In November 2022, the FTX exchange collapsed. This event severely affected the Solana ecosystem, with SOL prices dropping by over 50% to touch $10/SOL. The repercussions spread to other projects within the ecosystem as many projects relied on fundraising through the FTX exchange. Solana's image hit rock bottom, with users gradually leaving the ecosystem. Even many leading projects were not optimistic about Solana's future.
However, as outlined in the overview of the Solana ecosystem in Q1/2023, during that dark hour, the Solana foundation continued to improve the platform to make the network smoother. There were still many products being incubated and developed within the ecosystem.
Indeed, Solana has undergone a strong transformation, with the SOL token experiencing rapid growth in a short period. A series of projects emerged, bringing in fresh air and attracting users back to the ecosystem. Currently, Solana is one of the leading ecosystems in the crypto market in terms of market capitalization and total value locked (TVL).
Solana now has all the essential pieces in its ecosystem. It aims to create unique points that can only be found on Solana, thereby maintaining and strengthening its position Pon the blockchain map.
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