Crypto Blog
The bankrupt cryptocurrency exchange has staked close to $170 million in several crypto assets, including Solana, Ethereum, and MATIC.Staking is primarily the practice of locking up cryptocurrencies on a blockchain network to support it and earning token rewards, mainly at a predetermined rate.According to blockchain data, FTX has staked approximately 5.5 million SOL, valued at around $122 million, into the Figmen network.
In addition to SOL and Ethereum, reports indicate that FTX has also staked MATIC, the native token of Polygon. Approximately $9.5 million worth of MATIC has been staked. However, current data analyticsthat only around 13.5 million MATIC, valued at approximately $6.8 million, has been staked so far, with a capped return of 4.6%.
The relationship between Solana and FTX dates back to the pre-bankruptcy era, during which the exchange held approximately $1.16 billion worth of SOL tokens at one point.The recent staking activities by FTX are a result of a recent ruling where the U.S. Bankruptcy Court for the District of Delaware granted the exchange permission to invest and hedge its crypto holdings worth $3.4 billion.
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