the SOL network is v1. 10.29, which sought to fix various bugs along with Neon and Nitro.

While Neon Labs’s goal is to bring both scalability and low transaction costs, Nitro, on the other hand, is a Solana Virtual Machine [SVM]-compatible blockchain that will serve as a bridge between Solana and Cosmos. 



Solana Loses About $180M In Crypto On FTX

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In light of FTX’s bankruptcy, The Solana Foundation has published a fact sheet outlining its exposure to the company.

As of November 6th, right before the exchange stopped processing withdrawals, the organization held exposure to the company in the amount of over $180 million in cryptocurrency assets.

The foundation’s report, which was last updated on Monday, states that as of November 6th, Solana had about $1 million in cash on FTX. The non-profit claimed that this money, which made up less than 1% of its cash reserves, was “negligible” to its operations.

However, the firm lost much more in cryptocurrency assets. No Solana (SOL) tokens were kept on FTX, however, the foundation now has access to approximately 3.43 million FTX (FTT) tokens and 134.54 million Serum (SRM) tokens.

A further 3.24 million shares of FTX common stock were held by the organization.

At that time, FTT was trading for about $22, whereas SRM was worth about $0.8 per unit, according to CoinGecko. According to the foundation’s calculations, that amounts to exposure to FTT and SRM of $75.46 million and $107.6 million, respectively.

The utility token for FTX, or FTT, offered holders lower trading commissions on the marketplace. The governance token for Serum, a DEX system that focuses on scalability and was introduced by a group that included FTX, Alameda Research, and the Solana Foundation, is SRM.

FTT has decreased to just $1.32 since FTX’s demise, while SRM is currently trading for $0.32 as of Thursday.

Even SOL has experienced significant losses; it has dropped below $15 this month and is now outside the top ten cryptocurrencies in terms of market valuation. SOL reached an all-time high in November of last year of $259 apiece.

Solana said that their network had not “seen any noteworthy performance or uptime concerns” as a result of the repercussions, despite these losses. There have reportedly been numerous outages on the blockchain in the past.

The Fate Of Solana’s Wrapped Tokens

After FTX filed for bankruptcy, Sollet Bitcoin, a tokenized form of Bitcoin on Solana, lost its price peg to the main cryptocurrency. FTX was in charge of keeping the Bitcoin that supported those tokens, but according to November 10th balance sheet disclosures, the exchange had no Bitcoin on its asset side.

As of that time, the Solana Foundation asserts to have retained a further $40 million in exposure to Sollet-based assets, including soBTC. It said, “At this point, the status of the underlying assets is unknown.”

The nonprofit organization pointed that that USDC and USDT on Solana are currently fully pegged and are directly issued by Circle and Tether, respectively.

Solana’s Price Might Rebound Despite Short Selling; Here’s Why

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Solana rallied by over 13% [at press time] in the last 24 hours as investors continue to short the asset in significant numbers. But based on its overall performance, the token’s value remained in a downtrend.

A report by data analytical platform Santiment noted that SOL’s price dropped over 60% in a fortnight amidst massive shorting on Binance and perpetual trading platform DyDx.

In trading, Shorting signifies the act of selling the cryptocurrency in the hope that it falls in value making it easier to buy back at a lower price. Traders can then profit from the difference in market price.

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Solana's Price Might Rebound Despite Short Selling; Here's Why 4

The above information suggests that despite Solana’s price returning to 9% in the last 15 hours, the majority of investors are still banking on the asset’s price to fall further.

Ideally, in such scenarios, prices tend to decline but according to Santiment the ongoing FUD in the aftermath of the FTX collapse might see more price rebound.

There are not a lot of big Solana believers, even as its price bottomed out at $11.02 and rebounded to $12.70 over the past 15 hours. This FUD could cause more rebounding until traders slow down their nearly unanimous bets against SOL‘s price.

Recently, CoinShares, a digital asset investment management released a report revealing that investors cashed out $6 million in altcoins last week. These assets were mostly Solana, XRP, Binance, and Polygon “likely being a direct result of the ongoing fallout from the FTX collapse.”

Once known as the “Ethereum Killer,” SOL started trading in 2022 at $178, with a market value of $55 billion in January 2022.

