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It was decimated because FTX held between 5-11% of all Sol and sold it immediately when they were going down, dropping the price from 36 to 10 dollars. Eth is

by nailer 4y ago

It was decimated because FTX held between 5-11% of all Sol and sold it immediately when they were going down, dropping the price from 36 to 10 dollars. Eth is down 70%. Sol being down 90% given the above isn’t surprising.

largepeepee 4y ago
It's far from just tokens. They funded several sol projects that are now underwater without their money even DeFi ones with how FTX was controlling serum. Serum itself was the backbone of numerous sol projects and when it got exposed for being heavily manipulated by FTX, it was obvious sol was gonna get fucked.
- nailer 4y ago
  To be fair the Solana community replaced serum with opendex in one week.
- wc- 4y ago
  This point is getting missed by a lot of people I think. FTX / Alameda had a part in funding almost all solana-based projects, and almost all of these fundings involved some kind of "use FTX as your bank" fundraising stipulation. So not only were they propping up the ecosystem with projects getting funding that might not have really deserved it, but now those projects have no treasuries. The entire solana ecosystem is just nuked now and it isn't hard to see this in on-chain activity and project/dao comm's. edit: as a dev solana had some nice implementation details and was a step forward over some other chains in some ways. IMO it's totally DOA now, but I hope the dev community (whoever is real and not an alameda-funded "anon" dev etc) continues on in some capacity on a fork or other chain.
  - abacadaba 4y ago
    for better or worse, at least it is/was something other than another evm fork. will buy some at $3.50 for lulz.
lend000 4y ago
My understanding is that most of that SOL was not liquidated (it was locked in digital contracts preventing its sale and has been "vesting" since shit hit the fan), and nothing is going to be sold anytime soon while the bankruptcy plays out. I'd be curious if anyone has a source for the exact numbers currently liquidated / remaining to be liquidated. However, that ominous stack of cursed Solana will significantly dampen market sentiment even before it's sold, and that's what probably caused the magnitude of the last selloff.
- nailer 4y ago
  The last sell off (two days ago) occurred same as the previous selloff - FTX selling. Friday evening FTX wallets became active and traded all their tokens for BTC.
xnorswap 4y ago
Down 70% and down 90% aren't remotely comparable. Down 90% is being down 70% then going down 70% from there.

by nailer 4y ago

largepeepee 4y ago

It's far from just tokens. They funded several sol projects that are now underwater without their money even DeFi ones with how FTX was controlling serum. Serum itself was the backbone of numerous sol projects and when it got exposed for being heavily manipulated by FTX, it was obvious sol was gonna get fucked.

nailer 4y ago
To be fair the Solana community replaced serum with opendex in one week.
wc- 4y ago
This point is getting missed by a lot of people I think. FTX / Alameda had a part in funding almost all solana-based projects, and almost all of these fundings involved some kind of "use FTX as your bank" fundraising stipulation. So not only were they propping up the ecosystem with projects getting funding that might not have really deserved it, but now those projects have no treasuries. The entire solana ecosystem is just nuked now and it isn't hard to see this in on-chain activity and project/dao comm's. edit: as a dev solana had some nice implementation details and was a step forward over some other chains in some ways. IMO it's totally DOA now, but I hope the dev community (whoever is real and not an alameda-funded "anon" dev etc) continues on in some capacity on a fork or other chain.
- abacadaba 4y ago
  for better or worse, at least it is/was something other than another evm fork. will buy some at $3.50 for lulz.

lend000 4y ago

My understanding is that most of that SOL was not liquidated (it was locked in digital contracts preventing its sale and has been "vesting" since shit hit the fan), and nothing is going to be sold anytime soon while the bankruptcy plays out. I'd be curious if anyone has a source for the exact numbers currently liquidated / remaining to be liquidated. However, that ominous stack of cursed Solana will significantly dampen market sentiment even before it's sold, and that's what probably caused the magnitude of the last selloff.

nailer 4y ago
The last sell off (two days ago) occurred same as the previous selloff - FTX selling. Friday evening FTX wallets became active and traded all their tokens for BTC.

xnorswap 4y ago

Down 70% and down 90% aren't remotely comparable. Down 90% is being down 70% then going down 70% from there.