Amost $1B Worth of Solana Tokens to Be Unlocked by Thursday

Solana’s Epoch 370 is set to end in a little under 24 hours, and with it will come the unlocking of over 47 million SOL tokens by validators.

This massive token unlock is coming at a time of significant market tumult, not just for Solana but for the entire crypto space following the FTX collapse.

According to data from the Solana dashboard, 47,289,526 SOL, worth nearly $1 billion, is set to be unlocked in Epoch 370. An epoch in Solana is a period where validators cannot unlock their staked tokens on the network.
Following the expiration of Epoch 370, which will end in less than 24 hours, the unstaked SOL will be withdrawn by validators.
Meanwhile, it remains uncertain if the validators will sell their withdrawn SOL considering the current price performance of the token.
Solana’s native coin has plunged nearly 40% in the last 24 hours. At the time of writing, SOL is trading under the $20 mark.
SOL’s massive price decline can be tied to the ongoing FTX and Alameda saga in the past few days. While the general crypto market has taken a hit, Solana’s nosedive is peculiar because of its connection to Alameda.
While insolvency concerns regarding Sam Bankman-Fried’s crypto exchange FTX continue to grow, rival Binance is set to acquire the embattled exchange. As previously reported by CryptoPotato, Bankman-Fried and Binance chief Changpeng Zhao confirmed the acquisition deal.

The post Amost $1B Worth of Solana Tokens to Be Unlocked by Thursday appeared first on CryptoPotato.

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