It has been just revealed that the estate of bankrupt crypto exchange FTX has staked more than $144 M in Solana. Check out the latest reports about this below.
FTX has just staked more than $144 million in SOL
As the crypto exchange FTX undergoes bankruptcy proceedings, its estate has been discovered staking over $144 million worth of Solana (SOL), a rival cryptocurrency to Ethereum (ETH).
The address linked to FTX and its trading arm, Alameda Research, recently created a stake of 5,546,217.04 SOL tokens, according to blockchain explorer SolanaFM.
On-chain researcher Ashpool analyzed the stake and found that FTX staked all of the tokens through Figment, a digital asset staking service designed for institutional investors.
Figment also facilitates staking for other firms such as Robinhood, Binance.US and Anchorage Digital.
Stakers on Solana are currently earning around 7% APY (annual percentage yield) depending on the staking platform, and rewards are distributed every two to three days.
The FTX estate currently holds around $1 billion worth of Solana. However, most of it is locked up until 2028 as part of the vesting schedule agreement.
Anatoly Yakovenko, the co-creator of Solana, expressed his preference for FTX’s SOL tokens to be given directly to the exchange’s customers as part of a compensation plan.
He believes that the distribution of SOL to all FTX customers would be the best decision.
According to Yakovenko, distributing it to five million users would benefit the network in the long term and be a win-win situation for all parties involved.
He also stated that it would have been a faster and less complicated process if everything was just split evenly across all the users and let each user decide what to do.
As you probably know by now, FTX has been making headlines for a really long time and it seems that all kinds of new reports are getting out, surrounding the firm.