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- Following the expiration of Epoch 370, which will end in less than 24 hours, the unstaked SOL will be withdrawn by validators.
- Meanwhile, it remains uncertain if the validators will sell their withdrawn SOL considering the current price performance of the token.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.