Solana (SOL) has been shaken by big drops recently. Also, a large amount of capital has left Solana. However, as we have reported as Kriptokoin.com, Solana, which was once in the top 10 altcoins list by market value, is now out of the list. It even fell to a smaller capitalization than the popular meme coin Shiba Inu (SHIB). Nowadays, some rumors are making SOL investors nervous. Word of mouth that Solana developers are on the run, are they true? here are the details…
Decreasing number of altcoin developers creates unease
The CEO of the sunken cryptocurrency exchange, Sam Bankman-Fried (SBF), was a big supporter of Solana. However, it has managed to have a more negative impact on the altcoin than the network disruptions the cryptocurrency has experienced in the past two years. It is known that NFTs have an important place in the Solana blockchain network. After all, it has one of the largest markets in this field. In this regard, it ranks second after Ethereum. Meanwhile, in the world of NFTs, the altcoin market is still one of the most recognizable. Magic Eden, Solana’s marketplace for NEFTs, ranks fourth in trading volume, according to DappRadar data.
In other words, despite the recent negative price action, after ETH, Solana’s is still the largest blockchain for NFTs. The developers were another important support that the SOL network still maintains. The developers remained active for a short time after the altcoin collapse. But now, a little over a month after FTX filed for bankruptcy, not much has come out yet. According to information from data aggregator Terminal Token, active developers of Solana’s software have decreased by more than 90% in 2022. This shared data made altcoin investors nervous.
Is Terminal Token data safe?
The indicated percentage indicates that 2,425 developers have left the smart contract platform network. However, there is a problem with the Terminal Token analysis reported by the Solana community. To capture development data, the platform only considers individual contributions directly to Solana’s central software repository. Therefore, the development of other software that does not belong to the cryptocurrency foundation is not considered. Tuan Pham Minh, a software engineer at Kyber Network, made a statement on the subject. Minh said that 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.
Although the situation is not pleasant at all, Solana is still in the game. However, he is fighting to stay out of the crypto graveyard. The presence of developers on the network is a huge impetus for this not to happen and for SOL to return to being the big star it was in 2021. Solana has been one of the top blockchain ecosystems with monthly developer growth.
