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Solana foundation demise

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Solana foundation, one of the cryptocurrency projects that has been more negatively impacted by the FTX debacle, issued a statement based on information about the bankruptcy of FTX.

What goes up must inevitably come down, and vice versa, but in the crypto market that is so full of uncertainty, we have seen several projects come down and never go up again. Will the Solana foundation ever recover from this crypto winter?

How Solana was impacted

The Solana Foundation owns millions of dollars’ worth of stranded cryptocurrency on the FTX exchange, which was forced to stop allowing withdrawals when FTX fell from $22 to $2.

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Many of the decentralized finance tokens on Solana were believed to be backed by the FTX exchange. 

Since the FTX’s demise, The value of the Solana blockchain has fallen precipitously,  producing a value disruption across the whole Solana ecosystem of decentralized applications and digital assets.

Don’t miss: BINANCE TO BUY OFF FTX EXCHANGE

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