Solana has reemerged as one of the most dynamic blockchains in 2025, with its total value locked (TVL) hitting yearly highs and SOL surging over 500% year-to-date. Despite the 2022 collapse of FTX — once Solana’s most influential backer — the network not only survived but thrived. This article explores how Solana overcame adversity, what makes it technically and ecologically resilient, and the most promising opportunities for users to participate in its growing ecosystem.
The Evolution of Solana: From Emergence to Resilience
Solana launched its mainnet in March 2020, positioning itself as a high-performance blockchain capable of solving Ethereum’s long-standing issues: congestion and high gas fees. While Ethereum dominated the decentralized application (dApp) space, its user experience often suffered under network strain. Solana promised speed, scalability, and low transaction costs — a compelling alternative for developers and users alike.
Key milestones in Solana’s journey include:
- July 2020: FTX announced Serum, a decentralized exchange built on Solana, establishing a deep strategic link between the two.
- October 2020: Wormhole enabled cross-chain asset transfers between Solana and Ethereum.
- March 2021: Tether launched USDT on Solana, enhancing liquidity and utility.
- June 2021: A $314 million funding round included investment from Alameda Research, further tying Solana to FTX’s ecosystem.
- November 2021: TVL reached $1 billion, capturing significant market attention.
- December 2021: StepN’s popularity brought mainstream visibility to Solana.
- February 2022: Solana surpassed Ethereum in active developer count.
- November 9, 2022: FTX collapsed, triggering a 75% drop in SOL’s price within days.
- Late 2023: Major integrations with Shopify and Visa revitalized confidence, expanding Solana’s real-world utility.
- December 2023: TVL rebounded from $300 million to nearly $1 billion in just two months.
Despite the FTX crisis, Solana demonstrated remarkable resilience — not due to luck, but because of strong fundamentals and a thriving community.
FTX’s Potential Revival: A Catalyst for Solana?
The Deep Connection Between FTX and Solana
FTX wasn’t just an investor in Solana — it was a foundational builder. SBF, FTX’s former CEO, backed Solana financially and operationally by launching Serum, a key DeFi infrastructure piece. This close relationship led many to mistakenly believe he founded Solana.
According to court filings, FTX held approximately 55.8 million SOL — over 10% of the total supply — worth around $3.5 billion at current prices. Additionally, another 6.5 million SOL remains locked and will unlock linearly over time.
This makes SOL FTX’s largest crypto holding, highlighting how deeply intertwined their fates were — and may still be.
What FTX’s Restructuring Means for Solana
In late 2024, FTT surged nearly 90% following comments from SEC Chair Gary Gensler suggesting that FTX could legally relaunch under new management. Simultaneously, SOL jumped from $40 to over $63 — a 60% increase.
Here’s why this matters:
- If FTX liquidates, its massive SOL holdings could flood the market, creating downward pressure.
- If FTX reorganizes or relaunches, those assets become strategic resources. The new team would likely strengthen ties with Solana to drive platform growth and increase SOL’s value — directly benefiting FTX’s recovery.
Bloomberg reported in October that FTX was negotiating with multiple bidders, including Proof Group, Figure, and Tribe Capital. Whether sold or revived, as long as it avoids fire-sale liquidation, Solana stands to gain.
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Solana’s Core Strengths: Technology and Ecosystem
Breakthrough Consensus: Proof of History (PoH)
Solana’s edge lies in its innovative Proof of History (PoH) consensus mechanism. Unlike traditional blockchains that rely solely on cryptographic ordering, PoH introduces a decentralized clock that timestamps transactions before they’re finalized.
This allows nodes to agree on event order without constant communication — dramatically improving speed and efficiency.
Key benefits:
- High throughput: Up to 65,000 transactions per second (TPS).
- Low latency: Near-instant finality.
- Scalability: Parallel processing via Sealevel, Solana’s runtime engine.
- Security: Tamper-resistant timekeeping prevents double-spending and ordering attacks.
PoH isn’t theoretical — it’s battle-tested across millions of transactions daily.
