#美联储利率决策即将公布

Analysis: Bitcoin on Solana is worth only $86 million and is underutilized

21.co posted on the X platform that Solana has caught up with Ethereum in almost every metric, such as users, fees, transaction volume, etc. However, Bitcoin on Ethereum and Bitcoin on Solana are worth only $86 million.

At the end of 2021, there was more than $1 billion worth of Bitcoin on Solana. However, most of the Bitcoin is concentrated in soBTC issued by FTX, which is not fully collateralized and cannot be redeemed after the exchange collapses.

At the critical moment of the FTX collapse, its TVL dropped from $10 billion to $200 million (a decrease of 98%). Despite the major setback, the social network has rebuilt its ecosystem from scratch, and Solana's TVL has grown to $4.8 billion (21 times the previous low).

Despite the DeFi life cycle, Bitcoin is still underutilized on the Solana chain. After the collapse of FTX, the only options for the Solana ecosystem are Wormhole's WBTC and Threshold Network's tBTC. However, both are bridge solutions that use the lock-and-mint method. Such bridge solutions have historically been fragile, with more than $2.8 billion in losses due to hacker attacks since 2021.