Solana Executive On State Of Solana Following FTX Collapse

Solana Executive On State Of Solana Following FTX Collapse. 

Despite crypto exchange FTX’s massive collapse in November which left many cryptocurrencies like Solana to plummet in price, Solana executive Austin Federa says that things are really looking up for the chain at the moment.

Solana’s Increase In New Users

In a recent interview with Bloomberg, Solana Foundation’s head of strategy and communication, Austin Federa, voiced his optimism for the future of Solana despite the impacts of FTX’s recent collapse just a few months ago.

Federa explains that one of the biggest things looking up for the Solana network is the increasing numbers of new users and active addresses on the network than ever before.

“If you look at the beginning of November, a lot of the headlines were doom and gloom for the Solana network. And what we’ve really seen since then, we’re about what two months out from that initial news is active addresses are up more people are using the network than were before. There are actually more validators on the network than before FTX collapsed.” Federa said.

“If you look at active addresses each day, Solana is higher than all other blockchains at this point.”

Related: Shiba Inu Coin Gains Following Update On Shibarium Project

Fostering Strong Community

Austin Federa also claims that the growth of things like memcoins, such as the most recent $BONK coin that has gained immense popularity in a short amount of time is proof that the Solana network is slowly healing from the effects of the FTX collapse.

Federa argues that $BONK shows the growing strong feeling of community that surrounds the Solana network.

“The last half of this year has been a tough one for the global crypto community and for some users on Solana as well. I think when you’re looking at BONK you’re looking at people having fun with blockchain again.” He says.

“Memes are fun. But memes are also a proxy for community. And one of the utilities of crypto that’s often overlooked is that it is a system for galvanizing community. And so the excitement around BONK is on one level, yes, it’s a meme, yes, it doesn’t actually specifically do something, but it is a token of community and especially after an ecosystem that’s been through a rough few months.”

Related: Kevin O’Leary Warns Of Crypto Meltdowns, “There Will Be Many More Zeros” 

For more info regarding Crypto Alpha and NFTs Alpha.  Always follow us on Twitter and Instagram.


Related post