A Thriving Developer Ecosystem
Solana’s team includes engineers from Google and Qualcomm, ensuring high code quality and rapid development cycles. The network fosters innovation through:
- Global hackathons like the Hacker House Series, attracting top-tier talent.
- Strong support for Rust-based smart contracts.
- Fast deployment times compared to Ethereum.
Even after FTX’s fall, development activity never slowed — a testament to organic demand and ecosystem strength.
How to Participate in the Solana Ecosystem
With multiple protocols launching or preparing token distributions, now is an ideal time to engage. Below are key projects offering meaningful interaction opportunities.
1. Kamino
A concentrated liquidity lending protocol with over $75M TVL.
How to interact: Deposit SOL/mSOL, provide liquidity, borrow or lend.
2. Marginfi
One of Solana’s top DeFi platforms, TVL grew from $25M to $200M rapidly.
How to interact: Borrow or lend to earn loyalty points; refer friends for bonus points.
3. Drift Protocol
Solana’s first native perpetual futures DEX.
How to interact: Trade derivatives, provide liquidity, deposit into insurance fund.
4. Zeta Markets
Under-collateralized derivatives platform with a Z-Score rewards system.
How to interact: Trade futures; hold NFTs during events for extra points.
5. Magic Eden
Leading cross-chain NFT marketplace (Solana, Ethereum, Bitcoin).
How to interact: Buy/sell NFTs; mint new collections.
6. Tensor
NFT marketplace with a structured points program similar to Blur.
How to interact: Trade top NFTs; complete tasks; stake Tensorian NFTs.
7. Cega
Offers retail-accessible structured derivatives and exotic options.
How to interact: Use Cega’s yield products.
8. Parcl
Real-world asset (RWA) platform enabling leveraged real estate trading.
How to interact: Deposit funds; trade RWAs with leverage.
9. Phantom
The most popular Solana wallet with over 3 million users.
How to interact: Use Phantom for transactions; complete DRiP quests.
10. Squads
Multi-signature wallet solution ideal for DAOs and teams.
How to interact: Create multisig wallets; deposit tokens for potential future incentives.
11. Bonfida
Domain name service on Solana.
How to interact: Buy or trade .sol domains.
Smart Interaction Strategies
Maximize your engagement with these proven tactics:
Strategy 1: Leverage Looping on Marginfi
- Stake SOL
- Borrow mSOL (liquid staking token)
- Re-stake or use mSOL across protocols
Note: This increases risk during volatility — use cautiously.
Strategy 2: Cross-Protocol Engagement
- Stake SOL on Marginfi → borrow mSOL
- Deposit half into Kamino vaults
- Use the other half on Drift to borrow USDC
- Trade on Zeta Markets or fund other dApps
This amplifies exposure while accumulating points across platforms.
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Frequently Asked Questions
Q: Is Solana safe after the FTX collapse?
A: Yes. While FTX was a major backer, Solana’s infrastructure and community remained intact. Development continued uninterrupted, proving its independence.
Q: Are new tokens expected from Solana projects?
A: Yes. Many leading protocols like Marginfi and Jupiter have hinted at future token launches, likely rewarding early users.
Q: How can I earn rewards without investing large amounts?
A: Focus on point-based systems (e.g., Marginfi, Tensor). Consistent small interactions often yield outsized rewards during airdrops.
Q: Does Solana support NFTs and DeFi?
A: Absolutely. It hosts some of the fastest-growing NFT markets (Magic Eden, Tensor) and innovative DeFi protocols (Kamino, Drift).
Q: What makes Solana faster than Ethereum?
A: Its Proof of History mechanism enables precise transaction ordering without waiting for block confirmations — reducing latency significantly.
Q: Should I use leverage strategies?
A: Only if you understand the risks. Leverage boosts returns but increases liquidation risk during price swings.
Solana’s resurgence isn’t just about price — it’s about progress. With cutting-edge technology, a vibrant developer base, and growing real-world adoption through Visa and Shopify integrations, Solana is proving its staying power in the blockchain landscape.
Whether you're a developer, trader, or long-term believer, there's never been a better time to dive into the ecosystem.
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