Solana Struggles to Overcome FTX Scandal, Focuses on Know-how and Disintermediation

    Solana Struggles to Distance Itself from Scandal-Plagued FTX

    Solana, as soon as a extremely regarded distributed ledger technology community, is now underneath scrutiny as trade consultants marvel if the platform’s former shut ties to the controversial FTX and its CEO, Sam Bankman-Fried, will hurt its future. The worth of Solana’s crypto, SOL, has considerably decreased, falling 96% from its all-time excessive of $260 to round $10. This drop could be attributed to each the general decline within the crypto market and the autumn of FTX.

    Solana’s founders are working to sever the connection to FTX and Bankman-Fried, with co-founder Anatoly Yakovenko stating that solely 4% of groups constructing on Solana have been affected by the collapse of FTX. Nevertheless, the community’s previous relationship with FTX and Alameda Analysis, a crypto buying and selling agency co-founded by Bankman-Fried, could make it troublesome for some to maneuver previous the affiliation.

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    solana struggling

    Regardless of the challenges, Solana’s founders are specializing in the know-how and disintermediation of the platform in an effort to rebuild confidence and appeal to new customers. Yakovenko has even reached out to severely impacted founders, providing to attach them with potential buyers who can present emergency capital.

    Shifting Ahead: Solana Seems to Rebuild Confidence and Appeal to New Customers

    Whereas Solana has confronted challenges as a result of its previous ties to FTX, the founders of the distributed ledger technology community are decided to maneuver ahead and concentrate on the know-how and disintermediation of the platform. In an effort to appeal to new customers and rebuild confidence, Yakovenko has provided to attach severely impacted founders with potential buyers who can present emergency capital. Regardless of the challenges, Solana stays decided to succeed and proceed to innovate within the distributed ledger technology trade.

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