SOLANA BLOCKCHAIN
The cryptocurrency project Solana has been the most negatively impacted by the collapse of FTX, which has seriously hurt the industry. It makes a lot of sense because FTX was a significant participant in the Solano ecosystem and Solana was a day element in the trade network of FTX, Alameda, and FTX. You should be aware that Anatoly Yakovenko founded the Solana blockchain in 2017. The blockchain was created by the US-based Solano Lab, and the Solano Foundation, based in Switzerland, is in charge of managing its present expansion.
Between 2018 and 2019, they raised $25 million through various ICOs. In 2021, they also raised $314 million from crypto VC. A couple of the biggest investors in the Solana ecosystem were FTX and Alameda's research. The blockchain of the Solana mainnet, which was introduced in 2020, is still in poor condition. A Proof of Stake is used on the Solana blockchain to timestamp transactions using historical evidence. The Solana blockchain can handle up to 65,000 transactions per second thanks to the proof of history consensus mechanism.
Before the collapse of FTX and Alameda, the Solana blockchain had about 2,200 validators, but recently that number has dropped to 1,850. This indicates that FTX and Alameda were responsible for a significant portion of Solana validation. The FTX transaction fee is paid with SOL, the native coin of the Solana blockchain. 50% of the transaction fee is burned, and the remaining 50% goes to the validator. SOL is also used for staking, with no set minimum or maximum. The staking reward is about 8% with a minimum of 5 days locked. Any errant validator coins will have their edges cut.
Additionally, you can assign your SOL money via the Fantom wallet browser extension. The Solana ecosystem first centered on DeFi, but as FTX introduced their own DeFi project dubbed Serum, interest in the environment increased. The majority of Serum's liquidity came from FTX and Alameda, but the magnitude of the Solana DeFi protocol's drawdown in May as a result of the LUNA/UST shows that this is when FTX and Alameda first began to experience the problems that eventually caused their collapse. Some Solana-based projects recently announced the specifications for their cross-chain messaging. Given Solana's reputation for institutions, Fireblocks expressed their support for Solana NFTs. This has a significant impact on FTX and Alameda's influence.
Coinbase's cloud division announced the creation of archival nodes for the Solana blockchain in another Solana-related development. Because the Solana transaction history was solely kept on Google's cloud, this is quite significant. The SEC Chairman stated that the PoS cryptocurrencies may qualify as securities in mid-September, despite the fact that the majority of his comment was to Ethereum's switch to PoS.