The CEO of MoralisWeb3 makes a mockery of the Solana (SOL) network as the blockchain project plunges further. The CEO laughed at Solana, saying it has lost its ranking, falling below even the meme Shiba Inu which is worth less than a penny.
MoralisWeb3 CEO, with the username IvanOnTech on Twitter, asserted that blockchain developers are uninterested in building on a dying infrastructure like Solana. However, he believes the current situation provides a potential opportunity for greatness.
Solana is now below Tron and even SHIB 😅
Sadly, I think this is EOS 2.0
Devs don’t want to build on a dying infrastructure, Solana projects likely migrate to EVM L2s
— Ivan on Tech 🇺🇦🥑 – Building Moralis Web3 (@IvanOnTech) December 27, 2022
The SOL blockchain has been in jeopardy since FTX’s bankruptcy was revealed, and the situation as two major NFT platforms announced their intention to migrate.
In the previous 48 hours, two Solana-based NFTs, Y00topia and DeGods, said they would be bridging to other chains, Ethereum and Polygon, in the first quarter of 2023. Both platforms jointly control over 25k NFT collections. However, DeGods noted that Ethereum is not its desired destination but a step in the right direction.
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
— DeGods III (@DeGodsNFT) December 25, 2022
Solana was formerly one of the top ten largest cryptos by market cap, but it now ranks 16, with a market value of less than $5 billion. Coin Edition reported last month that FTX’s collapse wiped out over $8 billion of Solana’s market value.
Previously, Solana raised about $300 million in a private Initial Coin Offering (ICO) from several private investment companies, including Alameda Research. In return for participating in the fundraising round, Alameda earned a stake in a segment of SOL.