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2022-11-27 09:15:04 Solana’s flagship gaming and social media funds have been only partially deployed

The social media fund was in partnership with Reddit co-founder Alexis Ohanian, while the gaming fund was in partnership with blockchain gaming startup Forte and VC firm Griffin Gaming Partners — and was expected to be fully deployed within 18 months.

A year on, the funds have only been partially deployed and the focus has been on small seed round investments, according to Solana Labs CEO Anatoly Yakovenko, speaking in an interview earlier this month in Lisbon at Breakpoint 2022. In terms of the social media fund, Yakovenko said the amount deployed so far is “nowhere near half.”

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2022-11-26 10:50:05 Crypto Cup Kickoff: Predict Your World Cup Winner to Share the 500,000 $USDT Prize Pool!

Bybit is giving you a golden opportunity to earn a share of our 500,000 $USDT prize pool when you correctly predict the winners of each stage of the FIFA World Cup 2022!

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2022-11-26 07:02:02 Solana Foundation Lost Over $180 Million in Crypto on FTX

Solana’s premiere non-profit held major exposure to FTT and SRM tokens within the now-insolvent exchange. The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals.

According to the foundation’s report (last updated Monday), Solana held roughly $1 million in cash on FTX as of November 6th. The non-profit said these funds were “negligible” to its operations, accounting for less than 1% of its cash reserves. The organization lost far more in crypto assets, however. Though no Solana (SOL) was held on FTX, roughly 3.43 million FTX (FTT) tokens and 134.54 million Serum (SRM) tokens belonging to the foundation are now trapped on the exchange.

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2022-11-25 14:24:02 Solana jumps 9% in 24 hours to lead top 100 crypto pack by gains

The cryptocurrency market is making shy progress after weeks of being caught in the turmoil that followed the collapse of FTX, once among the largest crypto exchanges in the world, with Solana (SOL) leading the recovery.

Indeed, after skyrocketing 20% the day before, Solana has continued to make gains on its daily chart, topping the list of 100 cryptos by 24-hour increases, according to the data retrieved by Finbold on November 24. At press time, the decentralized finance (DeFi) token was changing hands at the price of $14.27, demonstrating a 9.31% increase.

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2022-11-24 21:25:07 Solana Market Cap Shrinks Below Litecoin in Protracted Descent

The market cap of the popular proof-of-stake blockchain, Solana, slipped below that of the OG proof-of-work blockchain, Litecoin, according to Coingecko. Solana's SOL token began 2022 trading at $178.89, with a market capitalization of $55.09 billion in January 2022.

Solana is a proof-of-stake layer-1 blockchain that allows developers to create decentralized applications, or dapps, and non-fungible tokens, better known as NFTs. Solana's latest downturn began with the collapse of FTX. On November 14, days after FTX filed for Chapter 11 bankruptcy protection, attention turned to the Solana Foundation exposure to the failed exchange.

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2022-11-20 09:20:01 Solana-based Metaplex lays off staff following FTX collapse

NFT protocol Metaplex laid off staff due to to the "indirect impact" of the collapse of crypto exchange FTX. While the company said its treasury was not directly impacted and that its fundamentals remain strong, it will take a more conservative approach moving forward, CEO and co-founder Stephen Hess said on Twitter.

Metaplex is an ecosystem of tools on Solana that NFT creators can use for mints, airdrops and storefronts. Following FTX's demise, many NFT companies have scrambled to reassure their communities about any possible exposure to the once-popular crypto exchange.Royalty Enforcement, Creator Studio, Fusion, Compression and continued improvement of dev tools and SDKs,” Hess said.

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2022-11-19 06:54:02 Solana NFT Protocol Metaplex Announces Layoffs in Wake of FTX Collapse

Solana NFT protocol maker Metaplex announced on Thursday that it has undergone a company-wide round of layoffs, as the contagion induced by crypto exchange FTX’s collapse last week continues to spread across the Web3 ecosystem. the company’s co-founder and CEO Stephen Hess announced today in a tweet.

Metaplex is the protocol that powers NFTs on Solana, which has taken root as an alternative NFT network to dominant Ethereum. The company started the year on a strong note, completing a $46 million raise in January funded by the likes of Multicoin Capital, Jump Crypto, and NBA legend Michael Jordan. Months later, in the thick of the bear market, the company launched a native governance token, MPLX, which soon after its September release plummeted in value.

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2022-11-18 08:32:02 Binance halts Solana-based USDC and USDT deposits, in line with rivals

The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana, as well as cease support for their deposits or withdrawals. The exact delisting time on OKX was noted to be 3 a.m. UTC on Nov. 17.

Stablecoins and tokens on Solana — as well as the blockchain's native coin, SOL — have come under increased scrutiny following FTX's liquidity crisis and subsequent filing for Chapter 11 bankruptcy protection on Friday. 1.9 billion USDT is authorized on Solana, with 1.6 billion USDC circulating on the network. Earlier this month, crypto exchange Bybit delisted SOL3L/USDT and SOL3S/USDT leveraged-token pairs, and converted the leveraged tokens into USDT.

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2022-11-17 19:57:02 Solana entities sold 50M tokens to FTX

Most of FTX's Solana exposure stands vested, meaning the defunct exchange will gradually gain access to millions of SOL up until January 2028. Solana has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the "Ethereum killer" well into the future.

The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020, and nearly 34.52 million SOL from Jan. 7, 2021, through a "linear monthly unlock" mechanism. Furthermore, the FTX entities started receiving portions of a 7.5 million SOL reserve from Solana Labs on Feb. 17, 2021. Notably, a transaction worth 62,000 SOL between the same entities stands unsettled. That leaves the market with interpretations about what might happen to the SOL.

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2022-11-16 05:36:02 Over $500M flew out of Solana in a week, DeFi TVL down 63%

The total value locked (TVL) in Solana (SOL) network’s decentralized finance (DeFi) ecosystem stood at $330 million as of Nov. 14 — signifying a drop of 96.75% from a peak of $10.17 billion in December 2021, according to DeFiLlama data. TVL in Solana DeFi progressively fell throughout 2022, driven by SOL’s dropping value and the larger market downturn.

The decline in TVL accelerated when questions over FTX’s liquidity arose at the start of November. Since then, FTX has filed for bankruptcy and former CEO and founder Sam Bankman-Fried (SBF) — who widely advocated for Solana — has left the exchange. SBF’s deteriorating public image amid the FTX bankruptcy and allegations of misusing user funds has also impacted the sentiment around Solana. The Solana Foundation has assets worth over $30 million locked on FTX.

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