Solana is Down By Over 90% In A Year

But then came “crypto winter” and the bankruptcy of cryptocurrency exchange FTX which nearly annihilated SOL price which is currently down by almost 93% over the year, trading at $13 with a $5.2 billion market value.

The demise of FTX marked the onset of the most recent decline in Solana. The blockchain Foundation’s exposure to the failing exchange came to light on November 14, days after FTX filed for Chapter 11 bankruptcy protection.

“This is less than 1% of SOL Foundation’s cash or cash equivalents and as such, the impact on Solana Foundation operations is negligible,” the Solana Foundation asserted in a post.

However, according to Forbes and the Financial Times, FTX held $982 million worth of SOL on November 10 at the time of its collapse.

Bitcoin (BTC) and Solana (SOL) prices decline, Orbeon Protocol (ORBN) sells out the first stage of Presale

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The cryptocurrency market has had a turbulent week, with Bitcoin (BTC) and Solana (SOL) crashing hard. Orbeon Protocol (ORBN) has since exploded onto the crypto scene due to its potential in venture capital and crowdfunding, with 60x returns expected by the end of the presale.

>>BUY ORBEON TOKENS HERE<<

Bitcoin (BTC) took a heavy hit from FTX’s (FTT) crash

Bitcoin (BTC) is the world’s most popular and valuable cryptocurrency. It has been around for over ten years and is still going strong. Bitcoin (BTC) is currently trending as a haven asset. Investors are buying Bitcoin (BTC) because they are concerned about the stock market crash and the global economic crisis.

Bitcoin (BTC) is also rising as institutional investors purchase it. Big Investors perceive Bitcoin (BTC) as a store of value and a hedge against inflation. Institutions buy Bitcoin (BTC) because they trust its long-term potential. It is also trending because, despite these reasonable adoption indications, Bitcoin (BTC) is losing value as the bear market persists.

The most recent dip was sparked by one of the largest cryptocurrency exchanges, FTX, collapsing due to an $8 billion hole in its balance sheet. Panic selling started and sent Bitcoin (BTC) plummeting. However, as more people use Bitcoin (BTC) as money and a store of wealth, its value will likely climb.

FTX heavily backed Solana (SOL)

Solana (SOL) was one of the market’s hottest new cryptocurrencies. It is a high-performance blockchain that can process more than 50,000 transactions per second. Solana (SOL) network is used by many DeFi projects, NFT marketplaces, and P2E games. Solana (SOL) gained speed throughout the bull run but has recently failed to sustain its price.

Solana suffered one of the market’s largest declines due to the FTX incident discussed above. It went from $32 to $14 today, a more than 50% reduction. Because FTX was the greatest backer of the Solana (SOL) ecosystem, the bankruptcy set off a chain reaction that resulted in a 50% decrease in TVL (total value locked) on the network. 

The numerous hacks and outages that have afflicted the Solana blockchain are one of the primary causes contributing to a reduction in Solana’s value. 

Orbeon Protocol (ORBN) is selling out

Orbeon Protocol (ORBN) will give investors access to web3s most promising startups. Orbeon Protocol is a decentralized investment platform that allows anyone to invest as little as $1 in early stage businesses.

It is also a first for the everyday investor, who has never had access to exciting, innovative investment opportunities generally reserved for venture capitalists and accredited investors.

You can purchase ORBN, the native token of the Orbeon Protocol, during the presale, which began at the end of October and will continue in three stages through the end of January 2023.

ORBN has quickly sold out at $0,004 per share. Experts predict that it will soon hit $0,24, showing a 60x return on investment. ORBN tokens grant platform voting/governance privileges and exclusive access to investor groups and featured funding rounds for the most exciting businesses. Securing even a tiny portion of the massive $13.5 billion crowdfunding sector will benefit Orbeon holders (ORBN).

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Solana NFT Platform Says FTX Crash Force It To Adopt “Conservative Approach”

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Solana NFT marketplace Metaplex took to Twitter to announce trimming its working force to ensure the long-term sustainability of the protocol.

Although they were not directly affected by the collapse of FTX, the marketplace stated the resultant indirect impact on the market has forced the firm to take a “conservative approach moving forward”.

