Solana's SOL token has surged 114% so far this year, regaining ground it lost after stories about its entanglement to the beleaguered FTX exchange appeared in late 2022, but will SOL's rebound continue? _jocelynyang_ reports
. Buterin’s comment headed off damage from reports that the token was the second-largest holding of Alameda Research, the trading arm of FTX whose unruly balance sheet sparked FTX’s descent into bankruptcy protection, although SOL had already declined significantly prior to the FTX revelation., the total value locked on the Solana chain dropped 96% in 2022, from $6.68 billion in January to $206 million at the end of December.
Critics have lambasted Solana for being too centralized and venture capital controlled. But Riyad Carey, research analyst at crypto data firm Kaiko, said “with Alameda gone, the protocol is in some sense free of that baggage and can become more community-centric.” “It is certainly an open question as to how sticky this new level of volume is; however, at the very least, a consistent level of volume with FTX exiting the ecosystem is a positive sign,” he wrote.
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