Following the downfall of Sam Bankman-Fried’s FTX and Alameda Research in 2022, Solana made an impressive comeback. These entities were key supporters of the emerging smart contract platform. Solana became the preferred ecosystem for retail crypto users and a hub for the current memecoin craze, with notable projects like the pump.fun protocol operating on the network. The revival of decentralized finance (DeFi) activities also contributed to Solana’s success, with the network’s on-chain trading ecosystem ranking as the third most profitable sector in the cryptocurrency industry, according to a recent report from Coinbase. The solana token stood out among altcoins in the past year, amidst a bull market dominated by bitcoin, experiencing a 275% year-over-year appreciation.
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