
                    
                    Bitcoin has more than doubled in price since the FTX collapse a year ago, but several other coins such as Chainlink have seen ever bigger gains since. 
                    It's been a year since the demise of the FTX exchange — an event that's now increasingly looking like it was the Bitcoin (BTC), which is up roughly 120% from a year ago.In November 2022, the FTX collapse wiped nearly $300 billion off the market cap, impacting several cryptocurrencies. The ones that suffered the most were tokens with deep financial ties to FTX, including Solana (SOL), Serum (SRM), and the exchange's own token, FTX Token (FTT).Crypto market capitalization daily price chart. Source: TradingViewBut a year later, things have not only improved for BTC, but for most cryptocurrencies impacted by the FTX collapse. Here are the top-gainers (from the top-30 by market capitalization) that would have yielded the biggest profit if bought in November 2022.Solana up 660% from FTX crash bottomSolana's price plummeted by over 50% to $8 after the FTX collapse. The selloff occurred primarily because FTX and its sister firm, Alameda Research, held about 55 million SOL, triggering fears of a dump to plug liquidity holes.Nonetheless, buying SOL a year ago would have produced a profit of over 660% today.Solana's gains have largely stemmed from an overall upside sentiment in the crypto market, led by hopes about a Spot Bitcoin ETF approval in the U.S. At the same time, SOL's price has also benefited from subsiding fears about a potential dump by FTX.#FTXFTX has sold 6,986,554 $SOL in the past few weeks, for ~$280.2M $USD.They are completely OUT of unlocked $SOL.The only $SOL they have exposure to is locked up, most until 2027-2028, just in time to sell the bottom of the next bear market.#SOLANA can commence UP ONLY. pic.twitter.com/Qu2z843oxS— Curb◎ (@CryptoCurb) November 14, 2023

FTX Token rival OKB is up 275%OKX crypto exchange's token OKB was among the least-affected tokens by the FTX fiasco. Moreover, it has benefited greatly in terms of price after its top rival went bust.Buying OKB at the FTX-led bottom of $17.20 a year ago would have yielded investors a 275% profit today.OKB/USD weekly price chart. Source: TradingViewOKB's price gains were Binance's loss, and its token BNB (BNB) has underperformed the market significantly as the exchange faces legal pressure in the United States. BNB has underperformed many of the top-30 cryptos over the past year, up only 16% from the FTX-bottom.Chainlink Chainlink (LINK) had fallen by up to 40% following the FTX collapse. But its lower exposure to the crypto exchange, coupled with development updates, has resulted in a sharp price recovery since the event.Notably, buying LINK in November 2022 at $5.68 would have produced over 180% profits today.LINKUSD weekly price chart. Source: TradingViewFactors that helped LINK price rally in recent months include the launch of a new proof-of-reserve product, growing adoption, and increasing demand among professional investors as suggested by Grayscale's Chainlink trust trading at a 170% premium to LINK's spot price.Grayscale Investments LINK premium rate. Source: CoinglassThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


One year on: Top 3 gainers after the 'FTX crash bottom'

Cryptocurrency exchange OKX has partnered with Polygon Labs for the launch of a new zero-knowledge (ZK) Layer-2 (L2) network. This move was made following in the footsteps of its American rival, Coinbase Global Inc which launched Base earlier this year.  OKX L2 to Utilize OKB as its Native Token Markedly, OKX’s strategic partnership with Polygon 
The post Just In: OKX Launches L2 Protocol to Dethrone Coinbase’s Base appeared first on CoinGape.

Just In: OKX Launches L2 Protocol to Dethrone Coinbase’s Base


                    
                    The “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum.
                    Crypto exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network named “X1,” according to a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers.OKX exchange interface. Source: OKXOKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated.X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will also be a core contributor to the Polygon CDK software going forward and will “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”Related: Polygon Labs and Near announce ZK prover for WASM integrationOKX chief innovation officer Jason Lau claimed that the new network will help to onboard new users to Web3, stating:“X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. This scalable and accessible network is perfect for developers, who can build on X1 to deliver user-friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems.”OKX is also the creator of OKT Chain, an Ethereum sidechain that uses OKB as its native coin. It isn’t the only exchange to build its own network: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “Base” network on Aug. 9.

OKX launches Ethereum layer-2 testnet using ZK-based Polygon CDK

The OKB token will be used for gas fees on the new chain, which comes as rival crypto exchanges including Coinbase and reportedly Kraken are pursuing their own layer-2 projects.