Snowfall Protocol (SNW) Gains While Solana's (SOL) Defi Exchange Is Hacked, And Coinbase Delists Ethereum Classic (ETC)
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A lot has happened in the Crypto market recently. Some cryptocurrencies showed amazing price rises, while others became prey to hacking. Solana (SOL) DeFi exchange lost millions due to hackers' unethical penetration into the network. On the other hand, Ethereum Classic (ETC) has been delisted from the biggest crypto trading platform, Coinbase. Among all these, a new Crypto, Snowfall Protocol (SNW), has been performing beyond creators' expectations.
Keep reading ahead to learn about Solana (SOL), Ethereum Classic (ETC), and Snowfall Protocol (SNW) in detail.
The sudden downfall of FTX (FTT) made a huge impact on cryptocurrencies, especially Solana (SOL). FTX (FTT) was one of the significant backers of Solana (SOL). While Solana (SOL) was still struggling to recover from the damages, its DeFi protocol, Raydium, was hacked. There was a loss of $2.2 million worth of assets, including a $1.6 million loss of Solana (SOL).
It was terrible news for Solana (SOL) investors as Raydium is the largest DeFi protocol of Solana (SOL). The incident led many Raydium community members to withdraw entirely from the protocol.
The TVL (Total Value Locked) of Solana (SOL) on the protocol declined more than 27%, and Raydium's native token, RAY, dropped by 8%.
Ethereum developers forked the Ethereum blockchain after millions were hacked from the DAO in 2016. Ethereum Classic (ETC) was created as a result of the forked network. The decision to fork the blockchain was made after the majority of developers voted in its favor. The aim was to restore the lost funds to the hacked accounts.
Ethereum Classic (ETC) represents the old Ethereum blockchain token,
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