Solana’s SOL token suffered a significant loss due to the current issue involving Sam Bankman Fried’s crypto exchange FTX and his investment arm Alameda Research. The worst-case situation is that SBF’s Alameda Research holds many tokens from the Solana ecosystem.
However, the crypto exchange FTX has been declared bankrupt, and its founder and CEO, Sam Bankman-Fried, resigned in a dramatic and sudden scandal eroding confidence in the crypto markets. This comes at a peak moment of Oryen’s ICO, which broke new ground in the DeFi industry by a stunning 120% return for early investors during the ongoing presale.
One of the top DeFi coins of 2022 is Oryen Network, creating a buzz as the “new token on the horizon.” In other words, the rapid growth of Oryen’s ICO has taken DeFi space by storm. It has also provided savvy investors the opportunity to leverage and optimize earnings on their investments.
With the ongoing fourth stage of presales, ORY, the native token, might surpass its main rivals in decentralized finance as holders of major altcoins tokens start to buy into the presale.
The hype surrounding the staking platform stems from its unique Oryen Autostaking Technic (OAT), which simplifies a complex process into three steps: Buy, hold, and earn. ORY holers keep their tokens within the safety of their wallets, and the OAT mechanism auto-stakes, compounds, and pays out accrued yield fully automatically.
FTX scandal affects Solana (SOL)
Sam Bankman-FTX Fried’s exchange’s rise and collapse have impacted the industry significantly. Bankman-Fried was one of the most influential personas in the crypto industry.
Despite word that Google Cloud would begin hosting a validator, the layer-1 blockchain Solana (SOL), often touted as an ‘Ethereum rival,’ has dropped significantly. On Thursday, SOL dropped for a short period below $13 and, since the FTX scandal came to the limelight, lost over 60% in value.
Due to the exposure to FTX, which had a significant stake in the blockchain, the chain’s future remains unclear.
The Bottom Line
Oryen Network is ideal for Solana holders looking for a new investment opportunity and to recoup their losses. It will give them another chance to experience the thrill of catching a successful crypto project in its early phase.
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Join Presale: https://presale.oryennetwork.io/register