Solana NFT Protocol Metaplex announces layoffs after FTX's collapse

Stephen Hess, Co-founder and Chief Executive Officer (CEO) of the Solana NFT protocol Metaplex, has announced that it is laying off several individuals in the wake of FTX's collapse.

Timeline of Metaplex, Solana

Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding The sudden collapse of FTX and Alameda has sent shockwaves throughout crypto, imparting significant capital losses to a wide range of parties including users, developers, investors, and more Among L1s, the Solana ecosystem was impacted most severely by the incident due to early investments from FTX and Alameda, along with the two companies' roles in providing an extensive range of market-making and infrastructural services for the ecosystem Solana now faces a long and uncertain road to recovery, but steady network performance during the recent crisis offers a glimmer of hope that continued technical updates can lay the foundation for user interest and growth once more in the future 

In a backward move for the Solana ecosystem, stablecoin issuer Tether is set to swap 1 billion USDT on Solana for ERC20 tokens for use on Ethereum The post Tether Ditches Solana, Performs $1 Billion USDT Swap appeared first on BeInCrypto.

A $1 billion chain transfer to convert USDT from the Solana blockchain to the Ethereum blockchain was just announced by stablecoin issuer Tether. Solana's Exposure To FTX The announcement comes as Solana, which was among the top 5 cryptocurrencies by market cap only a few weeks ago, is having problems due to the failure of The post Solana Loses $1 Billion In USDT to Ethereum Due To FTX Collapse appeared first on CoinGape.

NFT protocol Metaplex is laying off staff due to to the "indirect impact" of the FTX collapse. The post Solana-based Metaplex lays off staff following FTX collapse appeared first on The Block.

The latest Solana price analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to a $13.35 low.

Metaplex is the latest company to be affected by FTX's contagion as it laid of several employees. However, the protocol claims to have no direct exposure to the bankrupt crypto exchange.

Over the last 24 hours, the cryptocurrency market cap saw net inflows of around $8 billion and currently stands at $836.19 billion as of press time — up 0.98% from $828.16 billion on November 17. The post CryptoSlate Daily wMarket Update – Nov. 17: Solana prints losses in mute market performance appeared first on CryptoSlate.

Binance announced suspension of USDT and USDC (SOL) till further notice; OKX followed suit On the contrary, Kraken announced support for the tokens According to statements released by OKX, Binance, and ByBit, some Solana blockchain tokens may be delisted. No justifications were provided for this move and no mention of re-listing them was made either.

Multiple exchanges disabled deposits and withdrawals for Solana-based Tether  (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) on Thursday. What Happened: Tether, in a blog post, said, “the move to suspend USDT deposits on these exchanges is likely just due to the heavy connections between FTX (CRYPTO: FTT), Alameda, and Solana (CRYPTO: SOL).

Besides the Ethereum network, users can now deposit and withdraw USD Coin on Solana and Tron, according to a Twitter post by Bill King, Growth Marketing Lead. The support for these two networks is already live.