Matrixport, the digital asset management company of crypto billionaire Jihan Wu, has delisted these altcoin products.
This altcoin is delisted
While TVL and SOL price declines continued due to FTX, the Matrixport platform parted ways with Solana. Matrixport will delist Solana and Solana-U dual currency investment products on December 30. Matrixport was founded by Jihan Wu, a crypto billionaire and co-founder of bitcoin mining hardware giant Bitmain. Crypto reporter Wu Blockchain said in a tweet on Dec. 29 that Matrixport announced that it will delist Solana and SOL-U binary currency investment products on Dec. Also, the digital asset management firm will not launch new SOL products in the future. Additionally, Matrixport launched the industry’s first Solana dual currency product in June of this year. The dual currency product offers investors the opportunity to take advantage of market opportunities to earn returns during times of volatility. However, the 73% drop in the price of SOL following the collapse of FTX prompted the firm to exclude Solana from its products.
Matrixport is the latest firm to part ways with Solana after announcing that many NFT projects and validators are moving to other blockchains. As we previously mentioned as Kriptokoin.com, NFT projects DeGods and y00ts announced their plans to switch to Ethereum and Polygon, respectively. According to DappRadar, DeGods and y00ts are the 2 best NFT collections on the blockchain. The struggles for Solana continue with several blockchain shutdowns, exploits, and developer activity halts. Also, TVL in Solana has dropped from $10 billion to $210 million in just one year, according to DeFiLlama.
Solana partner made statements
Anatoly Yakovenko, co-creator of Solana (SOL), commented on the extension of some of the blockchain’s projects to other chains. In November, Solana’s NFT marketplace, Magic Eden, announced its expansion into its third chain, Polygon (MATIC). Magic Eden also works on Ethereum (ETH). Later that month, Solana crypto wallet Phantom added support for Ethereum and Polygon. Solana-based NFT projects y00ts and DeGods have announced that they will bridge the gap between Ethereum and Polygon.
Co-founder Yakovenko made the following statements:
“Solana unicorns like Magic Eden, Phantom, and DeGods are switching to multi-chain. It’s bittersweet to watch. It would be great if they focused 100% on Solana. But the truth is that these projects want to conquer the world. But so is the Solana community! The goal is to get everyone in the world used to self-custody, and the road there is tough. These unicorns have figured out product-market fit in an insanely competitive market. They were built on Solana because Solana is where the best products can be made.”