Solana Compass Reveals Significant Unstaking Activity on the Solana Network
Solana Compass, a website that tracks Solana (SOL) network activity, has shared insights into the latest epoch of the network, specifically highlighting a large amount of unstaking. During Epoch 512, approximately 19.637 million SOL tokens were unstaked, with a net unstake of 16.516 million SOL, equivalent to about $372 million.
Millions of Dollars Worth of SOL Unstaked
The total value of these unstaked tokens is estimated to be around $449 million. When factoring in staked tokens, the net unstaking volume amounts to roughly 16.516 million SOL, valued at approximately $380 million.
Notably, well-known entities such as Andreessen Horowitz (a16z) and the estate of collapsed crypto exchange FTX and its sister company Alameda Research played a significant role in this asset unparking. A16z alone unstaked around 7 million SOL at the end of Epoch 512.
SOL Price Remains Steady Amid SBF Trial
This surge in SOL unstaking coincides with the ongoing trial of Sam Bankman-Fried (SBF), the former founder and CEO of FTX. Despite Solana’s connections to FTX, validator clients like Jito Labs have contributed to over 70% growth in the staking ratio on the platform.
Over the past seven days, SOL’s price has risen by more than 13%. However, in the last 24 hours, as Bankman-Fried’s trial entered its third day, SOL prices experienced a slight decline of nearly 2%. It remains uncertain how much impact the unstaked SOL will have on its price, with market observers expecting a significant portion to be sold.
Hot Take: Solana Witnesses Significant Unstaking Activity Amidst SBF Trial
The Solana network has recently experienced a surge in unstaking activity, with millions of dollars’ worth of SOL tokens being unparked. Entities like Andreessen Horowitz and the estate of FTX and Alameda Research contributed to this trend. Meanwhile, the price of SOL has remained relatively steady, despite the ongoing trial of ex-FTX CEO Sam Bankman-Fried. As the unstaked tokens potentially enter the market, it remains to be seen how this will impact SOL’s price in the future.
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