Solana development continues despite the FTX collapse

Solana has been tangled in FUD since the Solana ecosystem was affected by the FTX collapse, and this has drastically lowered the price of the SOL token. However, this did not deter the Solana team from working on new developments for the network.

One example of an upcoming Solana update scheduled to rollout, The Firedancer, will aim to substantially improve the reliability of the Solana network. The likelihood that a flaw will cause damage to the network is also reduced. After going live, Solana will join Ethereum as the second multi-client chain.

Meantime, data from Santiment indicates that development for Solana is steadily picking up. Solana’s developer activity metric stands at approximately 20.2 at the time of writing. Contrary, active developers working on Solana blockchains have decreased from 2,000 to about 75.

The price of SOL was under pressure after the FTX debacle. The crypto is currently trading at just over $12, which is a decline of more than $30 since the start of November 2022. In addition to this, SOL’s very low volume indicator indicates that the crypto has not been actively traded over the last few weeks.

Additionally, SOL’s TVL also saw a decrease to now stand at around $280 million, according to DeFiLlama.

Despite the other negative trends surrounding Solana, statistics reveal that NFT sales on the network saw sales of over $1.4 million on December 6 alone. Other promising news is the fact that Helium will switch to the Solana network during the first quarter of 2023.

This July, the most popular NFT marketplace OpenSea announced rolling out the Solana launchpad to allow creators to host a new mint from beginning to end on the NFT marketplace as part of OpenSea’s plans for a “multi-chain future” to enable access to NFTs across different blockchains.