Wading through the wreckage of FTX and Alameda, it is clear that some communities were hit a lot harder than others. Several DeFi protocols sporting close ties with the two entities have suffered. Solana, for one, has been hit the hardest since the collapse. The once top 10 market cap asset, SOL has slid to...Read More
DeGods and y00ts – have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon. The two top NFT projects on Solana anticipate moving to new chains in the first quarter of 2023, according to their respective updates on Twitter. The duo stated, “The details of the bridge will...Read More
Raydium – a Solana-based decentralized exchange (DEX) – was hacked for over $2 million on Friday. According to Raydium, the hacker appears to have taken control of the exchange’s admin address to carry out the attack. Over $2 Million Lost Raydium acknowledged the hack over Twitter, noting that investigations were still ongoing. It provided a...Read More
The FTX meltdown may have laid the groundwork for an unprecedented shift in user activity from centralized finance (CeFi) to decentralized finance (DeFi), but the total value locked in the services provided by the latter has taken a serious hit. A new report by Dapp Radar suggested that the non-fungible token (NFT) market has not...Read More
The non-fungible token (NFT) space may have been spared the brunt of the catastrophic fall of FTX, but the battle for market share continues. Amidst the chaos, Magic Eden – the most popular marketplace for Solana NFTs – announced the launch of a new tool that will enforce royalties on all new collections that opt-in....Read More
The Solana Foundation has released a fact sheet detailing the exposure it holds to FTX following its bankruptcy The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals. FTT and SRM Holdings According to the foundation’s report (last updated Monday),...Read More
Numerous major exchanges are disabling deposits and/or withdrawals for Solana-based variants of the top two stablecoins, USDT and USDC. The wave of delistings follows Solana’s major price crash in the wake of FTX’s collapse – an exchange known to be closely involved with the network and token. Scrubbing the Solana Stablecoins On Thursday, Binance announced...Read More
Solana’s Epoch 370 is set to end in a little under 24 hours, and with it will come the unlocking of over 47 million SOL tokens by validators. This massive token unlock is coming at a time of significant market tumult, not just for Solana but for the entire crypto space following the FTX collapse....Read More
USDC issuer Circle announced plans to expand native support of its Euro-backed stablecoin – Euro Coin (EUROC) – to the Solana blockchain in the first half of 2023. Sheraz Shere, Head of Payments at Solana Labs, said the availability of EUROC on Solana will set the scene for new use cases for instant foreign exchange,...Read More
Solana – which prides itself on being a decentralized censorship-resistant network – is, like any other blockchain, heavily dependent on cloud computing. As a result, it remains vulnerable to centralized providers, who can halt servicing the network at any time. Yesterday, one of Solana’s main network providers decided to stop providing their services to entities...Read More
Four years of development later, the Aptos network finally hit the mainnet on October 17th, but the reception so far has been stale. Some users pointed out that Aptos had a lower transaction per sec (TPS) than Bitcoin and speculated that a “majority of tokens are either staked or ready to be dumped on retail...Read More
Scammers have reportedly sent consumers a new Solana Phantom security update assuring it will grant additional protection. However, wrongdoers have installed password-stealing malware through airdropped NFTs and used them to drain cryptocurrency from the affected wallets. Another Scam in the Space A recent coverage revealed that the scheme started two weeks ago when NFTs called...Read More
The community members of the Internet of Things (IoT) blockchain network, Helium, has voted for a complete transition to Solana to improve network scalability. The HIP 70 proposal published by the Helium Foundation has been in the works for several months. In August, the foundation detailed the reasons behind the core developers’ inclination to Solana...Read More
The overall demand for NFTs may be faltering, but those on the Solana are not. In fact, Solana NFT transactions skyrocketed to one million weekly, according to Nansen data. Pushing the trading volume across Solana-based NFT marketplaces are Magic Eden and Metaplex, that has increased their respective market shares of the overall NFT space this...Read More
The Solana Foundation recently released its first report evaluating the health of the Solana network. Its initial report digs into key metrics assessing the health of its validator network. These include its total validator count, Nakamoto consensus, and distribution. Breaking Down the Nodes Per the foundation’s report on Wednesday, Solana currently consists of more than...Read More
