In a best case scenario, Solana’s remaining builders face a long road back to ecosystem health, trust and relevance following the collapse of the network's most prominent backer, Sam Bankman-Fried, CoinDesk's DavidZMorris writes. Opinion.
Debate has accelerated in recent days over the future prospects of Solana, a layer 1 smart-contract blockchain that in some respects competes with Ethereum. The chain grew rapidly and saw immense hype during the 2020-2021 bull market, particularly from venture capitalists. But the recent departure of major projects to other chains and a massive drop in total value on the Solana chain have raised questions about its future prospects.
Lingering technological challenges are a common worry cited by doubters. Competition from Ethereum layer 2s represent a growing threat to Solana’s core premise of faster and lower-cost transactions. But the biggest cloud shading Solana’s sunshine is the fall of Sam Bankman-Fried, founder of the FTX exchange and hedge fund Alameda Research.
or TVL, trailing not only Ethereum layer 2s like Polygon and Optimism, but also far more obscure projects like Cronos and DefiChain.The single sharpest percentage drop in Solana’s metrics came in early November following the collapse of FTX, and mounting evidence of massive fraud by Sam Bankman-Fried.
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