Solana TVL drops nearly a third as FTX turmoil rocks the ecosystem: finance redefined
The DeFi market also faced the heat of the FTX turmoil, with the majority of tokens and projects experiencing a bloodbath in the course last week.< /p>
Newsletter
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.
The second week of November could have been a bullish week, as the Consumer Price Index data released on November 10 indicates weaker than expected inflation. This has resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently battling its own demon.
The FTX turmoil has not only driven down the price of the native FTX token (FTT), but any token associated with Sam Bankman-Fried or his companies. Solana's SOL, one of the top 10 cryptocurrencies and one of Bankman-Fried's largest investments, has lost 32% of its market capitalization in the past two days.
Chainlink Labs said it would offer proof of reserve services for struggling exchanges. The new concept emerged after the collapse of the FTX exchange as a measure capable of restoring trust in crypto exchanges through greater transparency.
The DeFi ecosystem has also come under fire for denying user access based on wallet content. Entrepreneur Brad Mills criticized the so-called decentralized ecosystem and said that DeFi had rebuilt everything that was wrong with Wall Street on a blockchain.
It was a bloodbath on Crypto Street last week, with the majority of the top 100 DeFi tokens trading there following the FTX turmoil.
Solana TVL drops 32.4% as FTX turmoil rocks ecosystemTotal Locked Value (TVL) on the Solana Channel fell 32.4% in the past 24 hours as news related to the FTX collapse sent waves through the crypto ecosystem.
According to DefiLlama, at the time of writing, Solana's TVL has fallen to $423.68 million, down 32.4% in the past 24 hours, a far cry from its all-time high of $10.17 billion on November 9, 2021.< /p>
The DeFi market also faced the heat of the FTX turmoil, with the majority of tokens and projects experiencing a bloodbath in the course last week.< /p>
Newsletter
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.
The second week of November could have been a bullish week, as the Consumer Price Index data released on November 10 indicates weaker than expected inflation. This has resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently battling its own demon.
The FTX turmoil has not only driven down the price of the native FTX token (FTT), but any token associated with Sam Bankman-Fried or his companies. Solana's SOL, one of the top 10 cryptocurrencies and one of Bankman-Fried's largest investments, has lost 32% of its market capitalization in the past two days.
Chainlink Labs said it would offer proof of reserve services for struggling exchanges. The new concept emerged after the collapse of the FTX exchange as a measure capable of restoring trust in crypto exchanges through greater transparency.
The DeFi ecosystem has also come under fire for denying user access based on wallet content. Entrepreneur Brad Mills criticized the so-called decentralized ecosystem and said that DeFi had rebuilt everything that was wrong with Wall Street on a blockchain.
It was a bloodbath on Crypto Street last week, with the majority of the top 100 DeFi tokens trading there following the FTX turmoil.
Solana TVL drops 32.4% as FTX turmoil rocks ecosystemTotal Locked Value (TVL) on the Solana Channel fell 32.4% in the past 24 hours as news related to the FTX collapse sent waves through the crypto ecosystem.
According to DefiLlama, at the time of writing, Solana's TVL has fallen to $423.68 million, down 32.4% in the past 24 hours, a far cry from its all-time high of $10.17 billion on November 9, 2021.< /p>
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