• Two Solana-based NFTs introduced migration to different chains inside 48  hours.
• A Web3 CEO believes Solana’s present supplies a possible alternative for greatness.
• Earlier than the FTX fiasco, Solana had a $13.5B market cap and traded above $37.5.

The CEO of MoralisWeb3 makes a mockery of the Solana (SOL) community because the blockchain venture plunges additional. The CEO laughed at Solana, saying it has misplaced its rating, falling under even the meme Shiba Inu which is value lower than a penny.

MoralisWeb3 CEO, with the username IvanOnTech on Twitter, asserted that blockchain builders are tired of constructing on a dying infrastructure like Solana. Nevertheless, he believes the present state of affairs supplies a possible alternative for greatness.

The SOL blockchain has been in jeopardy since FTX’s chapter was revealed, and the state of affairs as two main NFT platforms introduced their intention emigrate.

Within the earlier 48 hours, two Solana-based NFTs, Y00topia and DeGods, stated they might be bridging to different chains, Ethereum and Polygon, within the first quarter of 2023. Each platforms collectively management over 25k NFT collections. Nevertheless, DeGods famous that Ethereum is just not its desired vacation spot however a step in the proper route.

Solana was previously one of many prime ten largest cryptos by market cap, but it surely now ranks 16, with a market worth of lower than $5 billion. Coin Version reported final month that FTX’s collapse worn out over $8 billion of Solana’s market worth.

Beforehand, Solana raised about $300 million in a non-public Preliminary Coin Providing (ICO) from a number of personal funding corporations, together with Alameda Analysis. In return for taking part within the fundraising spherical, Alameda earned a stake in a phase of SOL.