The Solana (SOL) and FTX Token (FTT) projects were dealt a huge blow after the recent cryptocurrency market crash. Both projects are down over 90% from their all-time highs, and it is looking increasingly likely that they will never recover. As such, holders are flocking to safer options, such as BudBlockz (BLUNT).
The Crash of Solana (SOL) and FTX Token (FTT)
Solana (SOL) is an open-source blockchain protocol designed to scale up to hundreds of thousands of transactions per second. It was launched in 2020 and quickly gained traction as a new high-speed protocol for decentralized applications.
Solana (SOL) became the go-to platform for many crypto projects, especially P2E games and NFT marketplaces. The lower fees and faster transaction speeds offered a clear advantage over Ethereum and other layer-1 protocols.
The impressive features of Solana (SOL) attracted institutional investment, and the token surged to an all-time high of $260 in Nov 2021. One of the largest investors was the FTX exchange, which held over $1B worth of SOL on its balance sheet.
While all of this was going on, FTX Token (FTT) was also surging. FTT is the native token of the FTX exchange and it powers all kinds of features on the platform, from fee discounts to staking rewards. The project grew substantially in 2021 and its token hit an all-time high of $85 in September 2021.
However, while all of this appeared to be a success story, the recent market crash completely changed the picture for these two projects. Both SOL and FTT are now down over 90% from their all-time highs as of May 2021, with no signs of recovery in sight.
This crash resulted in FTX being insolvent and declaring bankruptcy. The exact path to this insolvency is still unfolding, but it looks like FTX was lending customer funds to a sister company that made poor investments. With the sister company collapsing, a huge hole appeared in FTX’s balance sheet, and they had to liquidate their SOL holdings, before officially declaring bankruptcy.
Invest In BudBlockz (BLUNT) For Big Gains
The crash of Solana (SOL) and FTX Token (FTT) is a major blow for holders, but it does not mean that all hope is lost for other crypto projects. Investors are now turning to safer options with the potential for big gains, such as BudBlockz (BLUNT).
BudBlockz (BLUNT) is a new blockchain project focused on creating a secure, decentralized platform for the cannabis industry. Here, buyers and sellers can interact with each other securely and anonymously, without the need for a middleman.
Smart contracts work to ensure that all transactions are fair and secure, while the underlying blockchain ensures data integrity and privacy. The native BLUNT token powers all transactions on the platform, with staking rewards available for long-term holders.
BudBlockz is more than just an online marketplace; it’s a complete ecosystem of services supporting the cannabis industry. The Budz-Blockz Arcade is set to become one of the most popular features on the platform, allowing users to earn BLUNT tokens for playing retro games.
But perhaps the most exciting feature of BudBlockz is the role that NFTs will play in the platform. Users will be able to buy NFTs that offer fractionalized ownership of cannabis farms and dispensaries, giving them access to a share of the profits.
With so many exciting features, BudBlockz (BLUNT) is quickly becoming a favourite among investors looking for safe investments with big upside potential. The token is selling out fast during the public presale and will be officially launched on the 5th of December.
Learn more about BudBlockz (BLUNT) at the links below:
Official Website: https://budblockz.io/
Presale Registration:: https://app.budblockz.io/sign-up
BudBlockz Community Links: https://linktr.ee/budblockz
