Asset manager MatrixPort is preparing to delist Solana.
FTX’s big collapse continues to put Solana’s business in trouble.
The Solana ecosystem, known for being heavily dependent on the FTX exchange, suffered a huge wound after the collapse. While discussions about Solana’s future continue, SOL is behind the ATH level of $260 by 96%.
Crypto asset management firm Matrixport announced that it will delist Solana investment products on Dec.
The company was founded by Jihan Hu, the co-founder of Bitcoin mining company Bitmain.
According to the reports, the company plans to launch new Solana products in the near future.
Solana, which entered into an important competition with Ethereum Layer 2 solutions, managed to gain a good share in the market thanks to faster and lower cost transactions. But the collapse of SBF’s crypto empire and the project’s ties to the company have eroded market confidence.
The Solana ecosystem was severely impacted by the growing skepticism after the collapse. Development activities on the network also suffered significantly.
Some crypto projects have announced that they are leaving the Solana network, which has experienced multiple outages over the past year.
Two popular NFT projects, DeGods and y00ts, have decided to switch to Ethereum and Polygon.
Although SOL was among the top 10 cryptocurrencies in terms of market capitalization for a period, it fell to the 17th place after the developments.