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.
Once dubbed the "Ethereum Killer," Solana's SOL token began 2022 trading at $178.89, with a market capitalization of $55.09 billion in January 2022. Then came crypto winter, the merge that saw Ethereum—the once proof-of-work blockchain—switch to proof-of-stake, and the fallout from the collapse of cryptocurrency exchange FTX. Now, SOL is currently trading at $11.91 with a current market cap of $4.32 billion, a 94.9% drop for the year.
Solana is a proof-of-stake layer-1 blockchain that allows developers to create decentralized applications, or dapps, and non-fungible tokens, better known as NFTs.Contrast this with Litecoin, which began 2022 trading at $151.09 with a market capitalization of $10.47 billion. Fast forward to November 22, 2022, and Litecoin is trading at $69.36 with a market cap of $4.97 billion, a drop of 69.1%.