- Is Solana development reaching its end?
- what is the truth?
For Solana (SOL) investors, it is no news that the altcoin market cap has been hit hardest by the collapse of FTX and Alameda Research. But are developers running away from cryptocurrencies, too?
The massive outflow of capital from its Ethereum (ETH) rival pushed it out of the top 10 and even brought in less capital than Shiba Inu (SHIB).
Sam Bankman-Fried (SBF), a staunch supporter of Solana, has managed to do more harm to altcoins than the network outages cryptocurrencies have experienced in the past two years.
Solana is known as a big star in non-fungible tokens (NFTs). After all, he is one of the largest markets in this space after Ethereum. By the way, in the world of NFTs, the altcoin market is still one of the most recognizable.
According to DappRadar data, Solana’s non-fungible token marketplace, Magic Eden, ranks fourth in terms of trading volume. In other words, despite recent negative price volatility, Solana is still the largest NFT blockchain, after ETH.
Developers were another major support that the SOL network still maintains. Shortly after the altcoin crash, they remained active and it is unclear if they are still active just one month after FTX filed for bankruptcy.
Is Solana development reaching its end?
According to information from data aggregator Terminal Token, the number of active developers of Solana’s software has dropped by more than 90% in 2022.
This percentage represents the departure of 2,425 developers from the smart contract platform network, so it is true that it has attracted a lot of attention. It also shows that the altcoin network had become less interesting even before FTX collapsed.
However, there is an issue with the Terminal Token analysis reported by the Solana community.
To capture development data, the platform only considers direct individual contributions to Solana’s central software repository. Therefore, development of other software not belonging to the Cryptocurrency Foundation is not considered.
So the Solana community decided to attack the passed information.
Tuan Pham Minh, software engineer at Kyber Network, said the data provided by Terminal Token is closed source and questionable. Developer Jac0xb made an even stronger statement, saying the numbers he got from the analysis were garbage.
what is the truth?
At the beginning of November, Solana was one of the fastest growing altcoins, according to research and security firm sec3.
Looking at our own number of developers, we have 25,000 people creating, deploying and auditing programs around cryptocurrencies.
Already in early December, the situation was not the best for SOL network development. That’s because Finbold’s data reveals that crypto only ranks his 9th place in his GitHub development activity.
Cardano (ADA), Cosmos (ATOM) and Polkadot (DOT) took first, second and third place respectively.
Things aren’t exactly favorable for one of the most important Ethereum killers, but Solana is still in the game, fighting to stay out of the crypto graveyard.
The presence of developers on that network is a huge driving force for this to not happen and SOL to return to being a big star in 2021. Solana’s monthly developer growth has made him one of the top blockchain ecosystems.