Update 11/25 pm:
By the morning of November 22, Solana The Foundation released its latest statement on the exposure of the FTX exchange crash.
Solana Foundation stated that ~3.24m shares of FTX Trading LTD common stock ~3.43m FTT tokens ~134.54m SRM tokens cannot be withdrawn on FTX. Before the FTX crash, these tokens were worth over $160 million. https://t.co/beabWrxE0CNovember 25, 2022
Accordingly, Solana Foundation has exposed these assets on the FTX.com account and has been stuck there since November 6 when FTX stopped processing withdrawals. Before the crash, the token was worth over $160 million.
- ~3.24 million FTX Trading Ltd common shares
- ~3.43 million tokens FTT
- ~134.54 million SRM tokens
Here is the deal between Solana Labs and FTX / Alameda:
On the evening of November 10, Solana Foundation spoke to reassure users and update the overall ecosystem.
The Foundation wanted to answer some questions about what is happening at the boundary of Epoch 370, and provide a place to get updated information.November 10, 2022
This post will continue to update this with additional information as needed.https://t.co/ugCnSp7YSt
Solana network is still "unharmed"
After a series of traumatic days, the Solana network is generally still operating normally, in terms of performance and uptime.
Solana Foundation has contact with FTX / Alameda
The Solana Foundation has about $1 million on FTX.com as of Nov. 6, when FTX stopped withdrawing. This represents just under 1% of the Solana Foundation's cash and cash equivalents, thus causing a negligible impact on the Solana Foundation. In addition, the fund does not deposit SOL on FTX.com.
Assets wrapped on Solana
The total exposure of assets in circulation on Sollet to FTX is valued at around $40 million as of Nov. But the detailed report has yet to be released, at least for now.
Serum plans to fork the project
After encountering a security hole, Solana founder Anatoly Yakovenko said that developers are looking for ways to fork Serum's code and restart the protocol without FTX's presence.
Other projects like Magic Eden, Mango Markets or Phantom are also reducing their reliance on Serum and suspending operations due to security risks.
DeFi Status on Solana
Most projects DeFi The largest on Solana have limited or no exposure to FTX, based on a recent review by the Solana Foundation.
Liquidity support/market making status
There are still many market makers that provide liquidity for apps DeFi on Solana.
Massive amount of SOL unlocked after Epoch 370
As was forewarned, a large number of Solana validators stopped staking SOL and requested to withdraw 47 million SOL, equivalent to 845 million USD at 03:30 PM on 11/10 (Vietnam time).
It was the collapse of FTX that caused panic, leading to a wave of selling in the market and SOL was no exception, especially at this time of "flooding".
The price of SOL has been continuously red at the floor in the past few days, reaching up to 12.07 USD at one point and hovering at 12.51 USD.