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Earlier this week, we wrote that Solayer was about to begin its token unlocks.

We noted that this would mark the first real loosening of grip over Solayer’s tightly controlled float, and observed that while the token had surged 87% in a month, traders appeared to be bracing for volatility.

Well, SURPRISE! That volatility came early.

In the 48 hours that followed, $LAYER collapsed more than 55% from its all-time high, wiping out over $350 million in market cap. The selloff was sharp, disorderly and possibly — in the eyes of some — deliberate.

Back in March, onchain researcher…

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