The bulletin prepared by the Bybit Global team includes the developments of the day. The Nasdaq Composite fell 1.38% after the rise in short-term US Treasury yields, while the Dow Jones closed the segment in the green. Tech stocks were the main culprit, dragging major indexes down, with Tesla falling more than 11% overnight. In the cryptocurrency market, Bitcoin and Ethereum followed stocks down 1.3% and 2.31% respectively in the last 24 hours. Today’s top moving SOL, which is down 5% in the last 24 hours and 12.6% last week, clearly underperformed the top tokens due to declining on-chain transactions and negative sentiment.
Solana was once hailed as the Ethereum Killer, with a more dynamic development than Ethereum in the fields of DeFi, NFT and blockchain games. However, following the collapse of FTX, tokens closely linked to FTX in the Solana ecosystem were abandoned with ripple effects spreading across the entire ecosystem. Solana’s TVL has dropped more than 75%, while daily on-chain non-voting transactions have halved since early November. Worse still, the top NFT projects, y00ts and DeGods, have recently decided to leave the Solana ecosystem.
Despite all the pessimism, the Solana team did not stop the transport. Solana Mobile Stack will be released in early 2023 and the network has seen more stability after a series of system upgrades. Also, Chainlink Price Streams has just been launched on Solana. Therefore, Solana’s unrivaled infrastructure could spawn the next innovation once sentiment improves.