in 2021 December 1 Kyle Samani, Managing Accomplice of Multicoin Capital, made a daring assertion: “SOL (Solana) is about to pay an enormous payout as each billionaire on the planet calls me and SBF.” On the time, an unstoppable SOL value about $230.

However who would have thought that after a yr, the value of this high-performance public community, “extremely popular amongst billionaires” and its image SOL, might fall under $10, with a low of $8, which is greater than 95%.

Following Kyle’s tweet, which has similarities to Do Kwon’s “Your measurement isn’t a measurement.” Because the cryptocurrency winter approaches, with Terra Ecology (Luna) and Three Arrow Capital (3AC) thundering back-to-back, market panic continues to unfold. Ultimately, beneath the mixed forces of inside and exterior elements, behind Solana, who was additionally probably the most highly effective sponsor on the time, one other sponsor additionally fell – FTX declared chapter.

The chapter of FTX and Alameda critically affected your entire ecology of Solana. Solana’s fund not solely misplaced greater than 180 million. USD of encrypted belongings. This straight destroyed Serum, an necessary core protocol of the Solana DeFi ecosystem. This cornerstone protocol was shortly deprecated on account of vital permissions on the FTX facet.

Affected by this sequence of “damaging” occasions, Solana’s TVL (Whole Locked Worth) has additionally fallen from its excessive of $10 billion. value as much as roughly 200 million US {dollars}. US {dollars}.

The group wailed and the SOL signal fell all the best way. Solana seems to have been “powerless.”

Belief and rollover

5 days after the SOL token fell to $8, Ethereum founder Vitalik Buterin tweeted:

Some sensible folks inform me that Solana has a critical group of sensible builders, and now that the horrible opportunistic cash has been laundered, the chain has a vivid future.

It is onerous for me to say from the surface, however I hope the group will get an excellent likelihood to thrive

— vitalik.eth (@VitalikButerin) in 2022 December 29

Vitalik’s phrases appeared to calm him down, inflicting the SOL chips to rise accordingly. The panic within the Solana group subsided later.

Not solely through the disaster did Vitalik point out Solana on the Twitter AMA in 2023. on the finish of June.

The one remark is that I really feel unhealthy @solana and different initiatives undergo on this manner. They do not deserve it, and if Ethereum “wins” over all the opposite blockchain exchanges, that is not a decent approach to win, and in the long term…

— vitalik.eth (@VitalikButerin) in 2023 June 30

Along with Vitalik, Chris Burniske of Placeholder was a serious backer through the Solana debacle. in 2022 December 11 Chris stated Solana and Cosmos had been the 2 ecologies he was most interested by apart from Ethereum.

Additionally, the Solana flag continues to fly on Twitter. in 2023 February. in an interview with Bankless, Chris Burniske straight acknowledged that Solana is undervalued and has related funding potential to ETH.

March. Placeholder additionally led the funding in Tensor, an NFT buying and selling platform on the Solana community. Utilizing methods just like Blur’s mining of pending orders and trades, the platform has now captured over 40% of Solana’s NFT market. NFT market Magic Eden.

New developments within the Solana ecosystem

Regardless of many objections, Solana’s cell phone Saga was efficiently launched in 2023. in April

Gaming platform Rollbit launched on Solana community in 2023. will start fast progress. Though particular efficiency knowledge was not out there, its RLB token has grown greater than 28 instances in a yr.

Solana introduces state compression. In response to officers, the price of minting 1 million NFTs has dropped to round $110.

Solana’s community knowledge efficiency can be good. In response to on-chain knowledge platform Artemis, the variety of every day lively addresses on the Solana community has remained above 200,000.

After the collapse of FTX and the collapse of SOL, what new adjustments will Solana have in 2023?

Though the DeFi ecology on the Solana community has not but recovered, Solana NFT knowledge in 2023. to start with, solely Ethereum comes down, and lately Bitcoin NFTs had been affected and fell to second place.

in 2023 In July, Superteam hosted the Solana Eco-Group Convention, which featured Solana founder Raj Gokal and former Coinbase CTO Balaji Srinivasan. The convention up to date Solana’s newest progress and initiatives and was attended by greater than 2,000 group customers. Not solely that, however Solana additionally had a brand new Chinese language group in Could and began syncing some main Solana occasions.

The encounter with Solana, who isn’t what she was earlier than, gathers momentum to comb the world and quietly returns to the general public eye. Maybe, as former Multicoin Capital companion Mable talked about within the Solana Ups and Downs: Excessive Probabilities and Low Inevitability podcast, Solana has a excessive likelihood of not dying, however not dwelling like the unique. .

Hong Kong, generally known as a world monetary middle, will set up a regulatory framework for stablecoins by the tip of subsequent yr, stated Chen Haolin, deputy director of the Hong Kong Financial Authority (HKMA).

In a current public session, the HKMA sought feedback on the introduction of stablecoins and expressed its dedication to steadily construct a complete regulatory framework.

On the high-profile occasion, Chan and Lam highlighted the Hong Kong authorities’s energetic involvement within the digital asset worth chain. Earlier this yr, the federal government efficiently issued token inexperienced bonds to point out its assist for the trade. As well as, Hong Kong welcomes professionals and trade representatives who contribute to a thriving ecosystem.

The federal government’s deal with Web 3.0 growth is obvious because it beforehand launched a coverage manifesto outlining a technique for the expansion of digital property.

Adhering to the precept of “similar trade, similar danger, similar guidelines”, Hong Kong strives to discover a stability between selling secure industrial progress and making certain investor safety and compliance with worldwide anti-money laundering requirements.

Highlighting the exceptional progress over the previous 5 years, Chen Ho-lim revealed that the variety of fintech firms in Hong Kong has grown to greater than 800.

These firms present a variety of companies, together with digital banking, digital insurance coverage and digital asset buying and selling, additional strengthening Hong Kong’s place as a world monetary know-how chief.

The upcoming regulatory framework for stablecoins highlights Hong Kong’s dedication to sustaining a supportive and safe atmosphere for digital property. By setting clear tips and rules, the federal government goals to strengthen investor confidence and promote innovation within the digital asset trade.

The framework will handle the important thing problems with danger administration, shopper safety and monetary regulatory compliance to make sure the long-term stability and sustainability of the stablecoin ecosystem.

The regulatory method of Hong Kong’s initiatives has been welcomed by trade stakeholders and specialists because it offers a strong basis for the event of a strong and dependable stablecoin market.

The Authorities is dedicated to open dialogue with trade gamers by public session to make sure that the regulatory framework displays the wants and aspirations of the broader ecosystem.

Because the world continues to embrace digitization and discover the potential of blockchain know-how, Hong Kong’s dedication to ascertain itself as a pacesetter within the digital asset house is obvious.

With its strategic location, sturdy monetary infrastructure and forward-thinking method, Hong Kong is ready to appeal to the perfect expertise and drive innovation within the ever-growing digital finance sector.