Category Archives: Solana News

As of November 5, when Binance chief Changpeng Zhao (CZ) announced that the company will divest from its FTX investment by dumping FTT tokens, the crypto market collapsed.  Indeed, bitcoin has taken a 25% dive and many altcoins fared even worse with FTX-backed Solana spiraling 65%. The question now on everyone’s mind: is more pain in store for crypto markets?[Read more…]

Litecoin’s continued strength in recent days has seen the coin become the 15th largest crypto by market cap, unseating Solana from the spot. Litecoin Observes Strong Week, Gains Over 9% During The Period The last couple of weeks have been terrible for most of the crypto market, as the crash triggered by FTX’s collapse has[Read more…]

Anatoly Yakovenko, co-founder of Solana Labs, which is responsible for developing the blockchain with the same name, urged all validators to update to the latest version of the node, 1.13.5. According to Yakovenko, the update should fix all Solana network outages caused by UDP-based protocols’ overloads. Previously, this problem had caused prolonged shutdowns of the Solana[Read more…]

The Solana ecosystem continues to take the hardest of hits following the implosion of FTX which used to be one of the world’s largest cryptocurrency exchange platforms. Its native token, SOL, gravely suffers as the altcoin has already lost 62% of its value over the last two weeks. According to tracking from Coingecko, the crypto asset which now[Read more…]

Crypto project Ren seems to be in danger of not having enough funds for its development following the FTX crisis in the crypto market. The crypto project Ren seems to be in a state of limbo for not having enough funds for its development following the FTX crisis. Alameda Research, FTX’s trading arm, was funding Ren’s development[Read more…]

For a third week in a row, FTX dominated the crypto news circuit with even more startling revelations emerging from the now-bankrupt exchange. From bankruptcy protection proceedings in the U.S. and The Bahamas to rumblings from Capitol Hill, there was no escaping the FTX saga this past week. Here are some of the major developments[Read more…]

One of the major cryptocurrencies that was impacted by the FTX debacle was Solana [SOL]. Factors such as the Project Serum and Sollet-wrapped assets played a significant role in increasing Solana’s exposure to the FTX collapse. Solana’s total value locked (TVL) depreciated by 30% after the FTX saga unraveled. One reason for the FUD around Solana was Project Serum, the central[Read more…]

Stephen Hess, Co-founder and Chief Executive Officer (CEO) of the Solana NFT protocol Metaplex, has announced that it is laying off several individuals in the wake of FTX’s collapse. Hess added that Metaplex, the base layer of the Solana NFT ecosystem, is required to let go of its employees, even though its treasury isn’t directly impacted by[Read more…]

The chain swap announcement comes as Solana faces difficulties. Stablecoin issuer Tether today announced a $1 billion chain swap to convert USDT it had on the Solana blockchain to the Ethereum blockchain.  The announcement comes as Solana, which just weeks ago ranked within the top 5 biggest cryptocurrencies by market cap, faces difficulties following the collapse of crypto exchange FTX.[Read more…]

The chain swap announcement comes as Solana faces difficulties due to the ongoing turmoil in the crypto market created by FTX’s collapse. A $1 billion chain transfer to convert USDT from the Solana blockchain to the Ethereum blockchain was just announced by stablecoin issuer Tether. During this process, Tether noted that there won’t be any change in[Read more…]