The Solana ecosystem, new collateral victim of the FTX scandal

Some stablecoins from this universe are no longer accepted by the giant Binance, which has suspended deposits.

Could the Solana ecosystem be the new collateral victim of the FTX scandal? Some tokens from this universe are no longer accepted at Binance, which has suspended deposits.

As users begin to massively withdraw their cryptocurrencies from trading platforms, the giant Binance and the OKX platform have decided to suspend deposits of the USDC and USDT stablecoins, precisely from the Solana blockchain, until further notice.

USDC and USDT stablecoins that circulate on other blockchains, such as Tron or Ethereum, will continue to be accepted at Binance and OKX. So why this sort of allergy to cryptocurrencies from the Solana ecosystem?

You don’t have to look far. The latter has been linked to FTX since the beginning with more than 3 million private shares of FTX Trading. Similarly, Solana reportedly ceded almost 50 million of its token to FTX, or 10% of the circulating supply. So clearly, these are assets now considered rotten or inaccessible.

As a result, the Solana blockchain token undergoes a major correction, more than 60% in 3 months and the stablecoins from its blockchain are now considered undesirable at Binance and OKX. A decision which will of course have a snowball effect and undoubtedly precipitate the liquidation movements.

Because this new episode shows two real concerns that cryptos were supposed to solve: on the one hand, a stablecoin is never really stable, coming from an ecosystem that is based on assets, if these are toxic, everything becomes potentially toxic . On the other hand, no blockchain is considered infallible: we have already seen all this with the collapse of terra luna.

FTX now adds to this the scale of the risk of general contamination, even by indirect means, of an entire economic sector.

Antoine Larigaudrie edited by PA

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