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FTX/Alameda Unstaked 199,263 SOL Worth $19.4 Million, Onchain Lens Says

According to Onchain Lens, the reported May 12 move involved Solana tokens being released from staking (locking crypto to help secure a network and earn rewards).

SOL

Summary

Onchain Lens reported on May 12 that FTX/Alameda unstaked 199,263 SOL valued at $19.4 million. In crypto markets, unstaking means tokens are withdrawn from staking (locking crypto to help secure a network and earn rewards), making them available for transfer or other uses after the network’s applicable process. The report identifies the asset as SOL, the native token of the Solana blockchain.

Terms & Concepts
  • Staking: Locking cryptocurrency in a blockchain network to help support operations such as validation and to earn rewards.
  • Unstaking: The process of withdrawing previously staked tokens, which can make them available for transfer or sale after any required delay.
  • SOL: The native token of the Solana blockchain, used for transaction fees, staking, and network-related activity.