Blockchain records have shed light on a development involving the trustees of the now-defunct exchange FTX, who are overseeing its bankruptcy proceedings. They have committed 5.5 million solana (SOL) for staking. Meanwhile, the current market value of FTX’s total solana assets is a hefty $1.16 billion. However, it’s worth highlighting that a significant portion of these assets will be held in a lock-up period, not to be fully released until 2028.
Blockchain Unmasks Massive SOL Stake by FTX Trustees Amid Bankruptcy Proceedings
Whale Alert, on October 13, reported a transfer of 5.5 million SOL. Following this revelation, onchain researcher Ashpool identified that the sizable amount of SOL belonged to the FTX estate. Ashpool further mentioned that the funds were directed towards the validator Figment for the purpose of staking.
The outcome of SOL staking can vary. Some sources assert that SOL staking has traditionally offered around 5.5% APY. Yet, others suggest that SOL staking can yield as much as 14.47% APY, contingent on the staking platform chosen. Rewards for staking in Solana are distributed approximately every 2-3 days, albeit the precise frequency of rewards can fluctuate based on network conditions and other variables.
FTX’s estate holds roughly $1.16 billion in SOL, but not all of it is immediately accessible. 12 million of FTX’s SOL cache is scheduled to be released in increments every 30 days until 2027. An additional 34.52 million SOL is set to be gradually unlocked every month until 2028. Both of these caches are disbursing monthly SOL that FTX can either sell or stake. However, FTX has the option to sell the keys to the entire vested cache before its official release.
What do you think about the FTX estate staking 5.5 million SOL? Share your thoughts and opinions about this subject in the comments section below.
