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It is no news to Solana (SOL) investors that the altcoin capital was one of the hardest hit by the collapse of FTX and Alameda Research. But are developers also running away from cryptocurrency?
The competitors of Ethereum (ETH) left a large part of the capital, causing it to drop out of the top 10, and it came with even less capital than Shiba Inu (SHIB).
Sam Bankman-Fried (SBF), who is a big supporter of Solana, managed to affect the altcoin even more negatively than the network outages that the cryptocurrency experienced in the last two years.
Solana is known as the capitalization of non-fungible token (NFT). After all, it has one of the largest markets in this arena, second only to Ethereum. Moreover, in the NFT world, the altcoin market is still one of the most famous.
Magic Eden, Solana's non-trading token market, is fourth in terms of trading volume according to DappRadar. In other words, despite the negative price movement in recent days, the largest NFT blockchain after ETH is still Solana.
Developers was another important support that the SOL network continued. They remained active right after the altcoin crash, and now it remains to be seen if they are still around, just over a month after FTX filed for bankruptcy.
Is Solana Development Dying?
According to data aggregator Terminal Token, the number of active Solana software developers decreased by more than 90% in 2022.
It is a fact that this percentage has attracted a lot of attention because it represents the departure of 2425 developers from the platform network. of a smart contract. Furthermore, it also shows that the altcoin network would cease to be interesting even before the collapse of FTX. However, there is a problem with the parsing of the final tokens reported by the Solana community.
To collect development data, the platform only considers direct individual contributions to Solana's central software repository. Therefore, the development of software other than a non-cryptocurrency fund is not considered.
That is why the Solana community decided to attack the information given. Kyber Network
software engineer Tuan Pham Minh said that the information provided by Terminal Token is closed source and questionable. Developer Jac0xb made an even stronger statement when he said the numbers from the analysis are garbage.
What is the truth?
According to research and security firm sec3, Solana was one of the fastest growing altcoins in early November.
Looking at the unique number of programmers, 25,000 people have written, implemented and reviewed cryptographic programs.
Already at the beginning of December the situation in relation to the development of the SOL network was not the best possible. That's because Finbold's data showed that crypto was only ninth in development on GitHub.
Cardano (ADA), Cosmos (ATOM) and Polkadot (DOT) took the lead, taking first, second and third place respectively.
While the situation is far from pleasant for one of Ethereum's main killers, Solana is still in the game and fighting to keep the crypto graveyard away. Having
developers in their network is a big reason why this won't happen and SOL will come back as a big star in 2021; Solana was one of the best blockchain ecosystems based on monthly developer growth.
Read More : Token Potential 2023
Source : u.today
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