Founded in 2021, Metaplex is a Solana-based protocol that aims to be the de facto NFT tool on the blockchain. It also recently launched its own governance token, MPLX which however did not perform well in the ongoing bear market.

Due to the FTX insolvency, the total crypto market cap tanked over 20% in a span of just four days. While prices of nonfungible tokens [NFTs] on Ethereum fell 14% over the same period, Solana NFTs suffered more blows.

For instance, SolanaFloor revealed that their aggregate floor value dropped 68% from $424 million to $135 million over the last few days.

Similarly, the floor price of another SOL-powered platform DeGods plummeted by a staggering 66% to $2,700. Solana Monkey Business and y00ts too registered a drop of 68% and 70% respectively in the same time period.

One of the reasons for the poor performance of its NFT collection is attributed to FTX’s advocacy of the Solana layer-one blockchain.

During the exchange’s implosion, the price of the SOL token tanked 68% to $12. FTX’s fungible exchange token known as FTT and FTX’s SOL-based decentralized exchange [DEX] Serum was down 89% and 53%, individually, in recent days.

Investors Might Hold Off On Buying Solana-Based NFTs

It is interesting to note that FTX and Alameda Research have been closely linked to the Solana blockchain since the protocol’s inception in 2020. Both entities have been instrumental in boosting the network’s traction and visibility.

Moreover, SOL is also Alameda’s second-largest holding token, representing about 10% of the crypto’s market cap.

Due to the prevailing uncertainty on Solana-based projects, investors might look for other leading layer-one protocols to put their long-term bets. The market has currently entered a new risk-off phase, and it might take some time before confidence returns.

Additionally, NFTs being riskier assets has a much greater impact on the returns [profits/losses]. Hence, risk-averse investors might wish to hold off on buying NFTs until the issue is fixed.

Solana (SOL) DeFi Ecosystem Drops 96%, TVL Reaches $330 Million

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DeFiLlama, one of the most reliable TVL aggregators for DeFi assets, reports that The total value locked (TVL) in Solana (SOL) network’s DeFi ecosystem has fallen drastically from its peak of $10.17 billion in December of last year to only about $329 million as of November 14th- approximately a decrease of about 96%.

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Source: DeFiLlama

When concerns arose at the beginning of November over FTX’s liquidity, TVL on the Solana network decreased rapidly, and the impact was so severe that in just one week, it had plunged to 63%. 

The data show that among the top Decentralized Finance projects on Solana, lending platform Solend lost 28.80% of its TVL on the last day and 88.47% of its TVL over the previous seven last days. 

In addition, Solend’s TVL monthly change is around 89.09%, and there are currently about $26.04 million locked in the protocol compared to $284.33 million on November 2nd.

Solana
Source: DeFiLlama

Tulip Protocol, the first yield aggregation platform based on Solana with auto-compounding vault techniques, lost around 67.01% of TVL during the course of the previous seven days. Similar losses were suffered by Raydium (50%), Marinade Finance (53.61%), and Friktion (60%).

Solana Ecosystem & FTX Bankruptcy: Facts

According to the Solana Foundation, as of November 6th, when FTX.com stopped processing withdrawals, it had $1 million in cash or cash equivalents. 

It has a limited effect on the network’s operations because it represents less than 1% of its cash or cash equivalents. Furthermore, it had no SOL custody on FTX.com.

The network said:

In light of the voluntary Chapter 11 bankruptcy proceedings that FTX/Alameda announced on November 11th, we do not know how these and other FTX/Alameda’s assets will be settled in the aftermath of the Chapter 11 proceedings.

Moreover, a recent evaluation by the Solana Foundation shows that the majority of the top blockchain-based ventures on this network (DeFi) have had minimal to no exposure to FTX. 

Even though many projects will inevitably face difficulties due to FTX, they also appear optimistic about how they can move forward.

In addition, the network asserts that:

During the events of the past week, the Solana network has not experienced any notable performance or uptime issues.

Related Reading | Hong Kong To Become Virtual Asset Hub Despite FTX Collapse

How To Make Money During The Crypto Collapse With Orbeon (ORBN) and Solana (SOL)

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It’s no secret that the current crypto bear market has been brutal. Dozens of high-potential investments have lost 90% of their market cap. However, there are still opportunities to make money during the crypto collapse. Solana (SOL) is a high-tier crypto with easy 10x potential while Orbeon Protocol (ORBN) is in the first phase of its presale and is expected to surge by 60x during the weeks ahead.  

