In a significant development for the cryptocurrency industry, Pantera Capital has initiated talks to purchase a portion of FTX Official’s unstacked SOL coins. In the first transaction, FTX is being paid $12.5 million for a tranche that represents one-twentieth of their ownership. In this case, SOL tokens have already been released from their staking contract.
It is estimated that FTX Official, the Chapter 11 petitioner in the USA, will possess 41.1 million SOL coins as of November 2022. These assets are valued at an astounding $5.4 billion as of Wednesday’s closing price, or over 10% of the whole SOL supply that is in circulation. Pantera made that presentation in his speech.
Twenty tranches are covered by the agreement, and each one must be kept for four years prior to the closing date. During this purchase process, Pantera Capital and its supporters will gradually increase the company’s ownership up to 9.5% of the entire SOL supply that will be freed from the staking contract in the upcoming years.
This transaction not only notifies the removal of the SOL token from the FTX official list of assets, but it also shows the coin’s optimistic cycle. The cryptocurrency community is closely monitoring this development since it could eventually impact how people perceive the SOL market and how much potential it has to grow in comparison to other crypto assets.
Aside from this financial commitment, the Solana network is about to undergo significant infrastructure improvements. As a pretest for Jump Firedancer validator tests, Solana runs Jump Firedancer validator beta mainnet testing prior to the event.
These features are the forerunners of Solana 2.0, about which there is much anticipation for the addition of additional validator clients. This novel method creates redundancy for the network by eliminating the requirement for system reboots—a feature that raises concerns about the majority of blockchains.
Based on the SOL price forecast, there is a lot of optimism surrounding the launch of Solana 2.0 since it shows how the blockchain’s features and resilience are developing. A higher network security grade will result from many validator clients operating in unison.
However, it may also act as a barrier to increasing the SOL token’s use. SOL’s attitude is mixed with optimism given the impending financial and technical advancements, and visuals indicate that the asset may eventually surpass the $1000 mark.
These technological advancements and investments underscore the complexity of the cryptocurrency sector and the logical progression of blockchain technology. Pantera Capital’s acquisition of the Solana network accelerator, which will incorporate numerous modifications, gives the cryptocurrency SOL a bright future and demonstrates confidence in both its potential for growth and the cryptocurrency investment industry as a whole.
