- After tumbling in December, the trajectory of SOL’s trading volume in the last four months resembled the pre-FTX levels.
- At the time of writing, Solana held assets worth more than $572 million, representing a change of 18% over the last 24 hours.
The dramatic collapse of the world’s second-largest crypto exchange FTX sent ripples across the broader market in November last year.
However, one of the biggest victims was Solana [SOL] which earned a lot of bad press due to its limited exposure to the fallen trading platform.
Sam Bankman-Fried, the disgraced former CEO of FTX, was a big supporter of Solana and a significant amount of coins were held on the balance sheets of FTX. As a result, SOL crashed 63% in the week following the collapse.
The SOL community did, however, have a reason to celebrate as recovery was being shown.
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DeFi activity recovers
As per a tweet, cumulative decentralized exchange (DEX) volume on Solana over the last four months eclipsed pre-FTX levels, reflecting renewed demand for DeFi activities on the chain.
Consider this- Trades worth $5.57 billion were settled on the chain since the beginning of 2023, as compared to $5.54 billion in the four months before the collapse.
Data from DeFiLlama pointed towards a similar trend. After tumbling in December, the trajectory of the trading volume in the last four months resembled the pre-FTX levels.
To add to this, important milestones in the last month such as
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Author: Suzuki Shillsalot
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