In late 2022, Solana faced a number of problems, particularly due to its relationship with FTX. The bankrupt exchange had been a major investor in Solana and one of the network's largest validators. After its collapse, the Solana network experienced disruptions and investors lost faith in the token.
Despite these setbacks, #Solana demonstrated its independent potential. Through a series of technical improvements, it demonstrated its commitment to building the network, and Solana ran several successful campaigns to improve its image, such as the "Only on Solana" campaign. This slogan was meant to demonstrate Solana's unique speed and scalability.
At that time, Solana also launched a mobile division and released its own Android phone with #Web3 functionality. Although sales were slow, they were eventually sold out. This also coincided with a surge in memcoin traffic on Solana. This increased the popularity of memcoins like #Bonk , making Bonk the largest memcoin on the network.
Despite the bullish view on Solana, Signum Bank does not expect high demand for the Solana ETF.
Solana has the potential to overtake #Ethereum in terms of trading volume, but still lags far behind in terms of Total Value Locked (TVL).
Solana has always been criticized for its centralized image. Recently, Edward Snowden blamed the network for this.
The recent results of Solana suggest that it could challenge Ethereum's dominance; if Solana continues to gain momentum, it could attract additional interest from institutional investors.
Is Snowden right about Solana? How centralized is the network?
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