How bad is it.... the first Visa Fast Track project from SOLANA just migrated to BNB Chain.... that was eye opening. Developers are leaving in droves. Impressively this project has 13,000 developers to pull from. They migrated and took 13,000 developers w/ them.
I hope to be wrong, but I'm seeing 0.47 Solana in my crystal ball
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EXCERPT FROM BINANCE ARTICLE: Titled: How Zebec Successfully Migrated From Solana to BNB Chain Subheader: Zebec’s Migration to BNB Chain Content: After developing the project on Solana, Zebec’s plan had always been to go multi-chain to give more users greater access to its products irrespective of chain, with their wallet of choice. The team decided to move forward with the migration to BNB Chain because of its wider and active community, EVM compatibility, lower gas fees, faster and seamless transactions, and ease of integration with bridges. Once plans had been set and word got out about the migration, the BNB Chain community reacted very positively, welcoming Zebec into the BNB Chain family. Credits too: DAVID.BNB Posted: 15 NOV 2022•3 MIN READ
If ZEBEC leadership disagreed a retraction would have been printed, thus is not the case.
I don't spread fudd... the FTX contagion is far reaching, & it has weakened perceived strengths of solana... it is what it is. Crypto has no feelings, & when it comes to the charts, neither do I.
Migration by definition: : to move into or come to live in a region or community especially as part of a large-scale and continuing movement of population compare out-migrate. in-migration.
Hence why i view it as an exodus from SOLANA... when the 1st ever VISA Fast Tracked protocol leaves your ecosystem... or migrates its unfortunate. That is not fud, these are present realities. Other non-emotional traders will happily scalp "long" & over leveraged convictions. It makes a chain look weak when 70% of your value is retraced b/c every step of the way "somebody" at Solana failed to due proper review of FTX & Alameda. Start ups got rekt b/c of improper review. Those who got rekt by the FTX contagion, liquidate other positions. Given circumstance BNB chain would better support, & incubate a project that already has regulatory approval in 43 states.
Now I never said this was forever.... even Salmon return from the Ocean after 7 years to spawn in the rivers in which they were born. I'm not saying it would take 7 years for projects like ZEBEC to return... but the damage is done. There will always be a relationship.... but Solana doesn't have the same liquidity to incentivize 13,000 developers. It doesn't have the luxury of patience. Only the blind & deaf view Solana's absorption of Helium as good... but why absorb a project that has never been cash positive... its like when FTX tried to buy distressed Celsius assets. Sometimes folks acquire things to keep record books from ending up public.
Would you keep your start up on a protocol that just lost 70% of its TVL? Especially since market slides range too 90%-98%...
I literally keep an RSS Feed on global security incidents, & specific "ecosystems"... this isn't a small town flat earth kind of view. The FTX-Solana fiasco forced a near 30% retracement. Go run ZEBEC & Solana in parallel from Nov. 6th & then tell me I got my fundamentals wrong.... if there's no correlation I'll buy the audience a beer, but the retracement of FFT's value, & Sol & Zebec align... & in parallel Sol vs ZBC their's tremendous overlap to justify the migration to a more sustainable BNB chain.
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For perspective Sol is down 93.9% on the year... if another 5% comes off of this yrs ath (Jan 1st 2022) which it has never retested, its retested the $130's.... on the macro its been a falling knife turned rip tide... if another 5% comes off the board, that's $8.94 off current price lvls down too $4.19 (best case scenario)
Still its a scalpers paradise. 11% in the past 24hrs (nom nom nom) Like Sol scalpers can probably make a small fortune tbh eating green beams Long positions have my empathy... but ...🤷🏼♀️ .... 📉
Why spread misinformation? Zebec is having a Cross-chain Expansion to BNB Chain which means their users will be able to transact on multiple chains. They are starting off their multi-chain journey. Not leaving Solana anytime soon