Though almost all tokens took a major hit following FTX’s rapid slide into bankruptcy, Solana’s SOL token was hurt more than most.Īccording to data from CoinGecko, the token’s value has fallen 94.9% from $259.96 to just $13.13 at the time of writing. The Solana Foundation’s SOL tokens have recorded historically poor performance since the collapse of FTX last week prompted one of the most chaotic weeks in the cryptocurrency industry so far. He added: “Not clear what the motivations are for exchange actions, which are disappointing.” Like Binance, neither OKX nor provided a fleshed-out explanation of why the decisions came about.Įxpressing confusion about the move in a Tweet, the co-founder and CEO of Circle Jeremy Allaire said that “USDC on Solana is natively issued by Circle and is functioning fine.” Users choosing to withdraw via networks such as Ethereum, Algorand, or Polygon, for example, would be unaffected. It’s important to note that these decisions would only impact users choosing to use the stablecoins via the Solana network. Last week, announced in an email seen by Decrypt that deposits and withdrawals in USDT and USDC have been suspended on the Solana network, citing only “recent industry events.” Rival exchange OKX announced earlier this week that it will be removing the two Solana-based versions of the stablecoins and that users won’t be able to deposit or withdraw the corresponding tokens in the future. It isn’t the only crypto exchange to shutter withdrawals of the two leading stablecoins on the Solana blockchain. dollar, which exist on a wide variety of blockchains, including Solana and Ethereum.īinance didn’t provide any explanation for why the decision was made. USDT and USDC, created and managed by the companies Tether and Circle, are stablecoins pegged to the U.S.
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