The collapse of FTX has had a contagion effect, which has changed how the entire crypto world operates. Thus far, crypto prices are falling, and it does not seem like they will abate soon. Many crypto coins have been affected, but Solana has been hit harder than others have.
The Solana Foundation recently revealed that it had invested millions of dollars in the FTX exchange. When FTX went dark, those assets were valued at over $33 million. When the FTX exchange collapsed, Solana was hit quite hard. The price of SOL fell by almost 60%, and it has continued dipping. The latest revelation is likely to exacerbate the price woes for SOL.
Another issue is that FTX played an important role in managing SOL’s critical infrastructure. Its collapse has led to a crisis for some of the individual protocols. For example, many projects on Solana use Sollet assets, which act as a stand-in for BTC. FTX was the backer and issuer of these assets. Its collapse has left various protocols holding bad debt. The total value of Sollet-based assets was valued at $40 million, with the status of the underlying assets unknown.
In short, Solana will have to deal with this additional pressure from the collapse of FTX and its deep entanglement with its products.
Oryen is a Great Alternative
Those who committed to SOL have seen their investments wiped out in a few days. The collapse of SOL prices has devastated big investors’ portfolios. In the near term, that is unlikely to change. As a result, they need to look for alternatives to balance their losses.
One of the best altcoins right now is $ORY. The tokens have seen the price grow 2x in just a short while. Moreover, this growth is expected to continue for some time to come. Investors are optimistic because the 2x growth occurred during the project’s presale phase.
The growth is driven by the impressive whitepaper of the project, which has some remarkable figures. One of its most impressive is the fixed APY of 90%. Investors who stake…
