Solana team had to cope with the network developers’ concerns about the relationship with Bankman-Fried throughout the year. It is wondered what steps Bankman-Fried, who claims rights over SOL worth approximately 2 billion dollars at current prices that will be unlocked in the next few years, will take regarding the issue. So, what has been happening in the Solana ecosystem recently? Let’s take a look together.
The Trending Project of Recent Times
The Solana network, while having the same benefits as smart contract-enabled blockchain ecosystems such as Ethereum, Tron, Avalanche, and BNB Chain, stands out with its unique consensus, technology, and tokenomics brand developed by San Francisco-based Solana Labs.
At this stage, the team continues to work on applications and tokens, decentralized exchanges, lending protocols, and NFT markets on Solana. The market dominance of Solana is currently at 2.13%, which is 0.6 points lower than the record broken in November 2021.
The excitement created by new projects in the Solana ecosystem continues to be an inspiration to a certain segment. The network’s biggest memecoin project BONK, even after a 50% correction this week, has managed to attract attention by giving its investors a 10000% return over the last two months.
The BONK frenzy significantly boosted the sales of Solana-branded smartphones with a 550-dollar worth 30 million BONK airdrop event, and the given airdrop reward is almost the same as the retail value of the phone.
What’s Happening in the Solana Network?
Along with all these developments, Solana ecosystem’s largest staking protocol Jito, at the beginning of this month, conducted an airdrop event worth 165 million dollars to its users, distributing JTO, the protocol’s native token, to its loyal users. Following the event, the price of JTO rose, and the whole process added approximately 300 million dollars in market value to the Solana ecosystem.
The expectation of more scaled airdrops according to Solana’s activities has helped the volumes within the ecosystem reach the highest levels of the year after a long time. The total value locked (TVL) in the Solana ecosystem has risen from 300 million dollars in September to currently 1 billion dollars.
However, this increase generally draws attention to the rising price of SOL; there are currently 14 million SOL locked in the network, which is one-third of the 21 million SOL staked at the beginning of the year and 25% less than in September.
