It’s not news to him Solarium (SOL) that the altcoin’s capitalization was one of the hardest hit by the collapse of FTX and Alameda Research. But are developers fleeing cryptocurrency too?
A large amount of capital left the Ethereum (ETH) competitor, causing it to be kicked out of the top 10, even entering with a smaller capitalization than Shiba Inu (SHIB).
Sam Bankman-Fried (SBF), being a big supporter of Solana, managed to have an even more negative impact on the altcoin than the network outages the cryptocurrency has experienced in the past two years.
Solana is known for being the big star of non-fungible tokens (NFTs). After all, it has one of the largest markets in this field, second only to Ethereum. By the way, in the world of NFTs, the altcoin market is still one of the most recognized.
Magic Eden, Solana’s marketplace for non-fungible tokens, ranks fourth in transaction volume according to DappRadar data. In other words, despite the negative price movement in the past few days, after ETH, the largest blockchain for NFTs is still Solana’s.
The developers were another great support that still maintained the SOL network. Shortly after the altcoin crash, they remained active, and now it remains to be seen whether, just over a month after FTX’s bankruptcy filing, they are still around.
Is Solana Development Dying?
According to information from the data aggregator Terminal Token, the active developers of Solana’s software were reduced 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 2,425 developers from the smart contract platform network. Furthermore, it also proves that the altcoin network would have stopped being interesting even before the FTX collapse.
However, there is an issue in the Terminal Token parsing that has been reported by the Solana community.
To capture development data, the platform only considers direct individual contributions to Solana’s central software repository. Therefore, the development of other software that does not belong to the cryptocurrency foundation is not considered.
Therefore, the Solana community decided to attack the information transmitted.
Tuan Pham Minh, a software engineer at Kyber Network, said that the data provided by Terminal Token is closed source and questionable. Developer Jac0xb made an even stronger statement, saying that the numbers he got from the analysis were rubbish.
What is the truth?
According to security and research firm sec3, as of early November, Solana was one of the fastest developing altcoins.
Looking at the unique number of developers, 25,000 have written, implemented, and audited programs on the cryptocurrency.
Already at the beginning of December, the situation was not the best for the development of the SOL network. This is because Finbold data revealed that cryptocurrencies ranked ninth in GitHub development activity.
The lead was held by Cardano (ADA), Cosmos (ATOM), and Polkadot (DOT), which took first, second, and third place, respectively.
While things are not pretty for one of Ethereum’s biggest killers, Solana is still in the game and fighting to stay out of the crypto graveyard.
The presence of developers in its network is a great driver for this not to happen and for SOL to return to being the great star it was in 2021; Solana has been one of the top blockchain ecosystems by monthly developer growth.