The cryptocurrency touted by FTX founder Sam Bankman-Fried has suffered alongside him.
filed for bankruptcy today
Chief among them is San Francisco-based Solana, a company that developed the Solana blockchain and is in the process of an ambitious plan to launch a crypto mobile phone and line of retail stores. SOL was referred to pejoratively by many on Twitter as one of"Sam's coins" as the FTX founder had publicly advocated for Solana's adoption, his venture firm FTX Ventures had invested in a few Solana-based products, and most concerning to investors SOL was Alameda's second largest holding,if you're an independent team just itching to put your head down focusing on building product onwe will show the power this global community of developers has to push web3 forward.
Whether this will have a long-term effect on Solana is uncertain. The network staved off outages and network failures during the crisis. But while its price is down, Solana has managed to build a thriving community of developers and applications of the past few years that could sustain the company through the rough patch.
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