The downfall of prominent solana backer SBF_FTX has affected sentiment, leading to a vast erosion of value from Solana's DeFi applications. By shauryamalwa
Bankman-Fried’s downfall translated to generally falling sentiment for Solana, given his prominent endorsement of the network. He once infamouslyon Twitter: “I'll buy as much SOL has you have, right now, at $3...Then go f**k off," referring to the blockchain's native token.
The downfall of prominent Solana backer Sam Bankman-Fried has affected sentiment, leading to a vast erosion of value from its DeFi applications. Lending and borrowing platform Solend took the biggest hit both in percentage and value terms. It held over $280 million on Nov. 2 and now holds under $30 million. Data show a vast amount of stablecoins, wrapped bitcoin tokens and Solana-based tokens have left the protocol.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These Cardano DeFi Projects' User Base Surges at Double-digit Rate After FTX CollapseThese Cardano DeFi projects' user base multiplies amid run from CEXes cardano cardanofeed cardanocommunity cardanoada defi cardanodefi $ada
Read more »
Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on ExchangeThe Solana Foundation has tens of millions of dollars in cryptocurrencies stranded on FTX – as well as 3.24 million common stock shares in the bankrupt crypto exchange. realDannyNelson reports
Read more »
FTX Founder Secretly Moved Funds Through Backdoor: FTX InsiderFTX insider has reportedly stated that recent FTX 'hack' was illegal withdrawal of funds from FTX to Alameda Research
Read more »
The Hunt for the FTX Thieves Has BegunMysterious crooks took hundreds of millions of dollars from FTX just as it collapsed. Crypto-tracing blockchain analysis may provide an answer.
Read more »