Since FTX collapsed in November, Solana (SOL) has been particularly hard hit, suffering a severe liquidity crunch that has led to a languishing price. Even so, Solana Labs communications director and spokesperson Austin Federa said that these setbacks have not stopped Solana from attracting more users and developers, and Solana’s on-chain activity continues to grow.

SBF strongly supported Solana

FTX founder Sam Bankman-Fried (SBF) has strongly promoted Solana. His two companies, FTX and Alameda Research, have also made large investments in the Solana ecosystem, and have purchased a large number of SOL tokens from the Solana Foundation and Solana Labs. coins, the total transaction included 58 million SOL tokens, worth more than $500 million.

However, the attention SBF brought to Solana was both honey and poison. It did benefit the entire ecosystem a lot in the early stage, and could even be said to have contributed to the rise of the network. However, with the collapse of the FTX encryption empire, DeFi projects based on Solana also They left one after another, and both DeGods and y00ts said they would turn to Ethereum and Polygon respectively.

Solana-based NFT project Bonk becomes popular

Despite this, Austin Federa said that many developers continue to join Solana, such as the recently popular NFT project Bonk (BONK), which relies on airdrops, "anti-Alameda" and the revival of Solana DEX culture to become popular in the cryptocurrency community and inspire SOL The currency price soared 20% on Tuesday.

According to Birdeye data, BONK is the top three cryptocurrency by trading volume on the Solana ecosystem in the past 24 hours, second only to USDC and SOL.

Austin Federa pointed out, "You haven't obviously seen any projects that rely on Solana network performance and functionality migrate out," Federa said. "There are a lot of products that can only be built on Solana, and these developers continue to build here."

This article Solana throws off FTX haze: NFT project Bonk explodes in popularity, inspiring SOL to soar 20%. First appeared on Blockchain.