In recent events, Star Atlas, a captivating Gaming Web3 project built on the Solana blockchain, released a statement addressing their current situation. The CEO of the company managing the project expressed how deeply they were impacted by the unfortunate collapse of FTX, leading to significant downsizing within their core team. The fallout from FTX’s bankruptcy resulted in a staggering $15 million loss for the company.
Looking back at its peak price of $0.268 in 2021, Star Atlas experienced a dramatic decline of around 99%. This was exacerbated by the increased token supply and the far-reaching repercussions of the FTX collapse on the Solana ecosystem. The creator of the project, ATMTA’s CEO, discussed the prevailing challenges in a community meeting on Discord.
The troubles did not end there. The company encountered a series of adverse events in the post-2021 period. The collapse of FTX not only led to financial losses, but also left Star Atlas with tax liabilities amounting to $15 million from their treasury. Furthermore, the core team saw a reduction in members, dwindling from 235 to 167, as FTX’s capital-raising efforts failed to yield positive outcomes. Eventually, the team was streamlined to include only 45 individuals.
At the time of writing, ATLAS is being traded at $0.00146833, reflecting the enduring impact of the crisis. Meanwhile, the governance token, Star Atlas DAO (POLIS), is valued at $0.098360. The path to recovery and stability lies ahead for this promising project in the turbulent world of blockchain gaming.