Not all players in the cryptocurrency ecosystem are equally affected by the FTX affair. And even if their services and features are still up and running, it’s much more a matter of trust that upsets the general balance. With the Solana network at the forefront considered very (too) close to the FTX platform. And the recent suspension of stablecoin deposits from this Binance-initiated blockchain won’t help matters.
The Solana Blockchain (SOL) has been, since its launch in 2020, closely related to the FTX platform. To the point of becoming a sort of equivalent of Binance’s Binance Smart Chain (later BNB Chain) during the 2021 bull market. But following recurring problems on his network, this relationship experienced some strategic distance from Sam Bankman-Fried who liked to promote it on Twitter. This has not stopped it from establishing itself as a central player in the NFT and DeFi sector.
Solana – A high voltage grid
But despite the encouraging results, given its repeated failures, the Solana blockchain is currently at the forefront of the collapse of the FTX platform. Because it is precisely his cryptocurrency SOL that has seen the biggest decline in connection with this disaster, just behind the FTT. This follows a clear loss of investor confidence, mixed with general panic. And all this could have ended, if Binance did not announce yesterday that it was suspending USDT and USDC stablecoin deposits from this blockchain. All in an official post that she didn’t even bother sharing on her Twitter account.
A temporary freeze – already lifted for USDT – carried out without any justification. And with the direct consequence, a domino effect that also affected the BitMex and Bybit platforms. Especially considering that this same procedure was already conducted by the Crypto.com platform last week due to “recent events within the industry. » Probable reason the OKX exchange decided to do it suspend definitively these withdrawals from November 17th (yesterday).
A situation related to the cryptocurrency SOL who does not ask questions the current performance of its blockchain deemed quite satisfactory by the Solana Foundation, in a recent snapshot released yesterday. Because “although it is processing more complex transactions than normal and is under stress, the network continues to function well. ” AND the drop recorded in the last few days by the SOL (-9%) remains rather anecdotal compared to the slump (-60%) that started last weekend.
But since the crises fuel both aggressive strategies and conspiracy theories, there is much speculation surrounding the matter. Some see it an attempt by the Binance platform to further undermine Solana in favor of the BNB Chain. And others who put a possible link between Changpeng Zhao and China on the cover with the aim of… who knows what!