Will FTX meltdown dilution of Sol?

Alameda Research, FTX’s sister company, holds almost $900 million in locked SOL. Uncoincidentally, nearly that amount of SOL is about to be unlocked for the first time as Alameda tries to free up some funds. Investors fear a dilution of SOL on the market. The FTX meltdown is catching investors by huge surprise.

What happened to FTX in November 2021?

The native token of FTX, FTT, also saw a dramatic decrease, with its price plummeting from $22.14 on 8 November to $3.15 on the same day, a staggering drop of nearly 86%. FTT was trading at $1.58 on 18 November, down more than 98% from its all-time high of $85.02 on 9 September 2021. Is FTX dead, or will it rise again from the ashes?

Is $900 million Sol unlocking FTX?

Nearly half of this SOL was scheduled to be unlocked overnight as the crypto world processed the news of FTX’s liquidity crunch and Binance’s ( BNB-USD) subsequent letter of intent to acquire FTX. So, $900 million SOL is unlocking at some point today and the beleaguered Alameda Research is holding $1 billion of the coin itself.

What is FTX trading Platorm?

The FTX trading platorm’s native ERC-20 FTT token could be used to obtain trade discounts and staking rewards. FTX enabled a platform for users to stake their FTT tokens and earn benefits depending on referral rate, maker fee refund and bonus votes.