- After falling in December, the trajectory of SOL’s trading volume over the past four months has resembled pre-FTX levels.
- At the time of writing, Solana had assets worth more than $572 million, representing an 18% change over the past 24 hours.
The dramatic collapse of the world’s second-largest crypto exchange FTX in November last year sent ripples across the broader market.
One of the biggest victims, however, was Solana [SOL] which received 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 strong supporter of Solana, and there was a significant number of coins on FTX’s balance sheet. As a result, SOL crashed 63% in the week after the collapse.
However, the SOL community had a reason to celebrate as recovery was shown.
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DeFi activity recovers
According to a tweetcumulative decentralized exchange (DEX) volume on Solana has eclipsed pre-FTX levels over the past four months, reflecting renewed demand for DeFi activity across the chain.
Consider this: transactions worth $5.57 billion were settled on-chain since early 2023, compared to $5.54 billion in the four months before the collapse.
Data from DeFiLlama indicated a similar trend. After falling in December, the trajectory of trading volume over the past four months resembled pre-FTX levels.
Source: DeFiLlama
To add to this, major milestones in the past month, such as that of Helium [HNT] migration to the Solana chain boosted liquidity on the network.
At the time of writing, Solana had assets worth more than $572 million, representing an 18% change over the past 24 hours. This was also the highest total value locked (TVL) recorded on the chain in over five months.
Source: DeFiLlama
Solana gets busy
Some of Solana’s other key performance indicators also showed promising recovery. As evidenced by Token Terminal, weekly transaction fees generated on the network rose to pre-FTX levels.
However, the same was not seen for users joining the network as the weekly average of daily active users still hovered around 100,000, a far cry from the pre-collapse average of 200,000 users.
Source: Token Terminal
Realistic or not, here is the market cap of SOL in BTC terms
At the time of writing, SOL changed hands at $21.85, still 41% lower than the price right before the FTX collapse, data from CoinMarketCap revealed.
The par value of SOL’s Open Interest (OI) was $263 million per Mint glassrepresenting a drop of almost 17% in the past two weeks.