Matrixport will delist the Solana and Solana-U dual-currency investment products on December 30.
DeFiLlama data shows that the TVL on Solana has plummeted from $10 billion to $210 million in just a year.
On Wednesday, the price of SOL fell below $10 for the first time in two years.
Matrixport, a crypto asset management firm, will delist the Solana and Solana-U dual-currency investment products on December 30. Jihan Wu, a crypto billionaire and co-founder of bitcoin mining hardware company Bitmain, founded Matrixport.
In a tweet on December 29, crypto reporter Wu Blockchain stated that Matrixport has announced that it will delist Solana and its related products this month. Furthermore, the digital asset management company will not release any new SOL products in the future.
In addition, Matrixport announced the industry's first Solana Dual-Currency Product in June of this year. The Dual-Currency Product allows investors to generate yields by taking advantage of market opportunities during times of volatility. However, the company delisted Solana from its products due to a 73% drop in the SOL price following the collapse of FTX.
Matrixport is the latest company to delist Solana, following the announcement of many NFT projects and validators migrating to other blockchains. Top NFT projects, DeGods and y00ts, recently announced plans to migrate to Ethereum and Polygon, respectively. According to DappRadar, the top two NFT collections on the blockchain are DeGods and y00ts.
Solana's struggles continue, as it has seen many blockchain halts, exploits, and developer activity decrease in the last year. Furthermore, according to DeFiLlama, the TVL on Solana has plummeted from $10 billion to $210 million in just a year.
On Wednesday, the price of SOL fell below $10 for the first time in two years. The price of SOL has dropped by more than 4% in the last 24 hours and by 20% in the last week.
At the time of writing, the SOL price is trading at $9.6. The low and high for the day are $9.52 and $10.27, respectively.
Analysts estimate a drop to $8.20. Furthermore, even if the SOL price breaks above the $10.50 resistance level, the surge may not last long.
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