Solana has made a remarkable comeback following the collapse of Sam Bankman-Fried’s FTX and Alameda Research in 2022, major backers of the budding smart contract platform. The chain has emerged as the preferred ecosystem for retail crypto users and a hub of this cycle’s memecoin craze, hosting popular protocols like pump.fun.
The resurgence of decentralized finance (DeFi) activity has also boosted the network, with Solana’s on-chain trading ecosystem now ranking as the third-most-profitable sector in the crypto industry, according to a recent Coinbase report.
The solana token has stood out among altcoins during the past year’s predominantly bitcoin-dominated bull market, showing an impressive 275% year-over-year appreciation.
