Solana (SOL), which was among the top 10 altcoins until FTX’s bankruptcy, is hit with new delist news. In November, cryptocurrency exchanges such as Binance, BitMEX, and OKX removed deposits and withdrawals for stablecoins on the Solana network without warning.
These two NFT projects are leaving the Solana network
Solana continues to come to the fore with delist news. Now, two of the leading projects in the Solana ecosystem have announced that they will be moving to other networks early next year. Two of Solana’s biggest NFT projects, DeGods and y00ts, are turning to new blockchains, according to a new announcement made on Christmas Day. Frank, the founder of both projects, shared that their first choice would be Ethereum.
Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that's just a few.
I think that the @y00tsNFT brand just got stronger.
But let's see 🤷♂️
— Frank (degod mode) (@frankdegods) December 26, 2022
According to CryptoSlam NFT data, both DeGods and y00ts ranked in the top 20 volumes on each time metric except all time (24 hours, 7 days, 30 days). Both were the only Solana-based projects to do so. Both DeGods and y00ts are expected to make their migrations to the new networks in the first quarter of 2023. Simultaneously with the news of the separation of these two NFT projects, the cryptocurrency exchange Deribit made its decision to delist.
Deribit makes delist decision for altcoin
As Cryptokoin.com reported, Deribit is delisting Solana reversal products. According to the official announcement, the exchange will remove reverse and futures products from its list as of December 30. Delist news comes at a time when Solana has lost 7% of its value in the last week. This brings to mind an end like what came before EOS.
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👉 At that moment (30 December 2022, 8 AM UTC) Deribit will also cease trading the Solana inverse perpetual.— Deribit (@DeribitExchange) December 25, 2022
Will Solana be like EOS in the next cycle?
Once in the top 10, Solana (SOL) is slowly losing its shine. Now experts predict that it may go the EOS route and be forgotten in the next cycle. Block.one-backed EOS was once among the biggest Ethereum competitors. Its popularity began when it surpassed $4 billion in the biggest ICO of all time before launching in June 2018. However, it soon lost its validity from $10 in June 2018 to $4.40 in late 2021.
As for Solana, people now believe it’s running out fast. The reason for its collapse was Alameda’s fraudulent conduct with funds from FTX customers. It is believed that after the FTX collapse, owners will never see such unnatural height levels again. Many believe that Solana bears resemblance to EOS, with both cryptos initially overblown by venture capital.
On the other hand, outages of the Solana network were one of the issues that plagued investors and gave crypto a bad reputation. It experienced ten partial or full outages with slow block times in 2022 alone. However, some also point out the “positive difference” between EOS and SOL. This is because the latter has a strong NFT community on Twitter. Still, Solana is rapidly losing blood in this area as well, as the 2 largest NFT projects have been mooted.
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