>>BUY ORBEON TOKENS HERE<<

Solana (SOL)

Solana is one of the most active layer-1 blockchains. Solana promises fast and secure composability between the components of its ecosystems and ensures users that they will never have to deal with fragmented layer 2 solutions. Despite its popularity, Solana has fallen almost 90% from its all-time high. However, the team keeps building and Solana is expected to rebound during the next bull market returns. If holders sell at the next new high, they can easily 10x their investment. 

Orbeon Protocol (ORBN)

Investors who don’t want to wait for Solana to moon are looking to the Orbeon Protocol. Orbeon Protocol is a revolutionary investment platform that is disrupting the world of crowdfunding and venture capital. 

When a promising early-stage business wants to raise funds using the platform, Orbeon Protocol will mint NFTs of the company’s equity. Investors can then buy and trade these NFTs for as little as $1. With this, the barrier for entry to the venture capital industry is drastically reduced, and startups can gather their funding easier than before.

Orbeon Protocol has a safety feature known as the “Fill or Kill” mechanism built into the smart contracts of NFTs created by the protocol. The mechanism will automatically invested capital to investors if a round of funding fails. So investors will know exactly when their NFTs will be returned to them in the case that funding falls short. 

The Orbeon Protocol is powered by the ORBN token. ORBN offers holders discounts on trading fees, staking, governance, and special access to exclusive groups and up-and-coming funding rounds. The total supply is 888,000,000 but that supply will not last at the current price of $0.004. While Solana is likely to 10x, crypto experts predict a 6000% increase in ORBN to $0.24 by the end of the presale. Liquidity is locked for 10 years and the team tokens are locked for 12 months. 

The crypto collapse has been tough for investors, but it also presents a rare opportunity to make money with Solana (SOL) and Orbeon Protocol (ORBN).  

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Solana’s DeFi Ecosystem Bearing Brunt Of The FTX Contagion

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Solana’s Total Value Locked has shrunk in the backdrop of FTX contagion. TVL is a metric that highlights the total coins deposited across DeFi protocols, including staking, lending, and liquidity pools. 

Data from DeFiLlama showed that SOL’s TVL tanked over 33% at the time of writing, to $417 million, a significant decline from the previous peak of $10 billion reached on November 9, 2021.

Of all the SOL’s protocols, DeFi platform Solend has lost nearly its entire worth. Its current TVL stands at $44.83 million, down by over 60% in the last 24 hours. Similarly, Radium and Lido’s TVL have too fallen by 35% and 47% over the day and are currently hovering at $62 million and $49 million respectively.

The largest among them, Liquid staking protocol Marinade Finance, too witnessed its TVL on the chain, fall to 37% to rest at $107 million in the past 24 hours.

The other day Solana’s native SOL coin lose its value in the early hours of 9 Nov, leaving lending firm Solend to close out a sizable account that went underwater. SOL’s price depreciated by 65% in less than a week and is trading at $14 at press time.

At first, Solend attributed the failure to liquidate to network slack. Later investigation revealed that the problem was a lack of on-chain SOL liquidity, which the protocol has attempted to address by raising the interest rate on SOL to over 2,500% in an effort to attract deposits and motivate borrowers to repay their loans.

Panic Among Solana Investors Amidst FTX FUD

As investors hurried to sell their stakes, more than $800 million worth of SOL is expected to be unstaked early on Wednesday, data from solanacompass.com revealed.

SOL started to decline shortly after Binance CEO Changpeng Zhao declared that the largest cryptocurrency exchange in the world would sell $500 million in FTT, a token created by a rival FTX, as a result of recent “revelations,”

FTT holders rushed to exit their positions by selling the token aggressively out of concern that the Binance sale would cause its price to soar, leading to the exact freefall they had anticipated.

As Solana began its descent, leading on-chain experts speculated that FTX and Alameda were liquidating their SOL holdings to raise cash to support FTT.

The CoinDesk article stated that as of June 30, Alameda held around $1 billion in SOL. 10% of Solana’s market capitalization at the time was represented by it.

