Fear Makes Quick Return to Crypto Markets as Bitcoin Plunges Most in 2 Months
Solana DeFi applications have lost more than $700 million in value since the FTX debacle took hold at the start of this month. DeFi (decentralized-finance) applications in the ecosystem grew to $10 billion last November, with FTX founder Sam Bankman Fried among Solana’s chief proponents. That figure diminished with the broader crypto market contraction to sit at $1 billion on Nov. 2 this year, before shrinking dramatically to around $300 million with the FTX fallout. The more than 50% drop in the price of SOL, the network’s native token, has contributed to the fall. At the time of writing, SOL was priced at $14.64, compared with $32.64 at the start of this month.