Share this article
Citi Says Solana Blockchain Activity Remains High
Active addresses and daily NFT trading volume have returned to levels last seen before the collapse of crypto exchange FTX, a report from the bank said.
By Will Canny
Updated Jan 13, 2023, 4:14 p.m. Published Jan 13, 2023, 12:22 p.m.
Make us preferred on Google
Activity on the Solana blockchain remains high, even though an estimated 50 million solana (SOL) tokens are locked in crypto exchange FTX’s Chapter 11 proceedings, Citi Research said in a report Thursday.
That has sharply reduced the circulating supply of the cryptocurrency and has increased the uncertainty regarding the blockchain’s future, the report said.
STORY CONTINUES BELOW
“However, several key metrics such as active addresses and daily non-fungible-token (NFT) volume have returned to pre-FTX-collapse levels, potentially indicating comfort from some users on the chain,” analysts from Citi Research led by Joseph Ayoub wrote.
Citi says developers have remained active on the blockchain as the tokens of a new project called Bonk were airdropped to solana holders last week. An airdrop is when free tokens are sent to wallet addresses to promote adoption of a new cryptocurrency.
Solana’s main challenge is incentivizing users and developers to stay, the note said, observing that DeGods, its largest NFT collection, left the chain last month, citing doubts about the network's future.
Through the end of last year, Solana's token underwent a “slow burn lower” before slumping as much as 20% on Dec. 29. The next day, Ethereum founder Vitalik Buterin expressed his support for the blockchain, causing SOL's price to almost double in the following weeks, with about $550 million of short liquidations over the same period, the note added.
Read more: Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Deus X CEO Tim Grant: We aren't replacing finance; we're integrating it
The Deus X CEO discussed his journey into digital assets, the company's infrastructure-led growth strategy, and why his Consensus Hong Kong panel promises "real talk only."
What to know:
- Tim Grant entered crypto in 2015 after early exposure to Ripple and Coinbase, drawn by blockchain’s ability to improve traditional finance rather than replace it.
- Deus X combines investing and operating to build regulated digital finance infrastructure across payments, prime services, and institutional DeFi.
- Grant will be speaking at Consensus Hong Kong in February.
Top Stories
