Solana

What Is Solana (SOL)?

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.

To learn more about this project, check out our deep dive of Solana.

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.

Who Are the Founders of Solana?

Anatoly Yakovenko is the most important person behind Solana. His professional career started at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, his professional path shifted, and Yakovenko entered a new position as a software engineer at Dropbox.

In 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.

FTX & Alameda

• FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda - sources
• Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda - sources
• Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources
• Executives set up book-keeping "back door" that thwarted red flags - sources
• Whereabouts of missing funds is unknown - sources

New York, Nov 11 (Reuters) - At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters.

A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.

While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.

The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company's finances by top staff.

Solana Price

The price of Solana has fallen sharply in the FTX event.

On the three days of November 7, 8 and 9, it is marked with a different color in the chart.

In fact, the lack of confidence in crypto in the mentioned three days caused the price of most cryptocurrencies to fall.

Due to the increase in sales and the imbalance between supply and demand, the above events took place.

Inflow / Outflow USDC

As it can be seen, on November 8, we see the most USDC input to the Solana network. About 296.7 million dollars entering the Solana network. The Net Flow line shows exactly which days there were more USDC outflows than inflows and vice versa.

Total Volume

USDC volume input and output is cumulatively indicated in the chart.

The input is positive and the output is negative.

From November 7th to 10th, the chart has changed steeply and shows the influence of FTX.

DEX / DEFI

The number of transactions in DEXs and DEFIs has increased significantly on the 7th, 8th and 9th, but after that the decrease is evident from November 15th onwards. The largest share of the use of transactions in all the examined days belongs to jupiter. The number of traders peaked on November 9th, and after that you see more decline than before FTX.

Staking Action

Staking activities have increased since FTX. The number of wallets has also increased.

Number of Stake / Unstake

On November 10, the number of Unstakes reached its maximum, but on other days, more stakes were made on the Solana network. So that we see the highest stake on November 10. The most stakes are related to marinade and lido, but the most unstakes are related to lido.

NFT Volume

You can see the effect of Solana price on NFT sales volume in Solana network. Apart from November 30, when we see an increase in sales volume, other days after FTX, we see a small volume. One of the reasons for the increase on November 30 is the entry of new NFT sets into the market in Solana.

Conclusion

• The price of Solana has fallen sharply in the FTX event.
• In fact, the lack of confidence in crypto in the mentioned three days caused the price of most cryptocurrencies to fall.
• About 296.7 million dollars entering the Solana network.
• From November 7th to 10th, the chart has changed steeply and shows the influence of FTX.
• The number of transactions in DEXs and DEFIs has increased significantly on the 7th, 8th and 9th, but after that the decrease is evident from November 15th onwards.
• On November 10, the number of Unstakes reached its maximum, but on other days, more stakes were made on the Solana network.
• The most stakes are related to marinade and lido, but the most unstakes are related to lido.
• Apart from November 30, when we see an increase in sales volume, other days after FTX, we see a small volume.
• One of the reasons for the increase on November 30 is the entry of new NFT sets into the market in Solana.