In a recent post, Hugo Philion, CEO of Flare, shed light on the ongoing discourse between Solana and XRP.
Philion acknowledged Solana’s impressive recovery from its technical and financial setbacks, particularly those linked to the FTX and SBF debacle.
He stressed the hard work being done in the cryptocurrency space, including efforts to enhance the utility of nonsmart contract tokens like BTC and XRP.
Solana’s impressive comeback
Solana, a blockchain platform known for its speed and cost-efficiency, faced significant challenges following the collapse of FTX in November 2022.
FTX, a major investor in Solana, dramatically impacted the platform’s financial stability and reputation.
At the peak of the crisis, Solana’s DeFi protocols witnessed a plummet just over $200 million, and its native token, SOL, collapsed below $10.
The FTX implosion, which involved misuse of customer deposits, severely tarnished Solana’s image and financial standing.
Despite these setbacks, Solana has shown remarkable resilience.
As reported by U.Today, Solana’s market capitalization has now surpassed that of XRP.
This leap forward is partly due to the popularity of meme coins like Bonk, which have seen a surge in market capitalization.
Additionally, Solana has regained its position in decentralized exchange (DEX) trading, surpassing Ethereum with a 24-hour trading volume of $1.26 billion.
The total value locked on Solana’s platform has also exceeded $1.2 billion.