FTX Exchange filed for bankruptcy protection in November 2022, causing the entire crypto market to tumble as investors cash out for stablecoins and other non-blockchain-oriented investment vehicles. The fall of FTX came at a difficult time in the crypto market. The industry had already suffered a catastrophic loss of the Terra Luna ecosystem that caused a massive ripple effect on other crypto-oriented organizations such as Three Arrows Capital and Voyager Digital. The industry was also witnessing an unfolding drama of crypto lender Celsius. FTX also brought down other crypto-oriented organizations, including projects like Solana, that heavily depended on the exchange for funding.
Why did Solana crash?
Solana is among the largest smart contract platforms in decentralized ecology. The project’s performance in recent times has raised the eyebrows of cryptocurrency investors. Solana received massive backlash from its community members after investigations revealed the project was closely associated with FTX and Alameda Research Group. Solana’s co-founder Anatoly Yakovenko publicly admitted the platform’s close ties with the now-derailed FTX. According to the cryptographic pioneer, FTX funded more than 20% of Solana’s overall DeFi projects, and 5% of the protocols had funds in exchange at the time of the collapse.
Bitcoin Spark
Solana has ceased to become the investor’s favorite after its association with the FTX exchange. Although the project may not fully die, investors have seemingly lost hope. Some Solana whales have begun accumulating BTCS, a digital currency belonging to Bitcoin Spark. Bitcoin Spark is currently available for $3.75. Bitcoin Spark is a digital platform for decentralized Web3 operations. Although Bitcoin Spark is a Bitcoin alternative, the utility associated with the project is massive enough to transform the entire ecosystem.
Bitcoin Spark’s main aim is to offer solutions to the Bitcoin network challenges and, at the same time, provide value to decentralized ecosystem users. The network will facilitate the transfer of assets from one user to another at zero costs. However, this will be implemented later (one to two years after the mainnet release). Before then, the network will charge very low transaction costs while providing fast transaction speeds exceeding those in Bitcoin.
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Bitcoin Spark developers invest much time and resources to secure the network. This is because there has been an ongoing crackdown on hackers who have compromised DeFi protocols, making away with hundreds of millions of dollars. The developers of Bitcoin Spark are currently conducting beta tests for the Bitcoin Spark mainnet to identify and seal potential loopholes that hackers may use to compromise the platform. After the testnet period is completed and all bugs fixed, the underlying Bitcoin Spark code will be made public. The underlying smart contract is also Vital Block audited and approved.
Bitcoin Spark Announces a Final Exclusive Giveaway for All
Bitcoin Spark redefines ICOs by aligning a major bonus event with its final ICO. The giveaway is much anticipated by enthusiasts who found out about Bitcoin Spark after the initial stages with much more discounted prices and more bonuses. Now, these investors can redeem themselves by capitalizing on the bonus whose details will be communicated by the team through Bitcoin Spark’s social media channels, including X (Twitter) and Medium.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Learn more about BTCS: https://network.bitcoinspark.org/register
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The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
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Updated: 21 Nov 2023, 05:47 PM IST
