From FTX debris to global finance: Solana’s 2026 plan is all about the application layer

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email From FTX debris to global finance: Solana’s 2026 plan is all about the application layer Resilience built from the debris of 2022 is now shaping the Solana ecosystems future, leaders from Jupiter, Backpack, Kamino and DoubleZero argued at Consensus Hong Kong 2026. By Margaux Nijkerk , AI Boost | Edited by Jamie Crawley Feb 12, 2026, 4:49 p.m. Make us preferred on Google Solana OG builders panel at Consensus Hong Kong 2026 (CoinDesk) What to know : A few years after the collapse of FTX nearly took it down by association, Solana’s core builders say the network’s next phase will be defined not by survival, but by scaling into global finance. While Solana became known during the last cycle for memecoin mania and speculative trading, the next chapter will center on bringing more traditional finance onchain, panellists argued at Consensus Hong Kong 2026. Upcoming upgrades aimed at reducing latency and improving confirmation times are expected to strengthen Solana’s pitch as a high-performance, general-purpose execution layer. But the panel cautioned against complacency. A few years after the collapse of FTX nearly took it down by association, Solana’s core builders say the network’s next phase will be defined not by survival, but by scaling into global finance. Resilience built from the debris of 2022 is now shaping the Solana ecosystems future, leaders from Jupiter, Backpack, Kamino and DoubleZero argued at Consensus Hong Kong 2026 on Thursday. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . “When FTX collapsed, it was the most brutal possible experience you can imagine,” said Armani Ferrante, founder of Backpack Exchange. Many startups in the ecosystem lost significant portions of their treasuries. Yet despite the shock, Solana retained its technical base. “Solana lost no technical teams,” said Austin Federa, co-founder of DoubleZero and former head of strategy at the Solana Foundation. “It’s the developers that keep building throughout these markets.” While Solana became known during the last cycle for memecoin mania and speculative trading, the next chapter will center on bringing more traditional finance onchain, the panellists argued. “The single most important thing happening right now across any blockchain,” is all of finance coming onchain, Ferrante said. Crypto, he added, remains small relative to global markets. “We have a proof of concept. That’s it.” Builders emphasized that growth will depend on improving both infrastructure and user-facing products. Xiao Xiao Zhu, president of decentralized exchange aggregator Jupiter, said 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 said. Upcoming upgrades aimed at reducing latency and improving confirmation times are expected to strengthen Solana’s pitch as a high-performance, general-purpose execution layer. But the panel cautioned against complacency. “The worst thing you can feel in blockchain is comfortable,” Federa said. “If you think you’ve got a moat, that means someone's about to knife you in the back and take your lunch.” Read more: Ethereum and Solana set the stage for 2026’s DeFi reboot Solana News Consensus Hong Kong 2026 FTX AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You ETHZilla prepares for takeoff: How you can now own a piece of a jet engine for just $100 By Francisco Rodrigues , AI Boost | Edited by Jamie Crawley 55 minutes ago ETHZilla unveiled a tokenized aviation asset, Eurus Aero Token I, offering accredited investors access to lease income from two commercial jet engines. What to know : ETHZilla unveiled a tokenized aviation asset, Eurus Aero Token I, offering accredited investors access to lease income from two commercial jet engines . Each $100 token represents a claim on monthly lease payments, with annual returns expected to be around 11%. ETHZilla is shifting from a crypto treasury to tokenized assets, including home loans, car loans, and now aerospace equipment. Read full story Latest Crypto News Bitcoin sinks below $67,000 as crypto prices follow U.S. stocks lower 4 minutes ago Crypto for Advisors: The digital assets exchange-traded product landscape 50 minutes ago ETHZilla prepares for takeoff: How you can now own a piece of a jet engine for just $100 55 minutes ago Standard Chartered sees bitcoin sliding to $50,000, ether to $1,400 before recovery 1 hour ago Asia leapfrogging the West in onchain retail use as regional hubs lead on stablecoin rules 1 hour ago A ladder for the masses: Pakistan’s Bilal Bin Saqib says crypto is a necessity, not a luxury 2 hours ago Top Stories Recapping day 2 of Consensus Hong Kong 3 hours ago Bitcoin defies 'extreme fear,' hot jobs report to show signs of resilience 5 hours ago Forget $80k: Michael Terpin warns bitcoin could revisit the $40,000s before a real recovery 4 hours ago Binance's Richard Teng breaks down the ‘10/10’ nightmare that rocked crypto 8 hours ago UK appoints HSBC for blockchain bond pilot 11 hours ago Charles Hoskinson confirms deal to onboard LayerZero on Cardano 14 hours ago