Decentralized finance peaked last November (DeFi) applications wither (LEFT) was hiding more than $10 billion on its network. Sam Bankman-Fried, founder of FTX was one of the network’s leading supporters.
DeFi Loses Nearly $700M in Value
This popularity is FTX cryptocurrency Sam Bankman-Fried, founder of the stock exchange Multicoin Capital, Sino Global Capital and other venture funds, led by high-profile backers.
A year later, with FTX filing for bankruptcy and being investigated, Multicoin and Sino Global and the Solana Foundation reporting millions of dollars in losses, the total locked value (TVL) came to around $300 million.
Former CEO of FTX Bankman-Fried made fun of a crypto investor in the past and I’m going to buy your Solanas for $3. He said go away now.
The $10 billion TVL in Solana has fallen over the past year, while the price of SOL has also contributed to the decline, although there have been more drastic drops in the past two weeks.
More than $700 million came out of Solana-based apps, a 70% decrease from $1 billion TVL on November 2, when the collusion between the treasury accounts at FTX and its sister company Alameda Research was revealed.
In the midst of all this, some analysts say the dips could help the market find a fair value for Solana and other networks.
“Solana has undoubtedly taken a huge hit, and the consequences of this blow seem far more severe and painful compared to other blockchains,” Alexei Kulevets, Walken co-founder, said in a statement.
*Not investment advice.
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