Solana is being wiped out. TVL has crashed to $280m and out of top 10 after losing 67% this month alone. It was close to $1bn at the start of the month. Down 97% from peak

DeFi on Solana is being wiped out, so to speak.

At the start of the month, TVL on the chain was close to $1bn. Now it has crashed to $280m and is out of top 10.

Top chains by TVL

The crash has been nothing short of spectacular

At the peak of the bull run, Solana boasted close to $10 BN in TVL. Now it down to 2.8% of that. Absolute carnage.

Solana has been plagued with one disaster after another – first the numerous chain halts, then the revelation that one team was responsible for most of TVL by creating double entries, now the final nail in the coffin has been the implosion of Sam, brining with it the downfall of the chain he shilled so much. Many exchanges are cutting down on exposure to Solana, Even stablecoins are migrating liquidity to other chains

Do you think this chain can pull itself together after all the fiascos?

reddit imagereddit imageSolana is being wiped out. TVL has crashed to $280m and out of top 10 after losing 67% this month alone. It was close to $1bn at the start of the month. Down 97% from peak

36 thoughts on “Solana is being wiped out. TVL has crashed to $280m and out of top 10 after losing 67% this month alone. It was close to $1bn at the start of the month. Down 97% from peak”

  1. I got out at $30 and converted it to ETH. I took a loss but it’s better than it’s current 12.81

  2. The fact that Solana can die and most of the so called shitcoins can survive this bear market is kinda funny to me.

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  4. “Defi is collapsing”

    Has more TVL than Algorand, Eos and Cardano combined.

    I still think it’s a shitcoin but what about the 3 I mentioned?

  5. I cannot believe this sub is going to miss generational wealth for a second time with solana.

  6. Why would the falling price of a coin mean a project gets wiped out? Isnt the development of projects not correlated to token price? If anything its just correlated to the activity in the environment. If speculators wanna dump solana, power to them, but speculators arent participiants in the Solana ecosystem and thus shouldn’t be a measure of a token’s success

  7. I assume James at InvestAnswers will make this the centerpiece of his news like he did when inflows into Solana were always beating everyone else? /s

  8. No doubt SOL is not doing great but its a little less bad when you factor in everything else, BTC is at a 5 year low so if you factor in the overall market drop then SOL is still down but not as much. This doesn’t mean anything but its interesting so I’m mentioning, in the last 2 years SOL still outperformed BTC and ETH as of todays numbers.

  9. Solana still has a strong dev community and this does not change after FTX debacle. Some Solana projects like STEPN (itself crashed in terms of price) launched without FTX, to the surprise of many FTX-SOL speculators.

    Time will tell but I’m still quite optimistic that SOL will do just fine without FTX, it’s hard to judge a coin when it’s a bear market.

    Anyway, I bought Solana when it was $5, sold most of them at around $200. Willing to keep a small bag and stake to see what happen in the future. For me, nothing to lose.

  10. i paid around 180’ish for solana ugh… : guess i’ll just hold onto it at this point…

  11. TVl is a product of coin value. I saw bitcoin at $ 200 survive mtGox hack. I saw a sub dollar btc rise to 64k. I saw a ‘shitcoin'(by btc maximalist rise to 4k) after collapsing from 1000 to sub 100, so this is such a stupid take. Sol was under a dollar before market took off and around $2 before it REALLY took off. People who invested at right time are still in green and development is still happening. It’s still at 6x from ico cost.

    It’s possible that the solana just dies out, it’s also possible that it’ll rise same as eth did from last bear market.

    Anyone who claims to know how market will pan out in future is a Fucking moron. No one would have bet on eth claiming 4k mark after it collapsed from 1k+ to $89 in last cycle. And anyone who claims to know about coins in this cycle is a just a biased moron.

  12. Is there any reason in particular for this? It seems Solana has always had some issues but alot of people don’t really care so what’s changed??

  13. When will people learn that the next ethereum is actually just ethereum?

  14. People have warned about Solana for like a year. This is the least surprising thing I’ve ever seen in the crypto space.

  15. When i said Solana is a garbage project and is just pumped because of SBF they put me a label with Sol critic

  16. To put it simply, nope.

    This bear market has been the great revealer. It has show who is or isn’t capable and responsible enough to move this industry forward.

    Crypto is filled with fraud. Plain and simple. Shit like this needed to happen to teach people what not to do and what to avoid.

  17. I honestly really don’t understand all the hate on Solana. To think Solana will die is very foolish.

  18. Overreaction due to fear and ties to Alameda/FTX & the SER token.

    Ecosystem is still about 1/6th as large as ETH.. about 1/2 of the transactions.. and at 1/100th of the price.

    It’s not a broken algo coin. Google will run its validators as well.

    Solana is a buy here (at least vs other cryptos) you can remind me in a year. (NFA)

  19. FTX collapse scared away people. The dapps are still there. TVL will come back once the dust settles.

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