The Solana-based NFT marketplace Magic Eden has <a href="https://twitter.com/MagicEden/status/1598400031999918080?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1598400035112165376%7Ctwgr%5E6717e10540f9948890952e8619898ad99a6dfe6e%7Ctwcon%5Es2_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fmagic-eden-follows-opensea-with-nft-royalty-enforcement-tool" target="_blank">announced</a> the Open Creator Protocol (OCP). OCP is an open-source tool that NFT creators on Solana can deploy to ensure that royalties are paid whenever their assets are traded on secondary marketplaces.

Solana has been on a downtrend since the collapse of FTX, as investors have been selling their&nbsp;<a href="https://cryptoslate.com/coins/solana/">SOL</a>&nbsp;holdings due to its connection with the Sam Bankman-Fried crypto empire.

On Tuesday, 29 November, the leading Solana wallet, Phantom, <a href="https://twitter.com/phantom/status/1597597365774749697?t=Pq8aq4lFRYf1q_T9PWu8rw&amp;s=19" target="_blank">announced</a> that it would enable functionality for assets on the <a href="https://ambcrypto.com/polygon-traders-going-short-on-matic-can-watch-out-for-these-levels/">Polygon</a> and <a href="https://ambcrypto.com/reasons-eth-investors-can-be-disappointed-despite-ethereums-latest-milestone/">Ethereum</a> blockchains.

Within a couple of weeks, Solana has tumbled from being ranked amongst the top ten cryptocurrencies with disruptive applications showcased as the ETH-killer. Considering the price action showcased in the previous year till 2021, the expectation from SOL was at an all-time high when it touched the peak value of $265 just a year ago in November 2021.&nbsp;

Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current market downtrend affecting the price to a low of $13.5.

<a href="https://ambcrypto.com/solana-enthusiasts-should-consider-this-before-buying-back-at-the-current-level/">Solana [SOL]</a> has been on the receiving end of criticism over the last year, owing to its network outages and exposure to <a href="https://ambcrypto.com/evaluating-the-state-of-solana-sol-ecosystem-post-ftx-demise/">Alameda Research.</a>&nbsp;The growing negative perception of <a href="https://ambcrypto.com/solanas-ftx-trouble-failed-to-impact-this-sol-segment-growth-but-is-it-enough/">Solana</a> could thus drastically affect the development of its native token, SOL.

Despite the prevailing bear market, Solana showed growth in active addresses and the number of transactions&nbsp;Its performance in the DeFi sector was not satisfactory

DOGE is up by a double-digit, while XRP has gained by 7% in the last seven days. The overall crypto market valuation is up as tokens recover post-FTX collapse.

According to Solana Compass, 48.6 million SOL are still in possession of the infamous crypto trading firm Alameda Research, through which FTX management manipulated and profited from the market using user funds. It was previously reported by U.Today that Alameda holds $1.2 billion in Solana on its balance sheet; since then, the SOL price has fallen by 60%. The figure of 48.6 million SOL is not the final known size of the position of the defunct trading firm. Nevertheless, it alone represents 65.1% of all SOL blocked in staking. Moreover, in monetary terms, that volume is now $700 million and represents 8.75% of Solana's total token supply.

In a latest, crypto influencer BitBoy claimed that Alameda Research held transactions when Solana blockchain was halted. He also warned in his latest <a rel="nofollow" href="https://twitter.com/Bitboy_Crypto/status/1596423423042920448?s=20&amp;t=F3M9nUydy2ypeJkCd32HGw">tweet</a> saying those who have positions in Solana should get rid of the assets. BitBoy said <a href="https://coingape.com/tag/alameda-research/">Alameda Research</a> laundered money and pressurized with some transactions during the blockchain halts. The Solana price dropped heavily thanks to FTX’s investment in the blockchain project. BitBoy said,

At Breakpoint 2021, Solana Labs announced two flagship funds: a $100 million fund focused on decentralizing <a href="https://www.theblock.co/post/123763/privacy-policy">social media</a> and a $150 million fund to encourage <a href="https://www.theblock.co/linked/127476/solana-ventures-announces-new-150-million-fund-for-blockchain-gaming">blockchain-based gaming</a>.

At Breakpoint 2021, Solana Labs announced two flagship funds: a $100 million fund focused on decentralizing social media and a $150 million fund to encourage blockchain-based gaming.

By launching its aggregator on Solana, KyberSwap has expanded its DeFi presence. The integration would enable the platform to provide swap rates on Solana in a secure and user-friendly manner.

The <a href="https://finbold.com/category/cryptocurrency-news/">cryptocurrency market</a> is making shy progress after weeks of being caught in the turmoil that followed the collapse of <a href="https://finbold.com/review/ftx-review/">FTX</a>, once among the largest <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/">crypto exchanges</a> in the world, with Solana (<a href="https://finbold.com/cryptocurrency/solana/">SOL</a>) leading the recovery.

The market cap of the popular proof-of-stake blockchain, Solana, slipped below that of the OG proof-of-work blockchain, Litecoin, according to Coingecko.Solana's latest downturn began with the collapse of FTX.

The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.

In an update released two days ago, Coin Bureau looked at how the collapse of SBF’s FTX empire could impact the price of $SOL, the native token of the&nbsp;Solana&nbsp;blockchain.

Despite SOL’s plunge, developers have been keeping users engaged on positive milestones as they try to revive the network’s fading enthusiasm.

The Solana Foundation, a non-profit organization that supports the development of the Solana blockchain, also acknowledged having $1 million in cash or other equivalent assets that were trapped on FTX.

The world’s largest stablecoin issuer, Tether, has ensured that there are no risks from USDT on the Solana network.