FTX's downfall has had a Ripple effect on the crypto industry including the DeFi ecosystem as Solana nearly lost one-third of its market cap in the wake of the collapse.
, a top-10 cryptocurrency and one of Bankman-Fried’s biggest investments, lost 32% of its market cap over the past couple of days.
The DeFi ecosystem also faced criticism for denying user access based on wallet content. Entrepreneur Brad Mills criticized the so-called decentralized ecosystem and said DeFi rebuilt everything wrong with Wall Street on a blockchain. According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time high of $10.17 billion on Nov. 9, 2021.Chainlink Labs offered its proof-of-reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10.
In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges due to various factors such as location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it has rebuilt everything wrong with Wall Street but on a blockchain. Within the tweet, Mills also shared an image of a pop-up message from 1inch Network’s decentralized application restricting access because of the wallet address used.
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