Solana DeFi functions have misplaced greater than $700 million in worth for the reason that FTX debacle took maintain at first of this month. DeFi (decentralized-finance) functions within the ecosystem grew to $10 billion final November, with FTX founder Sam Bankman Fried amongst Solana’s chief proponents. That determine diminished with the broader crypto market contraction to take a seat at $1 billion on Nov. 2 this yr, earlier than shrinking dramatically to round $300 million with the FTX fallout. The greater than 50% drop within the worth of SOL, the community’s native token, has contributed to the autumn. On the time of writing, SOL was priced at $14.64, in contrast with $32.64 at first of this month.