Try Quests to earn SOLHow FTX and Alameda impacted Solana
How has the recent tumult surrounding FTX and Alameda impacted SOL and the Solana ecosystem?
What is FTX ?
FTX exchange is a centralized cryptocurrency exchange that is most popular because of leveraged trading. Founded in 2018, FTX offers a wide range of trading products including derivatives, options, volatility products, and leveraged tokens. It also provides various cryptocurrencies for trading, including BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT. FTX is based in the Bahamas and does not serve US residents who can trade on FTX US instead. FTX and FTX US have overlapping management teams but separate capital structures.
What is Alameda ?
Alameda Research is a leading principal trading firm. they use internally developed technology and our team's deep crypto expertise to trade thousands of digital asset products, including all major coins and altcoins, as well as their derivatives.
We can see that in the last 30 days, especially on the 6th and 7th of November, a large amount of stablecoins have left FTX.
This incident caused the collapse of the crypto market and the subsequent decrease in the price of Bitcoin and Sol.
This indicates a serious risk of bankruptcy.
According to the graphs, we see that users felt threatened and transferred their coins to CEX’s to possibly sell them. This can be one of the other reasons for the reduction of listed prices and the risk of bankruptcy.
On the 6th and 7th of November, we see the highest Outflow.
coinbase , kraken , gate.io and huobi global are the top destinations of users.
According to the graphs, we can see that for the SOL token, there is a situation similar to stable coins, where the OutFlow is more than the InFlow.
We see that the more we go forward and examine more issues, the closer we get to the bankruptcy of FTX!
We can see that the number of swaps has increased in these few days. This could be because since the prices have fallen, users have swapped their tokens to stablecoins.