FTX Staking Solana Is Not To Be Confused With a Safe Route
The post FTX Staking Solana Is Not To Be Confused With a Safe Route appeared on BitcoinEthereumNews.com. Solana (SOL) network recently received $122 Million worth of its native coin in their staking pool from FTX estate. The now-bankrupt exchange still holds over a billion dollars in SOL. The company is an early investor in the cryptocurrency and is bound to get a significant volume in unlocked SOL as per the vesting schedule. Solana Gets a Staking Push The transaction was first reported by WhaleTracker, a blockchain tracker, as an unknown wallet, on X (formerly Twitter). Ashpool, an on-chain investigator, later verified the wallet’s identity. Sam Bankman-Fried, former FTX CEO, is on trial in court over accusations of financial fraud. FTX estate is staking 5.5M SOLhttps://t.co/ajRgBHFNt9 https://t.co/UGorSGMtwC — ashpool (@solanobahn) October 14, 2023 Ashpool cited information from the real-time exchange wallet tracker, Gelato. The significant activity is visible in the chart below. Currently, 71 percent of total SOL coins are staked. Furthermore, data aggregator DefiLlama highlights that Solana holds $316 Million in total value locked (TVL). Source: X The network has been experiencing progressive staking for a month now with Marinade Finance having a lion’s share. Moreover, Jito Finance on Solana witnessed over 60 percent surge during the period. Increased staking has benefited SOL price with over 30 percent gain during the last week of September 2023. Currently, the cryptocurrency is changing hands at a market value of $22.69 at the press time. A Threat Lurks Around FTX’s pursuit for regulatory approval to liquidate its $3.4 Billion worth of digital asset portfolio is a matter of concern in the market. Specifically for Solana, as its native token makes up nearly one-third of the portfolio. News agency Reuters reported the company hired Galaxy Digital, a financial services firm, in August 2023 to manage its assets. If the asset manager decides to liquidate SOL holdings, it can easily trigger a…
The post FTX Staking Solana Is Not To Be Confused With a Safe Route appeared on BitcoinEthereumNews.com.
Solana (SOL) network recently received $122 Million worth of its native coin in their staking pool from FTX estate. The now-bankrupt exchange still holds over a billion dollars in SOL. The company is an early investor in the cryptocurrency and is bound to get a significant volume in unlocked SOL as per the vesting schedule. Solana Gets a Staking Push The transaction was first reported by WhaleTracker, a blockchain tracker, as an unknown wallet, on X (formerly Twitter). Ashpool, an on-chain investigator, later verified the wallet’s identity. Sam Bankman-Fried, former FTX CEO, is on trial in court over accusations of financial fraud. FTX estate is staking 5.5M SOLhttps://t.co/ajRgBHFNt9 https://t.co/UGorSGMtwC — ashpool (@solanobahn) October 14, 2023 Ashpool cited information from the real-time exchange wallet tracker, Gelato. The significant activity is visible in the chart below. Currently, 71 percent of total SOL coins are staked. Furthermore, data aggregator DefiLlama highlights that Solana holds $316 Million in total value locked (TVL). Source: X The network has been experiencing progressive staking for a month now with Marinade Finance having a lion’s share. Moreover, Jito Finance on Solana witnessed over 60 percent surge during the period. Increased staking has benefited SOL price with over 30 percent gain during the last week of September 2023. Currently, the cryptocurrency is changing hands at a market value of $22.69 at the press time. A Threat Lurks Around FTX’s pursuit for regulatory approval to liquidate its $3.4 Billion worth of digital asset portfolio is a matter of concern in the market. Specifically for Solana, as its native token makes up nearly one-third of the portfolio. News agency Reuters reported the company hired Galaxy Digital, a financial services firm, in August 2023 to manage its assets. If the asset manager decides to liquidate SOL holdings, it can easily trigger a…
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