Google Cloud’s Big Bet On Solana For 2023

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Solana ecosystem received a “pretty big lift from Google” as the cloud server giant announced plans to deploy Blockchain Node Engine to the chain in 2023 as well as indexing SOL data, bringing it to BigQuery.

Through its official Twitter handle, Google Cloud stated that the moves would enable anyone to launch a dedicated Solana node in the cloud and make it easier for the SOL developer ecosystem to access historical data via the addition of BigQuery data warehouse.

Last month, the computing platform introduced its Blockchain Node Engine allowing Web3 developers to build and deploy new products. Per the blog, the product is a fully managed node-hosting service that can minimize the need for node operations.

Additionally, the offering also includes various security features like Google’s Cloud Armor, which guards against DDoS attacks, which spam networks and slow them down.

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Google Cloud's Big Bet On Solana For 2023 10

According to Google, its nodes will also be protected by a VPC firewall, which lets customers choose the specific permissions they need. Besides, customers have the option to select the geographic location of their nodes.

It already supports projects and developers for Ethereum. Solana founder Anatoly Yakovenko praised Google for integrating Sol into BigQuery.

When asked how Google can help with “hard engineering problems, ” Yakovenko mentioned improving SDKs to hasten the creation of applications and tackling the “unsolved difficulty” of storing seed phrases.

On the other hand, Solana’s NFT trading activity has risen sharply amidst the rollout of y00ts, a highly anticipated NFT project that got delayed after a September mint.

Solana NFT Frenzy Is Far From Cooling Off?

Data from Tiexo showed trading volume for NFTs created on Solana has on one occasion increased by a whopping 170% in just 24 hours, reaching roughly 230K SOL across the market. That is worth more than $7.5 million.

Proponents claimed that y00ts, the replacement for the well-known DeGods project on Solana, is the reason for the spurt in the trading volume. The y00ts collection comes with 15,000 different profile photographs, each with a unique combination of design elements.

The news assumed significance as sales of NFTs on the Solana blockchain dropped by 50% in October. But after the y00ts artwork’s delayed reveal, November might witness a return to intense activity.

ASICS X Solana UI Collection: ASICS Launches Running Shoes

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The launch of the ASICS x SOLANA UI Collection was announced today by Japanese sportswear manufacturer ASICS. The new collection of footwear includes specially created, limited-edition GT-2000 11 running shoes that also offer winners a chance to win an ASICS x STEPN GT-2000 NFT.

The GT-2000 running shoes were made for the Web3 community, but according to ASICS Director of Web3 & Digital Goods Joe Pace, anyone in the world could use them “in balance with physical activity.”

“The launch of the ASICS x Solana UI Collection is a major step forward for ASICS Web3 commerce. We’re proud to leverage Solana Pay and partner with STEPN to help us scale our mission to inspire the global Web3 community to create healthy habits with our products. Building on learnings and successes from our Sunrise Red and Genesis STEPN collections, we’re excited to continue delivering world-class Web3 experiences.”

Joe Pace, Director of Web3 and Digital Goods at ASICS 
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ASICS X Solana UI Collection: ASICS Launches Running Shoes 12

ASICS x SOLANA UI Collection will be available for 5 days

From November 4 to November 8, The GT-2000 11 shoes will only be available for pre-order for a brief five days. The shoes come in two custom designs, “light mode” and “dark mode,” and will be sold for $200 using Solana Pay. The Solana-inspired design represents the harmony between computers and phones with physical activity.

Customers will get an ASICS Badge NFT when they buy their shoes. Future ASICS rewards and experiences will become accessible after purchasing this digital collectible.

ASICS, which stands for Anima Sana In Corpore Sano, or “A Sound Mind in a Sound Body,” was established in September 1949 and is headquartered in Kobe, Japan. Sunrise Red, the first NFT collection from ASICS, was released in July 2021.

According to Pace, ASICS decided to stick to what they are known for: running shoes, while digital fashion tends to favor high-end products.

With this project, “We’ve deliberately chosen to stay true to ourselves and do what we are known for,” he said. which produces incredible running footwear that you would want to wear practically every day.

According to Pace, ASICS selected Solana as a partner in order to develop a quick, scalable product with minimal transaction costs for the public at large.