Not all operators in the cryptocurrency ecosystem are equally affected by the FTX affair. While their services and functions are still up and running, it's more of a trust issue that upsets the overall balance. With the Solana network at the forefront considered very (too) close to the FTX platform. And the recent suspension of stablecoin deposits from this Binance-initiated blockchain won't help.
Il Solana Blockchain (SOL) has been, since its launch in 2020, closely related to the FTX platform. So much so that during the 2021 bull market it became a sort of equivalent of Binance's Smart Chain (now BNB Chain). However, following recurring problems with his network, this relationship has a certain strategic distancing by Sam Bankman-Fried who wanted to promote it on Twitter. This has not stopped it from establishing itself as a central player in the NFT and DeFi sector.
Solana – A high voltage grid
But despite the encouraging results, given the repeated failures, the Solana blockchain is currently at the forefront of the FTX platform crash. In fact, it is its SOL cryptocurrency that has recorded the largest decline in relation to this catastrophe, right after the ITF. This is due to a clear loss of investor confidence mixed with general panic. And all this could have stopped, if Binance did not announce the suspension of USDT and USDC stablecoin deposits from this blockchain yesterday.. All in one official publication which she didn't even bother sharing on her Twitter account.
A temporary freeze – already lifted for the USDT – carried out without any justification. And as a direct consequence, a domino effect that also affected the BitMex and Bybit platforms. Especially considering that the same procedure was already conducted by the Crypto.com platform last week due to “recent industry events”. Probable reason the OKX bag has decided to suspend definitively these withdrawals starting from November 17th (yesterday).
A situation related to SOL cryptocurrency which does not dispute the current performance of its blockchain, which is considered quite satisfactory by the Solana Foundationin a recent snapshot posted yesterday. Because “despite more complex than normal transaction processing and stress, the network continues to function well”. And the drop recorded in the last few days by the SOL (-9%) remains rather anecdotal compared to the slump (-60%) that started last weekend.
But since crises fuel aggressive strategies as much as conspiracy theories, there is much speculation about this case. Some see it as an attempt by the Binance platform to further undermine Solana for the benefit of the NBB chain. And others raise the question of a possible link between Changpeng Zhao and China for… who knows what!
