FTX Trustee Stakes $121M in SOL via Figment, Alameda Locks $1.23B

Key Points: FTX trustee has undertaken significant staking activities. On the 14th, the FTX trustee estate successfully staked a substantial 5.5 million SOL, equivalent to a staggering $121 million, through Figment.

Timeline of Solana

Blockchain records have shed light on a development involving the trustees of the now-defunct exchange FTX, who are overseeing its bankruptcy proceedings. They have committed 5.5 million solana (SOL) for staking. Meanwhile, the current market value of FTX's total solana assets is a hefty $1.16 billion.

On October 1st, the Solana coin price took a definitive leap past the $22 resistance, hinting at the continuation of its ongoing recovery trajectory. This surge also eclipsed a noteworthy peak from the preceding corrective phase, suggesting a potential shift in market dynamics.

Solana has successfully implemented its 1.16 upgrade, introducing several new features, including improved runtime support for zero-knowledge proofs and enhancements for validators. However, the highlight of this upgrade is the “confidential transfers,” a feature that allows fully encrypted transactions for SPL tokens, bolstering user privacy. Solana's 1.

In the last three weeks, the Solana coin price has outperformed some major cryptocurrencies as it registered nearly 40% growth when rising from the $17.4 to $24.6 mark. Amid this rally, the coin price gave a high momentum breakout from the local resistance of $22.2 indicating the buyers are ready for further gain.

The so-called Ethereum killer, Solana, remains the darling of big players. According to a report by Coinshares, Solana funds marked their 27th week of inflows this year, while Ethereum remained the least-loved altcoin among institutions.

In the last 48 hours, Solana has seen a remarkable price surge, currently trading at $24.41. This unexpected pump has pushed the asset past the 200 Exponential Moving Average (EMA), a key resistance level that traders often watch.

Solana is making waves as it shows signs of a potential breakout against its direct competitor, Ethereum. According to the latest price analysis, one SOL is currently trading at approximately 0.01281 ETH.

Solana (SOL) has found itself in the midst of a price battle, with neither bulls nor bears able to establish dominance. The daily charts have revealed a story of indecisiveness, characterized by the formation of neutral doji candles.

Coinbase's layer 2 network, Base, has seen its total value locked (TVL) grow to $397.32 million in just about a month and a half since its August launch. This now puts Base ahead of the Solana network, which has $358.96 million in TVL currently.

The Ethereum-based layer2 scaling solution by Coinbase, Base, has seen its total value locked soaring rapidly since its launch in August. After overtaking Cardano and Cronos, DeFiLlama stats show Base has surged to surpass Solana. Base's total value locked has increased to around $370.29M, whereas Solana's 9.64% monthly decline puts its TVL at $310.