Topic: Can Solana rise again? - page 4. (Read 504 times)
Imagine if it goes to the $3 buyzone of SBF, it could hit harder in the defi space and other space for Solana and it may instill fear onto the market. Moreover, they still has huge treasury and I think failing isn't on the mind of Solana founders, has huge community as well as developers developing in it, can handle huge TPS as an L1 and many more, maybe NFT community too.
Solana can & probably will recover & reach new highs in a few years. I know it’s had a few outages but at one stage it was touted as an ETH killer, a real competitor & maybe successor to Vitalik’s beast. If you hold Solana then I advise you to stay strong & don’t listen to the FUD, maybe even add to your position if you’re able to.
We are in a widespread macro economic recession bear market. Everything is down except inflation
Stay strong, keep your conviction because Solana & crypto in general will moon.
We are in a widespread macro economic recession bear market. Everything is down except inflation
Stay strong, keep your conviction because Solana & crypto in general will moon.
With affiliation to FTX pretty sure there will be panic selling on traders and some of the big investors of their private sale shares. See the price of sol, almost near with avalanche. Only the difference is the volume which I think will change in positioning when solana continue to fall. Many are still uses solana due to effectivity on nfts. But with the impqct of FTX, no one will be spare on massive dumps that anything connected to FTX.
For me, it was normal that Solana experienced a huge dump because yeah FTX exchange is a big backer of Solana, and Solana for FTX exchange is like a BNB of Binance or CRO of Crypto.com
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.
Yes, it could be very different scenario for Solana, but still though, they have been drag in this issues that it might take sometime for them to recovery (that is if they can bounce back).
So for me personally, this is not a financial advise, but I will stir clear of Solana for the meantime, until everything settles down a bit as the market is clearly very crazy because of this FTX collapse and everyone is very edgy on it's feet.
For me, it was normal that Solana experienced a huge dump because yeah FTX exchange is a big backer of Solana, and Solana for FTX exchange is like a BNB of Binance or CRO of Crypto.com
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.
In this topic we will study a blockchain project that is greatly affected by the fall of FTX which is none other than Solana(SOL), So now let's find out the connection of Solana with Sam Bankman Fried in Ftx ventures, how big their holdings in Solana tokens. Most people here probably know that FTX is one of the early investors of this Solana project. So many are afraid that Solana may fall in value like the FTT token.
Do you think there is a high chance that Solana will be like what happened in FTX or is there any hope to recover?
But before all that, let others know what Solana is. It is one of the well-known layer1 smart contract blockchains in the market, which is one of what they say is an Ethereum killer. There is a large decentralized ecosystem that is now facing a major problem due to the collapse of FTX. The Solana Foundation released an article on how much exposure they have to FTX, and this is the fund they got stuck in FTX.
- 3.24m shares of ftx trading LTD common stocks
- 3.43m Ftt tokens
- 134.54m SRM tokens
So, 3 days ago if I'm not mistaken, the SRM token was pumped worth 40M$ and the FTT token was at 5M$ apart from the shares of ftx trading ltd, in short, they have 45M$ stuck.
Now if we look at the transaction of FTX Alameda in Solana foundation since 2020 after the mainnet beta launched there is ftx available with a total of 58,086,686 SOL in Alameda. Because some are unlocked on a linear monthly basis and others will be unlocked in 2025 and 2028.
And because of the chapter 11 bankruptcy file of ftx in Alameda, we don't know yet what will be done with these assets, whether they will be returned to investors or customers or whether they will be included in the market after dump before unlocking and it has no impact on the market today.
Referrence : https://solana.com/news/solana-facts-ftx-bankruptcy
Referrence : https://cryptoslate.com/solana-foundation-reveals-minimal-exposure-to-ftx/
And to make the story long short, the Solana community and Serum developers decided to fork Serum which is what is happening now, proving that Ftx has no connection with Serum. Because the potential of the project is a waste if it is only pulled by the collapse of FTX.
In addition to that, there are many projects under Solana that have exposure to FTX, but not all of them. So if any of you here are users of Solana, try to double-check the dex you are using here for the exposure in Ftx.
Referrence: About Serum - https://www.projectserum.com/
Referrence: https://portal.projectserum.com/
Referrence: https://www.coindesk.com/business/2022/11/12/ftx-hack-spooks-solana-defi-community-igniting-revolution-at-alameda-controlled-serum-dex/
Referrence: https://coinculture.com/au/tech/solana-liquidity-hub-serum-to-be-forked-after-ftx-hack/
Final Thoughts
Now let's look at the reasons why Solana will live, but is there a chance for Solana to recover? The answer is yes first,
1. Its Ecosystem with one of the largest smart contract base applications in the market. There are many dapps and not all of them are connected to Ftx. even the Serum made by SBF can live without him because Solana's community and developers can handle it.
