BitBoy believes many projects will leave Solana’s ecosystem & hints at the power of Binance.
Ben Armstrong a.k.a BitBoy Crypto is a famous Youtuber, TikToker and a well-known face in the crypto community. He is known to create informative videos on cryptocurrency, educating users about the benefits of the technology and its use case while sharing the latest updates at the same time.
He has 1.45 million subscribers on YouTube & 1 million on Twitter. In his recent tweet, Ben Armstrong suggested that more projects will leave the Solana ecosystem and migrate to better blockchains.
I’m sorry if this hurts your feelings… but this is facts. More NFT and crypto projects will leave Solana. https://t.co/3GgI4PYO6A— Ben Armstrong (@Bitboy_Crypto) December 27, 2022
His predictions came at a time when DeGods & y00ts NFT collection announced their plans to migrate from Solana to Ethereum & Polygon blockchains in early 2023. Both are premium NFT collectibles equivalent to Ethereum based Bored Ape Yacht Club.
The founding company Dust Labs didn’t share the reason behind this move but things seem to be clear after FTX filed for bankruptcy. FTX was one of the initial investors in the Solana project.
Its hedge fund arm Alameda Research owns nearly 11% or 50 million SOL tokens as part of the deal. Days after FTX collapse, the market witnessed the fall of $SOL token which is now trading below $10.
Solana ecosystem is under immense pressure after Dust Labs announced their exit from the chain. Earlier Serum DEX, the project launched by FTX on Solana crashed to $0.15 raising fears of its collapse since the project’s private keys are held with the FTX team.
Talking about Binance, BitBoy hinted that U.S. agencies have little to no power against the exchange. He backed his statement by referring to Binance’s action in 2019 where it suspended accounts of US customers as per the request of SEC.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.