There is no doubt that the FTX debacle has been a game-changer for the whole crypto community and revealed core issues that all businesses must address to remain competitive and retain their reputations.
While the collapse of one of the biggest crypto exchanges did create some commotion in various circles, it did not disturb the market to a degree that many experts predicted.
Many coins managed to weather the storm just fine and held to their support levels despite losing some value.
The reaction of the industry
Many companies operating in the domain decided to take action immediately even if they did not have anything to hide.
For example, Binance and KuCoin quickly announced that they will be partnering with trustworthy auditors and conducting thorough internal audits. This move is a publicity stunt that aims to infuse current users with a sense of safety.
Binance decided to show its books and be as transparent as possible to not lose any business. The same can be said about KuCoin. These companies are not the only ones that decided to distance themselves from the problematic situation surrounding FTX.
Mercurial, a DeFi project associated with the infamous crypto exchange, is aiming to completely revamp its image and issue new tokens not connected to the failing CEX platform or any other compromising entities involved in the current restructuring and bankruptcy of FTX.
Mercurial will be focusing its efforts on creating a new foundation for its project and building a safer environment for crypto investors.
We will see more companies following suit
The current situation in the market is worrisome to a certain degree. Experts are arguing about the immediate future of Bitcoin and Ethereum, but discussing them is futile since these two coins are too big to fail.
On the other hand, platforms like Mercurial must find ways to get leaner and survive despite the catastrophic failure on part of Friedman.
Hopefully, more companies will react quickly and decisively. This whole series of unfortunate events may be a great opportunity for DeFi platforms and Dapps that have been closely working with FTX.