Since the collapse of trading firms such as FTX in November 2022, the Solana blockchain has seen significant growth and regained investor confidence, with Ethereum developers increasingly migrating to it.

According to a recent analysis by Jack Inabinet, senior analyst at Bankless, with significant growth in key metrics and a 770% raise in SOL year-to-date, Solana has strengthened its position as a top-tier blockchain. NNative teams in the Solana ecosystem have played a key role in its revival, but now foreign protocols are also taking advantage of the opportunity.

Developers provide the hype

Solana’s recovery from a December 2022 low of $8 to a yearly high of $210 in March is one of the most notable uptrends in this bull cycle. However, the ecosystem’s growth extends beyond its native token holders.

According to for Inabinet, the developers conveyed all the hype, starting with an airdrop of PYTH, the native token of the Pyth network. This encouraged users across ecosystems to explore SOL by assigning tokens to addresses that interact with Pyth oracles across multiple networks.

Additionally, it comes from Solana liquid staking protocol Jito Labs conducted the airdrop, catalyzing “mass adoption” through points-based incentive systems.

While Solana’s native protocols laid the foundation for widespread adoption of the platform, Ethereum developers are increasingly migrating to SOL. Inabinet emphasizes that seeing significant activity in the Solana chain, projects are eager to seize this opportunity.

Ethereum developers flock to Solana

For example, the decentralized compute sharing network Render migrated its token to the Solana Program Library (SPL) standard, and MetaMask introduced Solana compatibility with the introduction of “Snaps”.

Additionally, according to Inabinet, Aave, the first Ethereum lending site, has approved the rollout of a minimum viable version of its V3 isolated money market via Neon Ethereum Virtual Machine (EVM), an Ethereum-compatible development environment built on top of Solana.

Proposals for independent implementations, such as the EVM-based GMX perpetual trading platform, further demonstrate the growing interest in SOL.

However, the analyst noted that Ethereum and Solana have different approaches to scaling, with Ethereum favoring network fragmentation and Solana favoring a unified state.

Given this approach, Inabinet suggests that Solana’s alternative blockchain vision offers compelling features, attracting seeking developers scalability and concentration of operate.

However, the analyst cautions that developers need to take a differentiated approach to maximize success and secure market share. Inabinet summarized:

The crypto industry must cross a huge chasm of uncertainty to move from infancy to an end state where true adoption is achieved and trillions of dollars in established assets come on-chain. Until then, app developers who succumb to blind chain loyalty are leaving money and market share on the table.

As of press date, SALT has seen a 5% raise in the last 24 hours, which puts the current trading price at $171 and the next price point at $176.

Featured image from Shutterstock, chart from TradingView.com