As recently as August 2022, Bankman-Fried said solana was “the most underrated” crypto.īefore that, Alameda Research, part of the FTX empire, had been one of the main investors in the Solana blockchain, while a report from CoinDesk said that FTX itself had invested more than $1bn in SOL.Īs of 17 April 2023, Alameda still held a little under 45 million SOL locked and staked, representing 71.9% of all locked staked solana and 9.9% of all staked SOL, according to Solana Compass, although a report from The Daily Hodl suggested that those coins could well be in the hands of liquidators. SOL’s losses may have been exacerbated by the support it received from Sam Bankman-Fried, the now-disgraced former CEO of FTX. The Maple crypto-lending platform announced on 15 December that it would stop issuing loans on Solana, citing the transition of the Ethereum (ETH) blockchain to a proof-of-stake ( PoS) consensus mechanism as a driver for the change. So it feels like ripping the Band-Aid.”Ĭardano ( ADA) founder Charles Hoskinson suggested on 9 December that Solana could become a sidechain on his platform, tweeting: “Come on speak the words. He told Fortune: “We’ve always heard really negative criticism about FTX’s involvement in the ecosystem, and that concentration of ownership stake. Solana’s co-founder Raj Gokal said on 7 December, that the collapse of FTX could, ultimately, turn out to be a good thing for the crypto industry. Could Solana become a Cardano side-chain?Īccording to figures from the analytics site DeFiLlama, there was $295.38m locked in the Solana ecosystem on 12 April 2023, up from $266.85m on 3 February, but less than the $301m locked in on 1 December and down significantly from about $10bn in November 2021 and $1bn on 6 November 2022. Solana’s problems came about, at least in part, because of its ties with FTX. On 14 November 2022, Solana admitted it had assets worth $1m stuck in FTX when the exchange went down.Īlthough this represented less than 1% of Solana’s assets, Solana also had 134.54 million serum (SRM) tokens and 3.43 million FTT tokens on the exchange as of 6 November 2022, the day that withdrawals were suspended from FTX, as well as 3.24 million shares in FTX. The token’s initial woes started when it lost nearly half its value in less than a day as the market panicked in the wake of the proposed takeover of the FTX ( FTT) exchange’s by Binance ( BNB), then shrank further when Binance pulled out of the deal, crashing by almost 70% in total from $38 to below $13. Solana’s SOL coin lost more half its value in the wake of the collapse of the FTX crypto exchange in November 2022, but has recently managed to mount a relative comeback, climbing from $8.39 on 29 December to peak at $26.93 on 20 February 2023, with the coin making another surge around the time of the launch of Solana's mobile phone. Solana promises fast blockchain speeds and low transaction fees – Photo: /
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