Daily Top Mover — Solana (SOL)
The Nasdaq Composite fell 1.38% in the wake of climbing short-term U.S. treasury yields, while Dow Jones closed the section in the green. Tech stocks were the main culprit to drag on the major indices, with Tesla dropping more than 11% overnight. Meanwhile, the broader cryptocurrency market followed the footstep of equities, with Bitcoin and Ether down 1.3% and 2.31%, respectively, in the past 24 hours. The top mover for today, SOL, which registered a 5% drop in the past 24 hours and 12.6% in the past week, has clearly underperformed top-ranking tokens due to declining on-chain transactions and negative sentiments.
Solana was once hailed as Ethereum Killer, with a more dynamic development than Ethereum in the areas of DeFi, NFT, and blockchain games. However, in the aftermath of FTX’s collapse, tokens closely linked to FTX on the Solana ecosystem were dumped, with ripple effects spreading across the whole ecosystem. Solana’s TVL has fallen more than 75%, while daily on-chain non-vote transactions have been cut in half since early November. To make matters worse, top NFT projects, y00ts and DeGods, have recently decided to leave the Solana ecosystem.
Despite all doom and gloom, the Solana team has not stopped shipping. Solana Mobile Stack is set to release in early 2023, and the network has seen more stability following a series of system upgrades. Furthermore, Chainlink Price Feeds was newly launched on Solana. As such, Solana’s unrivaled infrastructure could breed the next innovation once the sentiment improves.
Check Out the Latest Prices, Charts, and Data for SOL/USDT!
Talk of the Town
Defrost Finance faced a $12 million exploit last Friday, Dec 23, 2022. Following this, the DeFi protocol revealed its intentions to negotiate with the hackers for a return of funds. On Sunday, Dec 25, 2022, Defrost Finance announced that the hacked funds had been returned, and are working on returning these funds to the affected users. The community, however, is still keeping a close eye on the situation as many are still skeptical, suggesting that this could be another rug pull.
Check out what else is buzzing in the crypto scene today:
Crypto lender Nexo says it has not given up on the potential acquisition of rival Vauld. (Link)
Caroline Ellison admitted to the court that she knowingly misled lenders. (Link)
1inch launched a new feature to allow users to trade gas-free. (Link)
