Solana and the Solana ecosystem are constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Solana Weekly Recap.
Key Takeaways
- Solana DeFi sees almost $700M in value wiped out on FTX fallout.
- Stablecoin Issuer Tether moved $1 Billion USDT from Solana to Ethereum.
- Jupiter and Raydium have integrated Open Book (Fork From Serum V3).
- The Leading Solana NFTs Marketplace Magic Eden Updated New Launchpad Future.
Ecosystem Updates
Does the Solana ecosystem show signs of recovery after the FTX event? Let’s find out with Solana Daily through the article below.
1. Market Data
Solana DeFi Sees Almost $700M in Value Wiped Out on FTX Fallout
A nightmare week for the DeFi market on Solana. TVL has dropped more than 80%. Here are the reasons to explain the above.
- SOL’s 50% price drop has contributed to that fall, alongside falling prices of related DeFi tokens.
- Whales Get Liquidated on Solend Platform – Evaporating Nearly $200m.
- A series of DeFi protocols have their liquidity withdrawn from users.
2. Solana Network
Stablecoin issuer Tether moved $1 Billion USDT from Solana to Ethereum
A week of being challenged by competitors from CEX, CZ and the CEOs of Binance-friendly exchanges that continuously stopped supporting USDT and USDC on Solana network.
Shortly after, Tether announced that it would transfer 1B from Ethereum to Solana. This move is to preserve liquidity for USDT.
3 – DeFi
Jupiter and Raydium Have Integrated Open Book (Fork From Serum V3)
Open Book – a protocol forked From Serum V3, with instant liquidity integration into major platforms like Jupiter and Raydium.
This sends a positive signal to those who hope Solana will come back.
4 – NFTs
The Leading Solana NFTs Marketplace Magic Eden Updated New Launchpad Future
Not too many outstanding news about the NFT ecosystem on Solana. However, NFT volume on Solana has shown signs of revival again, the top NFT collectibles projects quickly increased in price after a decline of more than 30%.
Most recently, Magic Eden announced new features on their platform. Looks like they are still optimistic about NFT on Solana
Additional Notable Events
Solana Network
- Neon EVM will go LIVE on MAINNET 12.12.22, making it the first #EVM on @Solana
- Nitro Devnet has officially been deployed
- Crypto.com Pauses Withdrawals of $USDC and $USDT on Solana
DeFI
- Serum to be forked after possible compromise in FTX hack
- Solend Governance proposal SLND4: Use Treasury to Repay Bad Debt in Main Pool
- The big whale account has been fully liquidated
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