Investment giant Pantera Capital continues to buy Solana (SOL) tokens at the bankruptcy auction of the FTX cryptocurrency exchange
Solana Sale at FTX Auction
The Solana token sale is part of the liquidation process launched following the collapse of FTX in 2022. Around 2,000 SOLs were reportedly sold this week . Moreover, one of Bloomberg’s interlocutors noted that some of these tokens were purchased by Pantera.
In early April, FTX liquidators sold SOL at a 60 percent discount – $64 per SOL . The total amount of the deal was about $1.8 billion, and companies such as Galaxy Digital and Pantera took part in it. However, about 40 million SOL tokens that the crypto exchange is selling are blocked for four years. They are currently not available for trading on the market, however, they can be put into circulation gradually.
In the last transaction, the price of SOL was higher than in early April, the publication’s source emphasized. He also added that new auctions for the sale of Solana tokens are expected in the near future.
What about the price of SOL?
According to coinmarketcap, at the time of writing, Solana is trading at $134. Over the past 24 hours, the value of the asset has decreased slightly – by about 5%.
Over the past month, SOL has lost 26% in price. One of the main reasons for the negative dynamics of the cryptocurrency was technical problems in the Solana network. Nowadays, the blockchain often encounters operational failures. For the most part, all this is a consequence of the hype around memecoins. At the end of May, the developers promise to release an update that is designed to solve the problem of network congestion.
Major update
The network of one of the largest cryptocurrencies, Solana (SOL), is preparing for a large-scale update. The upgrade will be launched on the mainnet beta on May 27. The upcoming v1.18 update is designed to significantly strengthen the Solana infrastructure. In particular, it should solve the problems of blockchain congestion, which often lead to operational failures.
The blockchain development team is actively working on updates that can improve Solana’s performance. In particular, on April 10, a representative of the validator Shinobi Systems under the nickname Zantetsu proposed an improvement that would speed up transaction processing. The initiative was supported by 98% of validators.
