Matrixport Announces Solana Delist Because Of The Network’s Crisis
- Following FTX’s bankruptcy, Matrixport, a cryptocurrency asset management company, was the latest platform to wave goodbye to Solana. On December 30, the company will delist the dual-currency investment products Solana and Solana-U.
- Moreover, the digital asset management firm will not launch new SOL products in the future.
- In June of this year, Matrixport introduced the first Solana Dual-Currency Product in the market. The Dual-Currency Product enables investors to gain returns by taking advantage of market opportunities during periods of market turbulence.
Crypto asset management company Matrixport was the next platform to say goodbye to Solana after it went through a crisis following the bankruptcy of FTX.
According to a tweet from cryptocurrency reporter Wu Blockchain, Matrixport has said that it will delist the dual-currency investment products Solana and SOL-U on December 30. Additionally, the company that manages digital assets won’t be releasing any more SOL products in the future.
Jihan Wu, a crypto-billionaire and co-founder of the industry-leading manufacturer of Bitcoin mining equipment Bitmain, established Matrixport.
In June of this year, Matrixport introduced the first Solana Dual-Currency Product in the market. The Dual-Currency Product enables investors to gain returns by taking advantage of market opportunities during periods of market turbulence. However, the corporation had to remove Solana from its products due to the over 70% decline in SOL price that followed the demise of FTX.
Cynthia Wu, the Chief Operating Officer of Matrixport, at the time, said:
“Support of SOL in our market-leading Dual-Currency product pledges our commitment to be responsive to market needs. As the crypto landscape matures, we expect to include more native tokens across our crypto investment products to provide our customers safe and sustainable access to yield opportunities.”
In a year, Solana saw numerous blockchain halts, vulnerabilities, and developer activity cessations. In addition, according to DeFiLlama, the TVL on Solana has decreased from $10 billion to $220 million in just one year.
After numerous NFT projects and validators announced switching to other blockchains, Matrixport became the most recent business to break up relations with Solana. Top NFT projects DeGods and y00ts recently declared intentions to switch to Polygon and Ethereum, respectively. DeGods and y00ts are the top 2 NFT collections on the blockchain.
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