After the FTX crisis, Solana tried to come back strong. Both TVL and trades have steadily increased as the price of SOL tries to rise.
Rune Christensen, founder of MakerDAO, wrote a blog for the MakerDAO community describing Endgame’s fifth and final stage in recreating the MakerDAO protocol with a new independent blockchain.
Although MakerDAO has been running on Ethereum since its inception. The following new seed chain is based on a branch of the Solana codebase instead of the Ethereum Virtual Machine (EVM). The final step is to completely reimplement the Maker protocol into a new independent blockchain. And that process is expected to take at least three years, if not longer. Christensen said on Twitter that they should switch to Solana because it is a better alternative to their blockchains. The most important directions of developmentAdditionally, Solana Pay, created by Solana Labs, previously achieved a major milestone by integrating with leading e-commerce giant Shopify. Thanks to this collaboration, companies can better trade and interact with the cryptocurrency world. Solana Pay eliminates the need for third-party processors, eliminating additional fees and long storage times.Among recent developments, Solana has seen significant growth on the TVL blockchain. Solana’s TVL has increased from 205.11 million to 308.07 million since the beginning of 2023.Crypto data tracker DefiLlama also shows that both TVL and transactions are steadily increasing as the price of SOL tries to rise. After the FTX crisis, Solana tried to come back strong. This appears to be due to Solana’s position as the leading platform for DeFi 2.0 applications and strategic collaboration.