Solana mobile wallet provider Slope Finance, said to be responsible for the recent multi-million dollar incident, has admitted to a security vulnerability while adding that there is no evidence linking the security flaw to the hack. This is despite the fact that Solana Labs researchers have fingered the wallet provider’s security lapses as the cause...Read More
Telstra Ventures – the investing arm of Australian telecommunication giant Telstra – released a health report on three top blockchains, including Bitcoin, Ethereum, and Solana, by studying the extent of participation derived from developers in each ecosystem. With the most number of monthly active contributors, noted the Ventures, Ethereum is the “strongest and largest community”...Read More
Over the past few days, Solana users have suffered attacks by bad actors with several million dollars worth of crypto being stolen by unknown bad actors. At the moment, wallets are still being drained, albeit at a slower rate. Solana’s security team has spent its time looking for the breach point, and it seems the...Read More
The hackers have targetted Solana users with millions of funds being drained from thousands of wallets. On-chain data shows that, so far, the losses have been estimated to be around $8 million from over 7,000 compromised wallets. This number has been rising at around 20 per minute, according to Ava Labs CEO and founder Emin...Read More
Despite adverse market conditions negatively impacting layer-one blockchains, the Solana ecosystem has continued improving its network stability and growing its user base, stated Messari in its Q1 report on the matter. However, noticeable declines in key metrics demonstrate that the Ethereum challenger has faced difficulties maintaining high network activity and volume due to ongoing security...Read More
Coinbase Ventures’ Q2 report indicates that the overall deal activity declined along with the pessimistic sentiment taking reign in the broader market. The bearish market condition, however, did not change the firm’s investment thesis on infrastructural projects that demonstrate real utility as well as the burgeoning Web3 gaming sector. Deal Activity Dropped in Q2 Coinbase...Read More
OpenSea announced kicking off the Solana launchpad to allow creators to host a new mint from beginning to end on the NFT marketplace. According to the official blog post, OpenSea will guide creators to navigate all pre-mint activities, and allowlist minting for their community and supporters, in addition to all post-mint and secondary sales. The...Read More
Solana Labs and key players in the Solana ecosystem were hit with a lawsuit on July 1 in California federal court. The class-action lawsuit was filed by Roche Freedman LLP and Schneider Wallace Cottrell Konecky in the district court for the northern district of California on behalf of plaintiff Mark Young, a resident of the...Read More
Polygon has announced a partnership with Nothing, the creator of Phone (1). The Ethereum scaling protocol’s tech will be integrated into Nothing’s first smartphone. While Polygon won’t be manufacturing its own smartphone, the partnership aims to bring crypto and NFTs to a larger audience by enabling access to Web3 functionality to such users. Polygon-Nothing The...Read More
This week has been rather bullish for most digital assets as the market continues to show splendid recovery after hitting its bottom on June 18th. Bitcoin price is up over 3% today, trading at $21.2k, Ethereum price managed to close in at $1.2k, BNB is up over 12% this week, trading above $240, XRP saw...Read More
Major cryptocurrency exchange Coinbase will transform the user experience on its platforms and will gradually halt the Coinbase Pro service. Separately, the company launched its redesigned Wallet mobile application which makes it easier for users to access and navigate top decentralized apps (dapps) and also enables support for Solana. No More Coinbase Pro The company...Read More
Solend – a DeFi lending protocol built upon the Solana blockchain – attempted to take over a whale account that supposedly could put the protocol in trouble due to its colossal size of collateral at risk of being liquidated. After the crypto community fired at the DAO behind Solend approving such a proposal, the organization...Read More
Leading Solana-based NFT marketplace Magic Eden has becomes a unicorn in less than a year since its launch last September. The latest fundraising round has pushed its valuation to $1.6 billion. The founders vowed to speed up its hiring spree despite the downsizing trend hitting crypto firms amid market slumps. A Multi-Chain Ambition Magic Eden...Read More
As recession fears pushed stock markets and cryptocurrencies to two-year lows last week, things are looking better this Juneteenth, as a federal holiday observes the end of slavery in the United States. Stock markets are closed today, which provides an extra day for cryptocurrencies to show bullish momentum and regain some of their prices. However,...Read More
The world’s leading provider of news, broadcasts, and videos – Bloomberg Media Distribution – expanded its coverage of cryptocurrency data on the Bloomberg Terminal. The company will track the performance and latest updates of the top 50 digital assets, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and more. From 10 to 50...Read More
