DeFi
‘Dead’ DeFi Platform Solana Still Holds $43 Million in Funding from Alameda Research
In recent weeks, Solana has been dominated by a series of celebrity-endorsed quick cash grabs, in a memecoin frenzy that refuses to slow down.
Launched by WIF, BONK, and a variety of politically themed tokens — which are generally down from their early spring peaks — Solana’s meme coin launcher pump.fun is still seeing plenty of action, generating more fees than the entire Ethereum network earlier this week.
Learn more: $10 Million Accidentally Burned as Solana Memecoin Craze Continues
More recently, attention has focused on “celebcoins,” which may or may not be endorsed by their namesake. Caitlyn Jenner’s JENNER token started the trend before Iggy Azalea’s MOTHER reached a market cap of more than 100 million dollars. Other tokens were promoted via tips celebrity social media accounts.
All this activity has overshadowed Solana’s once-promising offering of decentralized finance (DeFi) projects, which include lending protocols, decentralized exchanges and derivatives trading platforms.
Ignoring liquid staking platforms, which simply wrap staked SOL, the total value locked (TVL) of the top three in each of the above categories comes to around $3.5 billion, according to data from DeFiLlama. The equivalent selection of protocols on the total Ethereum mainnet over $25 billion in TVL.
Among the Solana-based examples, however, one protocol stands out in particular.
As note by User X (formerly Twitter) YouAreMyYield, Solana’s third largest perv platform, 01 Exchange, is actually a “dead” project, although it is still owned $43 million in TVLconsisting mainly of neglected Alameda research funds.
Learn more: Solana was only down for 5 hours, but that was plenty of time for memes
In a warning to users, the websites the banner says “01 Exchange was out of breath” [sic.] down. Please withdraw your remaining assets. Try multiple times if the withdrawal does not work the first time.’
According to the pseudonymous investigator, the address still holds positions on 01 Exchange worth $38 million in staked mSOL, as well as $6.5 million USDC. YouAreMyYield explain“The domain emptied the address in April 23 by removing liquidity on things like Raydium and Atrix, but they forgot the 01 balance.”
But it’s not just Alameda that’s losing change down the couch.
Another of the villains from the last cycle returned to action when a three-year-old NFT offering from Three Arrows Capital the wallet was accepted earlier today.
Learn more: 3AC Founder Su Zhu Says Prison Is ‘Good For You’ After Four Months In
The 20 ETH offer (roughly $59,000 at the time of writing), made in August 2021, appears to be an additional 20 ETH that will not reach creditors, after Su and Davies spectacularly blew up their fund the following year.
Got a tip? Send us an email or ProtonMail. For more up-to-date information, follow us on X, Instagram, Blue skyAnd Google Newsor subscribe to our Youtube channel.