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Bloomberg

Wunderkind Crypto Tokens Rise on Best Performing List

(Bloomberg) – FOMO cryptocurrency plays out in real time for just about any token associated with Sam Bankman-Fried, head of trading firm Alameda Research and the FTX derivatives exchange. Solana – or SOL – jumped about 40%, making it the top performing large coin among those tracked by CoinMarketCap.com, and increasing its market value to around $ 11.6 billion. Serum, a token used on the new decentralized derivatives exchange backed by Alameda, saw its market value climb to $ 494 million from $ 51 million this year. And the price chart for the FTT coin used on FTX also looks like a hockey stick, with its value dropping from $ 539 million to $ 5 billion since December. regularly appearing at the top of a leader’s chart of trading performance on the BitMex exchange. Alameda quickly became one of the world’s largest crypto traders focusing on arbitrage and other strategies that often took advantage of price differentials. After seeing his net worth skyrocket, Bankman-Fried even became one of Joe Biden’s biggest donors in the presidential election. Our team and I got it recently, ”wrote Bankman-Fried, who is based in Hong Kong, in an email. Bankman-Fried’s ability to stand out in an era when virtually all things crypto has a moment in itself is the head. turning. With Bitcoin rising over 600% over the past year and Ether hitting record highs, crypto investors are once again looking for the next big thing among the so-called alternative coins.The SOL token is used on the Solana blockchain, which is being promoted as the latest network to take on Ethereum in a race to become a new decentralized finance capital. “Sam is an extremely talented entrepreneur and has had tremendous success with FTX, so it doesn’t surprise me that people are supporting him indirectly by betting on his,” said Nic Carter, co-founder of researcher Coin Metric. billionaire crypto investor Mike Novogratz is betting on tokens backed by Bankman Fried. on trades. The exchange recently achieved a daily volume of $ 14.7 billion and is now the fifth largest Bitcoin futures exchange in the world, according to Skew.com. Meanwhile, Serum has surpassed $ 2 billion in trading volume to date. “The SOL rally is in part a delayed reaction to the work that has been done in the ecosystem over the past year, and the need to find scalable solutions for DeFi as the ecosystem grows,”, Bankman-Fried said. He immersed himself in crypto after completing a three-year stint at quantitative trading firm Jane Street Capital same day loans. He founded Alameda in his Berkeley, Calif., Apartment at the end of 2017 with his own money and funds borrowed from family and friends. He then recruited former classmates from the Massachusetts Institute of Technology, where he majored in physics, and friends from Wall Street to create an automated trading system that tracks cryptocurrency prices around the world. . “He works for hours in the US and Asia,” said Kyle Samani, co-founder of Multicoin Capital, who is an investor in Serum, as well as one of the largest holders of SOL. “His work ethic is insane.” Going against Ethereum, Solana has a lot of competition: Cardano, Binance Smart Chain, and Polkadot among them. The cryptocurrency exchange Binance has a minority stake in FTX. More than 150 different apps have already been created for Solana, and apps such as the Kin messaging service have transferred users, said Raj Gokal, director of the Operation of Solana Labs, which builds software for the blockchain. Solana already does 10 times more daily transactions than Ethereum, Samani estimated. “Solana is a promising competitor in a crowded space,” said crypto investor Aaron Brown, who writes for Bloomberg Opinion. “It has increased because it’s a good blockchain that seemed to be gaining traction recently, but there are a lot of good blockchains out there and (as everyone knows) the industry is volatile and prone to short-term excitement.” (Add Bankman-Fried’s age in third paragraph.) For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most popular source of business news. reliable. © 2021 Bloomberg LP

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