Since the collapse of the FTX exchange, the price of SOL tokens has crashed by close to 60%. While other coins have tanked, Solana investors have been hit the hardest of all major projects. Since the all-time high of November 2021, SOL tokens have lost 95% of their gains. Even for the hardiest investors, that is a huge hit.
This is despite Solana having a solid ecosystem. It was built as a Layer 1 blockchain that facilitates smart contracts and is the foundation for crypto-based financial services. The long-term prospects for SOL are solid. As mass adoption of DeFi takes off, the price will rise. However, it is hard to convince those on the outside looking in.
SOL fell so hard because it was intimately tied to FTX through Alameda Research. When the FTX exchange collapsed, it invested in a lot of SOL via the exchange. At the time, it held over 10% of SOL tokens valued at over $1.2 billion. FTX played a huge role in promoting SOL via its CEO, Sam Bankman-Fried (SBF). Thus, SOL had nowhere to go but down when the exchange went down.
Many investors suspected that SBF would try to sell off SOL to cover his position. Due to fear of him dumping all of his SOL holdings, many retail investors got ahead of him and dumped their tokens. While they may have tried to cover their losses, the result was a crush of SOL like never before.
While SOL prices have crashed, the fundamentals of the project are still solid. Nevertheless, that is not much consolation for investors.
Oryen Network is a Great Alternative
Some of those who made huge losses with SOL have been looking for new avenues to regain some of the losses. Many heard about Oryen, which was doing quite well. They found out that ORY had seen its price increase by up to 120% in just a short while after the presale started.
SOL investors are smart and know a good opportunity when they see one. They have checked the fundamentals of Oryen Network and examined the whitepaper. These investors all agree that the features of this protocol are impressive. Once it launches, it could surpass even SOL tokens in terms of gains.
As a result, investors are looking to cover their losses, as they have been streaming into ORY, causing the price to keep rising. Thus far, the token will further rise in price if the stream of investors keeps up at this rate.
One attractive feature of the Oryen Network protocol is the high fixed APY of 90%. At that high rate, one can easily calculate how much they will make by holding ORY. Another attractive feature of this protocol is that the rebase rewards are paid out fast. On other staking protocols, rebase rewards are paid at 8-hour intervals. On the Oryen Network, rebase rewards are paid out every 60 minutes. Holders can expect to receive 24 reward payouts in a day. For this reason it has made various ‘best crypto to buy’ lists.