Solana’s ecosystem is facing moderate obstacles caused by fear, uncertainty and doubt extension with crypto exchange shame FTX.
Since after the collapse of the exchange, the ecosystem has tried to distance itself from the former CEO of FTX Sam Bankman-Fried, with Messari even releasing a detailed summary ecosystem and how it was affected by the implosion on December 15.
But a new project is called Bonk has been in the headlines for the past few days, increasing its value and giving Solana a break from the problems he had to deal with.
What is BONK and What Can It Bring to the Solana Ecosystem
According to Bonk official websiteBonk stands for the Solana community that made the Solana ecosystem great in the first place. This is the first Solana dog coin “for the people, by the people.”
“Contributors Bonk are tired of toxic ‘Alameda’ tokenomics and want to create a fun memecoin where everyone gets a fair shot,” the official website says.
This is definitely a point in the Solana community and the crypto world as a whole as the token is currently on the rise 214% in the past 24 hours.
Solana ripped in 3.3k TPS despite the absolute tsunami of transactions around $BONK and some through tokens pic.twitter.com/BXXUFmKpmz
– Solana Legend 🎒 (@SolanaLegend) January 4, 2023
A new tweet made by Solana Legendco-founder of Frictionless Capital shows that memecoin is driving the use of Solana up with the blockchain registering 3,300 transactions per second.
These metrics prove that Solana, the “Ethereum killer”, is not dead and has a bullish community supporting it.
With tokens having an impressive burn rate and main exchange listing to open trading, Bonk is now making a name for himself. High expectations for dog meme coin. For example, many people ask: Will it save Solana from extinction?
Vague Whitepaper & Extreme Results
Although the hot new memecoin leads the charge for Solana in 2023, there is no confusion. The whitepaper itself is vague, only describing the distribution of 100 trillion tokens to various parties.
According to data from Orcasliquidity automatic market maker on the Solana chain (AMM), Bonk has an unsustainable rate of more than 1% per hour just to provide liquidity.
Although this may only be for the short term to attract additional capital from investors in the community.
Crypto total market cap at $778 billion on the daily chart | Chart: TradingView.com
Although 50% of the total supply of BONK tokens has been released, investors may be wary that half is still being held by early contributors.
To address this fear, early contributors to the project have a three-year vesting period, meaning the tokens allocated to them are locked until the three-year period is over.
It is important to recognize the contributor’s drive to re-energize the Solana community.
However, how this will be done is not clearly stated in the whitepaper. Although Bonk certainly has a positive effect on the price of SOLit remains to be seen whether this project will actually live up to the hype surrounding it.
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