- This topic has 0 replies, 1 voice, and was last updated 1 week, 6 days ago by hc5u.
- Wednesday, November 23rd, 2022 at 13:12 #409227hc5uParticipant
Apart from a prelaunch investment, from which they obtained their significant bag of SOL, how did FTX actually support Solana? Reading various recent threads would lead one to believe that FTX somehow had the Solana Foundation on its payroll, or was contributing to their advertising budget or something. So, logically, most people sold out because this “support” had come to an abrupt end. But what support?
It’s true that SBF often mentioned why he liked Solana, chiefly on account of its high TPS (which is still high relative to its marketcap peers even if you discount the votes). He also commissioned the construction of the Serum DEX, which is still alive and kicking but has recently forked away from FTX influence.
The Solana Foundation supposedly has an office just down the street from FTX in the Bahamas. If that’s the case, then surely their teams hung out with each other and gossiped. SBF probably paid for dinner here and there. So now Anatoly needs to cut back on conch fritters.
One other thing FTX evidently did was to create a bunch of mirror tokens for defi collateralization which were backed by creative accounting. When they collapsed in value, Solana defi followed. If I had invested in SOL in order to earn hefty yields, I’d probably be running for the hills, too, if I discovered that those yields consisted of shitcoins. But how much of the postFTX decline is explained by this, especially when there’s no reason that Solana defi can’t just switch to more reliable collateral? For that matter, defi mostly collapsed months ago courtesy of LUNA contagion. Which leaves me with the suspicion that the overriding reason for the decline is due to the withdrawal of FTX’s mythical “support”. Or otherwise that most of the decline occurred because token holders simply feared that FTX’s stash would get dumped on the market wholesale (as though some genius investor is going to cast the winning bid with the liquidators after following the protracted bankruptcy process, only to immediately dump it all at a huge loss). Or perhaps just that FTX may well have been a criminal operation, and they had something to do with crypto, and SBF personally liked Solana. I bet he liked coffee too, so I’m shorting the futures.
- You must be logged in to reply to this topic.
Related Forum Topics:
- → Ukraine-based Everstake company launched a DAO to support the Ukrainian people, with the help of Solana Foundation, FTX, and the Ukrainian government. Donate to support Ukrainians!
- → As An FTX User, You shouldn’t feel stupid that you believed in FTX. Companies with way more knowledge and resources like Blackrock and Softbank also trusted FTX.
- → ” IN SOLANA WE TRUST” Time to support True Builders in Solana Ecosystem! Please support us as we keep on building in this cold bear run! #KeepBuilding