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From FTX aftermath to worldwide finance: Solana’s strategy for 2026 focuses on the application layer
Resilience developed from the remnants of 2022 is now influencing the future of the Solana ecosystem, as discussed by leaders from Jupiter, Backpack, Kamino, and DoubleZero at Consensus Hong Kong 2026.
Solana OG builders panel at Consensus Hong Kong 2026 (CoinDesk)
What to know:
- Several years following the collapse of FTX, which nearly dismantled it by association, Solana’s primary developers indicate that the network’s forthcoming phase will be characterized not by mere survival, but by expansion into global finance.
- While Solana gained notoriety during the previous cycle for its memecoin frenzy and speculative trading, the upcoming phase will focus on integrating more traditional finance onto the blockchain, according to the panellists at Consensus Hong Kong 2026.
- Future enhancements aimed at minimizing latency and enhancing confirmation speeds are anticipated to bolster Solana’s proposition as a high-performance, general-purpose execution layer. However, the panel warned against becoming complacent.
Several years following the collapse of FTX, which nearly dismantled it by association, Solana’s primary developers indicate that the network’s forthcoming phase will be characterized not by mere survival, but by expansion into global finance.
Resilience developed from the remnants of 2022 is now influencing the future of the Solana ecosystem, as discussed by leaders from Jupiter, Backpack, Kamino, and DoubleZero at Consensus Hong Kong 2026 on Thursday.
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“When FTX collapsed, it was the most brutal possible experience you can imagine,” stated Armani Ferrante, founder of Backpack Exchange. Numerous startups within the ecosystem suffered significant losses to their treasuries.
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Nonetheless, despite the upheaval, Solana preserved its technical foundation.
“Solana lost no technical teams,” remarked Austin Federa, co-founder of DoubleZero and former head of strategy at the Solana Foundation. “It’s the developers that continue to build amid these market conditions.”
While Solana gained notoriety during the previous cycle for its memecoin frenzy and speculative trading, the upcoming phase will focus on integrating more traditional finance onto the blockchain, according to the panellists.
“The single most important thing happening right now across any blockchain,” is the entirety of finance transitioning onchain, Ferrante noted. Crypto, he added, remains small in comparison to global markets. “We have a proof of concept. That’s it.”
Builders stressed that growth will hinge on enhancing both infrastructure and user-facing products. Xiao Xiao Zhu, president of decentralized exchange aggregator Jupiter, indicated that value is increasingly accruing to the application layer.
“Users absolutely do not care whether an application is built on Solana or Ethereum. It’s just about the user experience,” he commented.
Future enhancements aimed at minimizing latency and enhancing confirmation speeds are anticipated to bolster Solana’s proposition as a high-performance, general-purpose execution layer. However, the panel warned against becoming complacent.
“The worst feeling in blockchain is being comfortable,” Federa remarked. “If you believe you’ve established a moat, that indicates someone is about to undermine you and take your position.”
Read more: Ethereum and Solana set the stage for 2026’s DeFi reboot
