The downfall of prominent solana backer SBF_FTX has affected sentiment, leading to a vast erosion of value from Solana's DeFi applications. By shauryamalwa
Bankman-Fried’s downfall translated to generally falling sentiment for Solana, given his prominent endorsement of the network. He once infamouslyon Twitter: “I'll buy as much SOL has you have, right now, at $3...Then go f**k off," referring to the blockchain's native token.
The downfall of prominent Solana backer Sam Bankman-Fried has affected sentiment, leading to a vast erosion of value from its DeFi applications. Lending and borrowing platform Solend took the biggest hit both in percentage and value terms. It held over $280 million on Nov. 2 and now holds under $30 million. Data show a vast amount of stablecoins, wrapped bitcoin tokens and Solana-based tokens have left the protocol.
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