Leading asset management platform Matrixport to discontinue Solana and its SOL-U dual-currency investment products as of December 30 and will no longer introduce new Solana products.
This was revealed by Wu Blockchain via his Twitter handle. Although there has been no official confirmation at the time of writing this article.
On June 8, the $4 billion digital asset financial firm founded by Jihan Wu announced the expansion of its flagship Dual-Currency Product to support Solana.
Dual-Currency, which debuted in 2019, is a non-principal protected investment product with floating returns that enables investors to profit from market opportunities during periods of turbulence to increase dividends.
Besides SOL, Matrixport also extended support for BTC, ETH, and BCH in its popular Dual-Currency product.
The latest move reflects the hard time the once-championed Ethereum Killer is facing recently since the FTX implosion.
Just a few days ago, two major Solana-based NFT projects namely DeGods and yOOts left the SOL network and bridge to the Ethereum and Polygon blockchain respectively in the first quarter of 2023.
The news has dealt a heavy blow to the SOL’s network as both DeGods and y00ts were in the top 20 volumes according to data from cryptoslam.
Popular data platform Santiment took note of the crypto crowd’s negative outlook toward SOL and other tokens related to FTX and Alameda.
“Solana Developers Were Largely Manufactured Using False Names”
The data platform also pointed at SOL’s almost nonexistent development activity, which it asserted was largely manufactured using false names.
There is little doubt that the altcoin’s capitalization was one of the hardest hit by the collapse of FTX and Alameda Research.
Former FTX CEO Sam Bankman-Fried a.k.a SBF, being a big supporter of Solana, managed to make an even more negative impact on the altcoin than the network outages that the cryptocurrency has experienced over the past two years.
The report took note of a Twitter thread shared by James Spediacci where he cited multiple resources from various leading journals claiming how Sam Bankman-Fried and FTX played a key role in Solana’s market-wide bull run in 2021.
With respect to its price, since November 5th, SOL’s price has dropped 73%. And the time of writing this article the 17th-ranked token is currently lingering at $9.6, down by over 3% in the last 24 hours.