Solana-Based Tokens Tumble as ‘Ethereum Killer’ Continues Slide

Solana (SOL), the token powering the eponymous blockchain network, is down another 6% on Thursday morning, currently trading at $9.45, per CoinGecko.

Once highly praised by the disgraced founder of the now-bankrupt crypto exchange FTX Sam Bankman-Fried, Solana fell below $10 for the first time in nearly two years on yesterday. SOL is now down 96.3% from the all-time high of $259.96 seen in November last year.

Solana’s market capitalization now stands at $3.4 billion, which makes it the world’s 20th largest crypto asset.

With the latest price action, the broader Solana ecosystem also shed 9.2% of its value over the past 24 hours, according to CoinGecko.

Among the most affected is Serum (SRM), the native token of the now-defunct Solana-based decentralized exchange (DEX), which is down 6.5% over the past day, trading below $0.13, and Raydium (RAY) with a 3.4% drop to the current value of $0.14.

Following the FTX collapse, Serum forked off into a community-led project called Openbook, which continues to use the SRM token for simplicity, with most trading volume—over $1.2 million in the day—happening on Binance.

Raydium is one of Solana’s largest decentralized finance (DeFi) protocols and is considered one of the cornerstones of the Solana DeFi ecosystem. The protocol fell victim to a $2 million hack earlier this month and appears to still be struggling in the incident's aftermath, with the total value locked on the protocol plunging to $28.16 million by press time, according to DeFi Llama.

Life After FTX: How Solana DeFi Is Starting Over—Without SBF’s Serum

The fall of Sam Bankman-Fried didn’t just topple a $32 billion cryptocurrency exchange in FTX—it also threatened to undo the fabric of decentralized finance on the crypto wunderkind’s blockchain of choice, Solana. Serum, founded in August 2020 by a consortium that included the Solana Foundation and Bankman-Fried’s FTX and trading desk Alameda Research, was a core decentralized exchange platform and liquidity provider for the burgeoning Solana DeFi ecosystem. Its order book was crucial for DeFi o...

SLND, the token underpinning Solana-based lending and borrowing protocol Solend, is down 4.4% over the day, currently trading at $0.33, per CoinGecko.

Elsewhere, the market is largely trading sideways, with Bitcoin (BTC) shedding 0.3% over the day, currently changing hands around $16,600.

Ethereum (ETH), the market’s second-largest cryptocurrency, is up 0.3%, trading just below $1,200.