2. They no longer have a connection with SBF so it can no longer be called a BC chain. Then there is their Founder. But in the world of crypto, as long as the community and developers are there, Solana is still complete and they were only really affected by FTX because their name was attached to SBF.
We should also note that FTX is a centralized exchange. Solana is not, but a layer1 decentralized Ethereum blockchain. So, when it comes to this case they are very different. FTT tokens have no demand outside of the FTX platform. Solana is used in decentralized applications, NFT, and Defi.
So as long as someone believes in the blockchain, as long as there is a community and developers and there is demand, it is certain that the project can develop especially if its fundamentals are good. Besides, Solana didn't do anything bad to people, it seems its just felt sorry for Ftx. That's why I don't believe that the price will go down to zero, yes it can go down or fall but that doesn't mean it won't recover. As long as the team is there and making a progress on their projects it will thrive for sure. This is just my only opinion and not a piece of financial advice.
God bless you all and Hopefully, we learn a little bit of something about this topic anyway...
Do you think there is a high chance that Solana will be like what happened in FTX or is there any hope to recover?
But before all that, let others know what Solana is. It is one of the well-known layer1 smart contract blockchains in the market, which is one of what they say is an Ethereum killer. There is a large decentralized ecosystem that is now facing a major problem due to the collapse of FTX. The Solana Foundation released an article on how much exposure they have to FTX, and this is the fund they got stuck in FTX.
- 3.24m shares of ftx trading LTD common stocks
- 3.43m Ftt tokens
- 134.54m SRM tokens
So, 3 days ago if I'm not mistaken, the SRM token was pumped worth 40M$ and the FTT token was at 5M$ apart from the shares of ftx trading ltd, in short, they have 45M$ stuck.
Now if we look at the transaction of FTX Alameda in Solana foundation since 2020 after the mainnet beta launched there is ftx available with a total of 58,086,686 SOL in Alameda. Because some are unlocked on a linear monthly basis and others will be unlocked in 2025 and 2028.
And because of the chapter 11 bankruptcy file of ftx in Alameda, we don't know yet what will be done with these assets, whether they will be returned to investors or customers or whether they will be included in the market after dump before unlocking and it has no impact on the market today.
Referrence : https://solana.com/news/solana-facts-ftx-bankruptcy
Referrence : https://cryptoslate.com/solana-foundation-reveals-minimal-exposure-to-ftx/
And to make the story long short, the Solana community and Serum developers decided to fork Serum which is what is happening now, proving that Ftx has no connection with Serum. Because the potential of the project is a waste if it is only pulled by the collapse of FTX.
In addition to that, there are many projects under Solana that have exposure to FTX, but not all of them. So if any of you here are users of Solana, try to double-check the dex you are using here for the exposure in Ftx.
Referrence: About Serum - https://www.projectserum.com/
Referrence: https://portal.projectserum.com/
Referrence: https://www.coindesk.com/business/2022/11/12/ftx-hack-spooks-solana-defi-community-igniting-revolution-at-alameda-controlled-serum-dex/
Referrence: https://coinculture.com/au/tech/solana-liquidity-hub-serum-to-be-forked-after-ftx-hack/
Final Thoughts
Now let's look at the reasons why Solana will live, but is there a chance for Solana to recover? The answer is yes first,
1. Its Ecosystem with one of the largest smart contract base applications in the market. There are many dapps and not all of them are connected to Ftx. even the Serum made by SBF can live without him because Solana's community and developers can handle it.
2. They no longer have a connection with SBF so it can no longer be called a BC chain. Then there is their Founder. But in the world of crypto, as long as the community and developers are there, Solana is still complete and they were only really affected by FTX because their name was attached to SBF.
We should also note that FTX is a centralized exchange. Solana is not, but a layer1 decentralized Ethereum blockchain. So, when it comes to this case they are very different. FTT tokens have no demand outside of the FTX platform. Solana is used in decentralized applications, NFT, and Defi.
So as long as someone believes in the blockchain, as long as there is a community and developers and there is demand, it is certain that the project can develop especially if its fundamentals are good. Besides, Solana didn't do anything bad to people, it seems its just felt sorry for Ftx. That's why I don't believe that the price will go down to zero, yes it can go down or fall but that doesn't mean it won't recover. As long as the team is there and making a progress on their projects it will thrive for sure. This is just my only opinion and not a piece of financial advice.
God bless you all and Hopefully, we learn a little bit of something about this topic anyway...
Jump to: