Solana (SOL) Basis revealed that it held roughly $1 million price of money or its equal -less than 1% of its assets- on bankrupt crypto trade FTX as of Nov. 6, in line with a Nov. 14 weblog put up.
In keeping with the Basis, it additionally had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the trade earlier than it stopped processing withdrawals. Serum is a Solana-based decentralized trade based by Sam Bankman-Fried (SBF).
The Basis said that it additionally held 3.24 million shares of FTX Buying and selling LTD frequent inventory.
Cumulatively, the crypto property have been price round $190 million earlier than the trade’s liquidity crunch, however their worth has now dropped to lower than $35 million as of press time.
FTX purchased over 50 million SOL
The Basis continued that FTX and its sister firm Alameda Analysis bought 50.5 million models of Solana between August 2020 and January 2021. These tokens are valued at over $700 million primarily based on the present worth of SOL and are scheduled to unlock in 2028.
Aside from that, Solana Labs mentioned it bought over 7.56 million SOL ($106 million) to Alameda Analysis in 2021 — these tokens will unlock for buying and selling in 2025
Different relationships with FTX
Solana Basis additionally detailed different relationships with FTX. The Basis revealed that the Serum neighborhood was working to take away the affect of FTX over the DEX as builders have organized and deployed a brand new verified construct of Serum with a singular program ID.
One other Solana-based protocol affected by the connection with FTX is Sollet. Sollet points FTX/Alameda-backed wrapped Bitcoin and Ethereum for the Solana DeFi ecosystem. These property have quickly de-pegged as fears throughout the neighborhood are that they’re not redeemable due to FTX’s chapter.
Coingecko information reveals that SoBTC has misplaced 95% of its worth during the last seven days, whereas SoETH has shed 83%.
Solana Basis wrote:
“The whole publicity to Sollet-based property on Solana in circulation is valued at roughly $40 million as of Nov 10, 2022. The standing of the underlying property is unknown presently.”
In the meantime, CryptoSlate information reveals that SOL has hardly reacted to the information; it’s up 1.83% during the last 24 hours.
