Cryptocurrency analytics platform Messari, which has a close relationship with FTX Solana altcoin evaluated.
Messari Analysts Evaluate Solana (SOL) Ecosystem Condition After FTX Crash
In his report, Messari focused on developer activity and the number of validators on the SOL ecosystem. Here are some excerpts from the report:
- Validators are distributed in more than 25 countries and 138 data centers worldwide. While FTX’s collapse didn’t seem to have a significant impact on its validator stats, Hetzner’s shutdown of Solana in September caused a significant staking migration from Germany to other regions.
- Solana’s network health and infrastructure is relatively stable despite Hetzner’s changing terms of service and FTX’s downfall. While smaller and unprofitable validators before FTX have come under some pressure, most are still fairly profitable.
- As of December 8, the Solana network has a total of 2,306 validators with a total stake of ~370 million SOL.
- Developer data reveals a stronger and more robust developer ecosystem than mainstream discourse claims. However, these statistics should be treated with caution, as the amount of data available cannot be considered robust.
- A popular rumor about Solana developers has been to move away from the ecosystem. A recent survey aimed to gather data to confirm or refute this rhetoric. There are two main results from the survey:
- A significant number of developers distribute to other chains, primarily Ethereum. However, the majority of developers (66%) surveyed remain in Solana alone. About 72% of developers reported that their teams were unaffected by FTX.
Related Content: Official Statement from Solana Foundation: FTX Answered Post-Crash Questions!
- Regarding DeFi, the total value locked (TVL) has decreased. However, several projects including Ellipsis Labs, Drift, Friktion and others are producing new models that have the potential to reactivate on-chain growth in the DEX space.
- Helium’s transition to the SOL network, along with the deployment of new networks such as Hivemapper, Pollen Mobile, and Teleport, shows that Token Incentive Physical Infrastructure Networks (TIPIN) is a thriving new sub-sector in Solana.
- Time will tell how successful the SOL ecosystem will be in the long run. But claims that Solana is completely dependent on SBF, data validators, and a major ecosystem escape to other chains are unfounded.
*Not investment advice.