Solana-based decentralized exchange Cypher plans to hold a token sale to recover from a hack, with proceeds being used to fund development and repay investors who lost their deposits.
Phoenix, a new decentralized exchange (DEX) called Phoenix, has launched on the Solana mainnet with the goal of bringing on-chain price discovery to crypto assets, beginning with Solana's native token SOL. The team behind Phoenix aims to create a world where financial transactions happen on-chain and sees Solana as the ideal platform due to its scalability and protocol design capabilities. They believe that existing DEXs, such as Uniswap, are limited in terms of market mechanisms and are not competitive with traditional finance. Despite some challenges, the team is optimistic about the future of Solana-native assets in the tokenized asset space.
Bankrupt crypto exchange FTX seeks to protect its remaining assets through hedging arrangements and generating yield, while also enlisting Mike Novogratz and Galaxy Digital as its investment adviser to preserve value for stakeholders and sell recovered digital assets.
Solana (SOL) and Cardano (ADA) led the gains in the crypto market as Bitcoin (BTC) gradually recovered, with large holders returning to the market aiding the recovery.
Crypto analyst Benjamin Cowen warns that Solana (SOL) could experience a significant decline similar to Cardano (ADA) in the last cycle, potentially falling over 50% to $10, while also predicting a possible double bottom pattern for Bitcoin (BTC) and suggesting Litecoin (LTC) will underperform Bitcoin.
Solana (SOL) has the potential for significant gains in the next bull market, as it competes against other projects in the crypto space, while Binance Coin (BNB) faces uncertainty due to regulatory developments in the United States.
Solana (SOL) price dropped 12% and found support at $19.15, but could rally 10% if bullish momentum continues.
Solana (SOL) is predicted to outperform Ethereum (ETH) in the next risk expansion in crypto markets, according to venture capitalist Chris Burniske.
Solana co-creator Anatoly Yakovenko suggests that the SOL tokens held by FTX should be distributed to the exchange's former customers, benefiting both the users and the Solana network, rather than going through a lengthy legal process.
OnlyFans' parent company, Fenix, has announced a significant investment of $20 million in Ethereum, indicating growing institutional attention to digital assets, while altcoins like Solana (SOL) and InQubeta (QUBE) are emerging as potential cryptocurrencies to be accumulated due to their disruptive technologies and investment prospects.
MakerDAO's co-founder, Rune Christensen, has announced that the final phase of the "Endgame" overhaul will involve launching a native blockchain called NewChain, with Solana considered as the basis due to its technical quality and resilience, sparking backlash from the Ethereum community. Solana's co-founder, Anatoly Yakovenko, responded by emphasizing the open-source benefits and urged against using it as an opportunity to attack Ethereum, stating that Solana's tech stack was inspired by Ethereum. Other experts have supported the validation Solana receives from MakerDAO, emphasizing the importance of collaboration and innovation rather than tribalism.
FTX's transfer of $10 million worth of digital assets from the Solana network to Ethereum has raised concerns about potential token dumps amid the exchange's bankruptcy proceedings.
Interest in altcoins may have waned, but Solana remains the most loved altcoin amongst investors, with $700,000 invested in it over the past week and $26 million year-to-date inflows.
Cardano and Solana are two cryptocurrencies that have the potential to surpass Ethereum in the long run, with Cardano's emphasis on decentralized finance and growth in emerging markets, and Solana's focus on mobile crypto and innovative blockchain technology. However, overtaking Ethereum, which has a first-mover advantage and a dominant position, is a challenging task.
FTX, a beleaguered crypto exchange, is expected to gain approval to liquidate $3.4 billion in cryptocurrencies, potentially impacting Ethereum, Solana, and altcoins, while FTT, FTX's proprietary token, raises concerns due to limited liquidity and market depth.
The price of Solana (SOL) has dropped over 6% in the last 24 hours due to concerns that bankrupt crypto exchange FTX may sell off significant amounts of SOL and other Solana-based tokens, totaling $128 million, on the market.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
FTX, a bankrupt crypto exchange, is seeking court approval to liquidate $3.4 billion in cryptocurrencies, with a maximum offload of $100 million per week, potentially impacting the market in a more gradual manner rather than causing a sharp fall in asset prices; this article examines the price movements and potential impact on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
The bankrupt FTX estate has amassed around $7 billion in assets, including $1.16 billion in solana tokens and $560 million in bitcoin, as it seeks to return funds to creditors through the sale of its crypto holdings.
Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).
FTX has released the presentation materials for its shareholder meeting, revealing that over 2,300 non-customer claims worth $65 billion have been filed against the cryptocurrency exchange, while 36,075 customer claims worth $16 billion have been filed, with 10% already agreed upon. FTX's assets amount to over $7 billion and include digital assets, cash, brokerage investments, venture portfolio, tokens, and real estate. The company is also considering potential actions against insiders, political and charitable donation clawbacks, and actions against vendors. Over 75 potential bidders have been contacted for the relaunch of FTX, and a recovery plan confirmation is expected in Q2 2024. There are reports that FTX may liquidate a significant portion of its crypto holdings.
FTX's plan to sell $3.4 billion worth of crypto to return fiat currency to users, along with pressure on crypto venture capital funds to return funds, is expected to create an overhang for altcoins, leading to potential declines in prices.
Crypto exchange FTX has amended its proposal to sell billions in crypto assets, addressing concerns raised by the U.S. Trustee, by agreeing to keep them privately informed alongside creditors' committees.
Crypto investors are discussing their favorite altcoins that have the potential to make them "incredibly rich," with coins like DeFiChain, Solana, Shiba Inu, and Ethereum being mentioned among others.
Crypto exchange FTX has been given approval by a U.S. Bankruptcy Court to sell and invest its holdings of cryptocurrency, which are valued at over $3.4 billion, in order to repay its creditors.
The collapsed crypto exchange FTX has been granted permission to liquidate its digital assets to repay creditors, including Bitcoin, Ether, and Solana, amounting to around $3.4 billion. The founder of FTX, Sam Bankman-Fried, is facing charges of fraud and conspiracy, with his bail being revoked last month.
XRP and Solana, despite experiencing significant losses over the past 30 days, are showing potential for a comeback due to important catalysts such as court rulings and partnership agreements with major institutions. Both cryptocurrencies have strong underlying value and growth prospects, making them bullish investments.
