Popular as a potential ‘Ethereum Killer’ once, Solana (SOL) stuck in a whirl of complications hitting the blockchain network one after the another. One of the fastest blockchain networks in the crypto space now reported to have another hit where it was reported to witness a delist from a AUM platform soon.
According to the report, Matrixport, a leading asset management platform, is up to let Solana and its related dual-currency investment products SOL-U come to an end. This was said to be done by December 30, 2022 and along with the elimination, the platform will also not introduce any financial product related to Solana (SOL).
On December 29, it was posted from Wu Blockchain’s Twitter account that Jihan Wu founded asset management platform Matrix port announced to delist Solana (SOL) and SOL-U on December 30.
However, there is no official confirmation or denial for the same until the time of writing.
In June, Jihan Wu made an announcement to expand the top notch financial product of his digital asset financial firm by adding support to Solana through Dual-Currency Product. In addition to SOL, Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) were also reported to be included in the product.
Launched in 2019, the Dual-Currency product is primarily a non-principal protected form of investment that facilitates floating returns. This enables its investors to get profit from market opportunities even at the odd times of the market being witnessing fluctuations.
The Solana blockchain network has been witnessing a number of issues ever since once leading crypto exchange FTX filed for Chapter 11 Bankruptcy in November.
At the press time, Solana (SOL) is trading at around 9.15 USD with a drop of about 4.45% in the last 24 hours. Currently the crypto assets are down by more than 96% from its all time high attained in November last year.
Two significant Solana-based NFT projects, yOOts and DeGods, recently left the SOL network to connect to the Polygon and Ethereum blockchains, respectively, in the first quarter of 2023.
The revelation was devastating to the SOL network because, according to data from Cryptoslam, both DeGods and y00ts were among the top 20 volumes.
Popular data source Santiment saw how SOL and other currencies linked to FTX and Alameda were viewed negatively by the cryptocurrency community. The data platform also mentioned SOL’s virtually nonexistent development activity, which it said was mostly made up using fictitious names.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.