By Richard Hines
Another event that will result in high volatility in the Sol market is approaching. Solana epoch 370 is set to end in the next 24 hours, releasing over 47 million solana tokens.
Validators Can Retrieve Staked Tokens
An epoch is a period during which validators are unable to access or use their staked tokens on a blockchain, in this case, the Solana blockchain.
This massive release comes at a time when the market is in turmoil due to the massive dump of Solana tokens as well as the situation with FTX and their FTT tokens.
Data from the dashboard reveals that in the close of Epoch 370, more than 47 million Solana tokens worth almost $1 billion will be unlocked.
However, all validator’s staked solana tokens would be withdrawn due to the end of this Epoch 370, and validators are anticipating this time.
Within the next 24 hours, these tokens are scheduled for release.
But given the current market conditions and Solana’s over 18% decline to the $20 level, it is unclear whether validators will keep or sell their Solana tokens after withdrawal. Solana’s price increased over the course of a day, rising from about $17 to $20.
Sol’s decline is solely attributable to the problem with FTX Alameda Exchange’s decision to liquidate its tokens. Due to their close ties to the FTX Alameda Research exchange, Sol was severely impacted.
Will Binance Purchase FTX?
Rumors of Binance trying to buy FTX surfaced as the turmoil on the FTX exchange persisted after Sam Bankman lost the battle to defend his exchange. Additionally, Changpeng Zhao’s (CZ) tweets were shown to support this.
However, a tweet sent out earlier this evening indicated that Binance may not buy FTX and that it may decide to end the transaction at any time.
Most compared this war to when two elephants fight, as two major competitors in the crypto exchange space were at odds, but CZ remained strong after the outcome; While the FTX exchange raised concerns about the security of users’ investments and funds.
Funds are under their control as a Centralized exchange, and with the lock in withdrawals from the exchange, investors cannot make withdrawals without approval and authorization.
Some have speculated that this case will become the reality of Coinbase exchange, but CEO of Coinbase, Brian Armstrong came out to debunk such rumors, claiming that his exchange will not follow in the footsteps of FTX because it does not engage in shady and risky dealings and businesses.