The Solana team decided to close its physical store & allocate its focus on other ideas to bring more users to the Solana ecosystem.
Solana is a popular Proof-of-stake (PoS) blockchain network. Solana network is popular in the crypto space because of its ability to process crypto transactions at a scalability of 50,000 TPS, thanks to its Proof-of-history (PoH) protocol. In mid-2022, the Solana project team proposed the idea of Solana smartphones & physical stores. To establish physical stores in NewYork & Miami, around 7 Months ago, Vibhu Norby founded Solana spaces and also established offline stores there.
On 22 Feb 2023, The Solana Spaces informed that they will shut down these offline stores in Miami & NewYork by the end of this month and shift focus on DRiP.
DripiP is solana’s new nonfungible token artwork airdrop platform and this platform on boards 500 and 1,000 people per day but people’s engagement at the offline stores is not impressive.
In short, Solana spaces found that they failed with their initial plan to bring people into the Solana ecosystem via physical stores, so now they will focus on those things which are dragging huge customers.
FTX & Alameda bankruptcy and Solana (Sol)
FTX crypto exchange and crypto hedge fund manager Alameda Research was the top Institutional Investor in the Solana (Sol) crypto project and also these two entities were holding a big amount of Sol coin, a native token on the Solana network.
In early Nov 2022, the FTX exchange collapsed badly. On 19 Nov 2022, FTX filed for bankruptcy along with Alameda Research. Reportedly, the Alameda team was trying to survive in that situation with high amount Sol coin sales, which caused a big downfall in the price of Sol coins.
The all-time high of the Sol coin was $240 & now the current trade price is $24.1, which means Sol is down by 90.7% from its all-time high.