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Solana unlocks 11.3 million SOL tokens secretly

Solana unlocks 11.3 million SOL tokens secretly

By April 28, 2020 Other 0 Comments

solana sol token

Binance usually lists only top notch projects which they say is reviewed by experts. But, the exchange has been under a lot of fire lately after listing Solana’s SOL token.

Solana team secretly unlocked 11.3 million additional tokens for themselves, which should have locked for another 10 months. The team is using these 11.3 million tokens for market making which could also be a lie.

A locked token is a locked token which Solana cannot use for market making or for any other purpose. Reality is that tokens were never locked in first place.

Solana team has not said a single word why they moved locked tokens. However, they have said that they have used them for market making.

solana team

Here is their reply on their telegram,

“The Solana team’s understanding of circulating supply as advised by exchanges and research analysts, is that market making tokens are typically not used when calculating “circulating supply”. With this in mind, we have not been quoting the 11.36 million tokens allocated to our market maker when answering questions about circulating supply. However, given recent feedback, we will always include the fact that 11.36 million tokens are out on loan for market making when discussing circulating supply. These tokens are unlocked and not under foundation control while on loan to the market maker, but it is important to note that no employee or officer of Solana Labs or the Solana Foundation profit from the sale of these tokens.”

And now, they are apologizing.

Credit – @cryptonator1337 on twitter.

Update – Solana has removed Cryotonator1337 from their telegram.

About Author

Tim

He is the Associate Editor and lives in New York. He eats charts for breakfast.