![]() Serum, a Solana-based decentralised finance ( DeFi) protocol, has also been under fire. In a recent epoch, Solana validators unlocked more than 30 million SOL and flooded the market, according to Solana Compass. ![]() However, Solana is losing more than just potential funding from FTX. After the collapse of FTX and Bankman-Fried’s trading firm, Neuner noted: “Solana just lost all the support and investment” from FTX and Bankman-Fried. Neuner raised another point that is still relevant following Binance’s U-turn. Also Solana just lost all the support and investment that FTX and were making in the ecosystem.- Ran Neuner 8 November 2022 Market realizing that now owns 10% of the tokens and that he would rather support BNB chain than SOL. Neuner tweeted: “And he would rather support BNB chain than SOL.” FTX’s downfallįTX’s investment in and influence over Solana could now, however, be backfiring on the blockchain.īefore the Binance deal was withdrawn, Ran Neuner, a CNBC crypto trader, highlighted that the agreement would give Binance CEO Changpeng Zhao control over 10% of all SOL tokens. However, after the Binance deal was retracted, FTX filed for Chapter 11 bankruptcy and announced it would be closing all of its services. This new product shared Solana staking rewards with investors.įTX was also a significant investor in the SOL cryptocurrency – its balance sheet included SOL worth more than $1.1bn, according to CoinDesk. ![]() In March 2022, FTX collaborated with CoinShares to deliver a Solana-based exchange traded product (ETP). This round was led by Andreessen Horowitz.īankman-Fried’s companies continued to work with the Solana blockchain. Alameda Research was an early investor in Solana and contributed to its private token sale in 2021, when the blockchain raised $300m from various private investors.
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