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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 barely months after Terra Stablecoin also went under, raising serious doubts about cryptocurrency prospects. Cronos is another coin feeling the brunt of faltering sentiments on cryptos tied to exchanges. However, amid the fears, BudBlockz’s performance over the past few days, and its long-term prospects, continue to reassure.
FTT Token Collapse
Once the second largest cryptocurrency exchange, FTX was forced to file for bankruptcy. The fallout came as its native token, FTT, lost more than 95% in market value amid liquidity concerns in the market. The collapse came amid talks that Alameda, a crypto hedge fund owned by Sam Bankman-Fried, held billions of FTT tokens and used them as collateral in further loans.
The collapse came amid lousy business practices as FTX allegedly loaned customer assets to Alameda for risky trades without customer consent. The fact that FTX also issued its cryptocurrency to Alameda as collateral went a long way toward triggering massive withdrawals amid criminal and regulatory probes.
Cronos 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 deep selloff. Investors are increasingly turning their back on tokens whose utility depends on their exposure to cryptocurrency exchanges, as was the case with FTT on the FTX exchange. Cronos, which powers the Crypto.com exchange, has not been spared either. Reports that Crypto.com sent more than 80% of its Ether holdings to another exchange called Gate.io, spooked the markets, fueling the pressure on Cronos.
As investors continue to shun tokens whose prospects are dependent on the performance of cryptocurrency exchanges, the focus is increasingly shifting to BudBlockz. The project is eliciting strong interest from crypto whales and enthusiasts, given its high utility and use cases.
BudBlockz Growth Prospects
BudBlockz has established a first-of-its-kind decentralized e-commerce platform for cannabis enthusiasts. The cannabis platform will connect individual entrepreneurs and enthusiasts while also enabling legal, safe, and secure access to the 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 tap into all markets where cannabis products are legal. The platform seeks to benefit from the rapid legalization drive that has presented multi-billion dollar opportunities.
The platform relies on BLUNT, the ecosystem’s native token, as a medium of exchange. The token will allow holders to complete transactions in the ecosystem. It will also entitle them to voting rights and the ability to make proposals over issues related to the crypto cannabis project’s future.
Additionally, BLUNT’s utility is increased by BudSwap, a Decentralized Finance (DeFi) platform that BudBlockz has established. The platform will make it easy for people to make and receive payments. The platform will also allow users to lend or borrow funds from others while also enabling staking and allowing users to make some passive income.
BudBlockz’s prospects seem highly promising, going by the growing utility around cannabis sales and Non-fungible token prospects. As investors remain wary of tokens tied to cryptocurrency exchanges, BLUNT should continue to elicit strong interest due to its growing utility around cannabis sales.
Learn more about BudBlockz (BLUNT) at the links below:
Official Website: https://budblockz.io/
Presale Registration:: https://app.budblockz.io/sign-up
BudBlockz Community Links: https://linktr.ee/budblockz
Source: Crypto News