Solana Defies the Odds: From FTX Graveyard to Developer Hotspot

Once left for dead in FTX’s collapse, Solana’s resurrection rivals Lazarus—only with more VC money and fewer miracles.

The chain that wouldn’t die

Developer activity now outpaces Ethereum’s during its 2017 heyday. Over 2,500 monthly active builders—up 400% since the dark days of November 2022—are shipping everything from DeFi gambles to NFT casinos.

VCs can’t resist a comeback story

Andreessen Horowitz just led a $250M ecosystem fund. Because nothing says ’conviction’ like doubling down on what was recently a meme coin.

The cynical take

Turns out bankruptcy contagion makes great fertilizer. Now if only those transaction speeds could outrun the next exchange blowup.

• Solana has rebounded from the FTX fallout to surpass Ethereum in new developer activity, signaling strong ecosystem growth and resilience.
• Cathie Wood of ARK Invest highlights Solana as a disruptive innovation, citing falling costs, rising adoption, and accelerating developer interest.
• Unlike Ethereum’s slower, institutional path, SOL remains agile and user-focused, driving real-world adoption in payments, gaming, and infrastructure.

Solana is no longer just an alternative blockchain; it’s becoming the center of gravity in the next phase of crypto innovation. That’s the message ARK Invest CEO Cathie Wood delivered during her keynote at solana Accelerate, where she made a strong case for why the network is poised to lead the digital asset revolution.

In a detailed and forward-looking presentation, Wood spotlighted Solana as a prime example of disruptive innovation, a concept at the heart of ARK Invest’s research and investment philosophy. According to Wood, the signs that typically signal breakthrough technologies are clear: declining costs, increasing adoption, and growing developer interest. And right now, she said, Solana is checking all the boxes.

🚨 SOLANA: "Follow The Developers"…

“One of the things we look for in new technology is falling costs and accelerating uptake—and that’s certainly Solana.” – @CathieDWood at Solana Accelerate. $SOL 🚀 pic.twitter.com/IqZlWdRwm6

“One of the things we look for in new technology is falling costs and accelerating uptake, and that’s certainly Solana,” Wood remarked.

Solana Surpasses Ethereum in Developer Growth

What makes Solana’s rise particularly notable, Wood explained, is its resilience. In an industry where projects often disappear during bear markets or following high-profile failures, SOL has not only survived but also emerged stronger.

Wood didn’t shy away from addressing the network’s connection to the FTX debacle in 2021 when its association with Sam Bankman-Fried cast a long shadow. Many speculated the project might collapse under the weight of its connections to the failed exchange. But that didn’t happen. Instead, SOL rebuilt trust, improved infrastructure, and reignited its developer ecosystem.

By July 2024, SOL had achieved a milestone few thought possible: surpassing ethereum in new developer activity. According to Wood, this signals a meaningful shift in the ecosystem’s momentum. Developer migration, she emphasized, is often the earliest and most reliable indicator of where real innovation is headed.

“Follow the developers,” Wood said. “They’re showing us where the real innovation is happening.”

Ethereum Slows While Solana Speeds Ahead

Wood also drew a sharp contrast between Solana and Ethereum, the long-standing titan of smart contracts. While Ethereum has embraced a more institutional trajectory, slower upgrades, higher fees, and complex scaling, SOL, Wood argues, remains agile, cost-efficient, and user-first.

This consumer-oriented approach is fueling real-world applications, from payments and gaming to NFTs and DePIN infrastructure. Solana’s low fees and lightning-fast transaction times have created a fertile ground for experimentation and adoption, especially among developers seeking to build at scale without compromise.

For ARK Invest, which has become known for its early bets on high-growth, disruptive technologies like Tesla and Coinbase, SOL fits a familiar mold: a scrappy outsider challenging the status quo. Wood’s remarks strongly suggest that SOL may soon become a core component in ARK’s long-term crypto thesis.

In a rapidly evolving digital asset landscape, Wood’s advice cuts through the noise: don’t just track prices or headlines; follow the builders. And increasingly, the builders are building on SOL.

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