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Cryptocurrency enthusiasts are slowly coming to terms with the collapse of the FTX exchange and its native token, FTT. The collapse comes just months after Terra Stablecoin also went bankrupt, raising serious doubts about the cryptocurrency’s prospects. Another coin that is feeling the brunt of failing sentiment on exchange-linked cryptos is Cronos. However, amid fears, BudBlockz’s performance in recent days and its long-term outlook continue to provide reassurance.
FTT Token Collapse
Once the second largest cryptocurrency exchange, FTX was forced to file for bankruptcy. The fallout came when its native token, FTT, lost more than 95% of its market value due to liquidity issues in the market. The collapse came amid talk that Alameda, a crypto hedge fund owned by Sam Bankman-Fried, was holding billions of FTT tokens and using them as collateral in other loans.
The collapse came amid poor business practices, as FTX allegedly loaned client assets to Alameda for risky trades without client consent. The fact that FTX also issued its cryptocurrency to Alameda as collateral was instrumental in triggering mass withdrawals amid criminal and regulatory investigations.
Chronos under pressure
The collapse of FTX and its native token, FTT, triggered massive declines, with Cronos being one of the coins to feel the brunt of the sell-off. Investors are increasingly turning their backs on tokens whose usefulness depends on their exposure to cryptocurrency exchanges, as was the case with FTT on the FTX exchange. Cronos, which powers the Crypto.com exchange, was also not spared. Reports that Crypto.com sent over 80% of its Ether holdings to another exchange called Gate.io spooked markets, fueling pressure on Cronos.
As investors continue to steer clear of tokens whose prospects depend on the performance of cryptocurrency exchanges, attention has increasingly turned to BudBlockz. The project is attracting a lot of interest from crypto whales and enthusiasts, considering its great usefulness and use cases.
BudBlockz Growth Prospects
BudBlockz has set up a one-of-a-kind decentralized e-commerce platform for cannabis enthusiasts. The cannabis platform will connect individual entrepreneurs and enthusiasts while enabling legal, safe and secure access to global cannabis markets.
On the e-commerce platform, people can buy, sell, and invest in all cannabis-related items. Additionally, people will be able to access all markets where cannabis products are legal. The platform is looking to capitalize on the rapid legalization drive that has presented multi-billion dollar opportunities.
The platform relies on BLUNT, the native token of the ecosystem, as a medium of exchange. The token will allow holders to transact within the ecosystem. This will also entitle them to voting rights and the ability to make proposals on matters related to the future of the crypto-cannabis project.
Additionally, the usefulness of BLUNT is augmented by BudSwap, a decentralized finance (DeFi) platform that BudBlockz established. The platform will allow people to easily make and receive payments. The platform will also allow users to lend or borrow funds from others while enabling staking and allowing users to generate passive income.
The outlook for BudBlockz looks very promising, due to the growing utility of cannabis sales and the prospect of non-fungible tokens. While investors remain wary of tokens linked to cryptocurrency exchanges, BLUNT should continue to attract strong interest due to its growing utility around cannabis sales.
Learn more about BudBlockz (BLUNT) at the links below:
Official site: https://budblockz.io/
Pre-sale registration:: https://app.budblockz.io/sign-up
BudBlockz Community Links: https://linktr.ee/budblockz