
Court Allows FTX to Liquidate Its Crypto Holdings
Earlier this week, crypto exchange FTX revealed that it holds more than 16% or $1.16 billion of the token’s outstanding supply in Solana.
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Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
Earlier this week, crypto exchange FTX revealed that it holds more than 16% or $1.16 billion of the token’s outstanding supply in Solana.
While Bitcoin maintains its stability amid inflationary concerns and economic data releases, other cryptocurrencies face a different fate.
Bitcoin and the broader crypto market have come under major selling pressure amid news of the FTX creditor liquidation.
Solana (SOL) and Ripple (XRP) holders are selling to buy into the next predicted king of memecoins, Pomerdoge (POMD).
Sheffield said that Visa sees great potential for blockchain technology, especially in global and cross-border payments.