Odaily Planet Daily News 21.co published an article on the X platform stating that Solana has caught up with Ethereum in almost every indicator, such as users, fees, transaction volume, etc. However, the value of Bitcoin on Ethereum is close to $10 billion, while the value of Bitcoin on Solana is only $86 million. At the end of 2021, there was more than $1 billion worth of Bitcoin on Solana. However, most of the Bitcoin is concentrated in soBTC issued by FTX, which are not fully collateralized and cannot be redeemed after the exchange collapses. The collapse of FTX represents a critical moment in Solana's history, with its TVL falling from $10 billion to $200 million (a decrease of 98%). Despite the major setback, the community doubled down on Solana, rebuilding the ecosystem from scratch, and Solana's TVL has grown to $4.8 billion (21 times the previous low). Despite the rejuvenation of the DeFi ecosystem, Bitcoin is still underutilized on the Solana chain. After the FTX collapse, the only options for the Solana ecosystem are WBTC from Wormhole and tBTC from Threshold Network. However, both are bridge solutions that use a lock-and-mint method. Such bridge solutions have historically been fragile, with more than $2.8 billion in losses due to hacker attacks since 2021.
