On July 28th, Solana-based decentralized finance protocol Nirvana Finance confirmed on twitter that it suffered a flash loan attack for USD 3.5 million which immediately led to the nosedive of its native token ANA and stablecoin NIRV. Another dollar pegged stablecoin destabilizes Crypto analytics firm Packshield, had first confirmed the exploit, the attacker used a
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Alameda Research is on thin ice if we’re to believe the latest report. Sam Bankman-Fried’s trading firm appears to have most of its assets in illiquid altcoins, which is bad enough. Worse even is that the lion’s share of its assets is in FTT, the token created by his derivatives exchange FTX. If that’s true, […]
The crypto bear market that began in May has hurt Solana just as much as the rest of the market. CoinGecko reported a massive 16.4 percent increase, and the price of SOL is now at $32.27 at the time of writing. Messari’s most recent quarter on quarter performance evaluation of the Solana network provided illumination into the L1’s inner workings, thus it’s possible that this is the case. Despite a generally pessimistic market, the study highlighted very encouraging performance for the token in the third quarter. However, Q3 was a rough quarter for Solana, like it was for most cryptocurrencies, and this could have an impact on the data Messari reported. In general, Solana’s tenacity is demonstrated by the fact that it is still expanding its network and implementing its growth strategy. Related Reading: Why Bitcoin (BTC) Could Not Surpass Litecoin (LTC) In This Key Area Solana Network Activity Up Messari reports that there was an increase in network activity at SOL. The daily average number of transactions that do not involve a vote increased by nearly 70 percent from 20.544 million in the second quarter. Chart: Messari In addition, the number of transactions processed per second (TPS) increased by over 40.4% from Q2’s 2,310 TPS. It’s important to note, though, that transaction fees have been going down. For Solana, transaction fees have been falling steadily since the end of 2021, the research claims. From $0.0005 to $0.0003, this represents a 41.9% drop, making Solana more appealing to developers who seek to build dApps on a low-fee L1 chain with rapid performance. However, when network fees drop, revenue declines as well. Solana continues to endure a gradual reduction in quarterly revenue since Q4 2021. Chart: Messari Sustaining Long-Term Stability Solana concluded the second quarter with quarterly sales of $6.45 million, whereas the network ended the third quarter with a meager quarterly revenue of $4.832 million. Solana also saw expansion in the network’s NFT sector. In the third quarter, there was a 19.3% increase in the number of newly issued NFTs. However, this is counterbalanced by a reduction in both NFT buyers and sellers. On the basis of the quantitative and qualitative information supplied by Messari, Solana’s future remains bright. Messari underlined the emergence of the core user base that will sustain SOL’s long-term stability in light of earlier network issues. DeFi in Solana continues to thrive despite a reduction in staking yield and a continuing decline in TVL data. Despite the recent increase in SOL’s price, investors should remain cautious, as deteriorating metrics may affect the network’s future performance. Related Reading: Shiba Inu Facing Tough Hurdles For Weeks – How Could SHIB Overcome These? SOL market cap at $11.8 billion on the weekend chart | Featured image from Selvan B – Unsplash, Chart: TradingView.com Disclaimer: The analysis represents the author’s personal knowledge and should not be construed as investment advice.
With Aptos, one of the most hyped blockchains at the moment celebrated its mainnet launch yesterday. Funded by numerous major crypto ventures – such as a16z, Jump Capital, FTX Ventures and Binance – the project has been surrounded by tremendous expectations since its inception and titled “Solana killer”. The project is a spin-off by former […]
Forget March Madness, Mango Madness is in season this time of year. The Solana-based lending protocol has been a spectacle unlike any other throughout this week, and that’s certainly saying something considering the amount of antics crypto brings to the table on frequent occasion. Since our first covering of Mango’s exploit that led to a full-fledged drain of the protocol, things have only gotten more twisted and convoluted. Let’s take a look at how things have developed this week and where things go for Mango Markets moving forward. A Mango Monstrosity Mango’s exploiter has generally been seen in the crypto community as less “hacker” and more “manipulator,” if we’re being frank. Regardless, things got interesting after Tuesday’s exploit when the attacker initiated a governance proposal; that proposal is said to have closed. However, a subsequently-created proposal by Mango Markets (which has now passed, as of Saturday morning) is phrased as a bug bounty to make users whole, but it settles Mango with just shy of $70M of their existing $114M balance. That leaves the exploiter with a nearly $50M ‘bug bounty,’ a strikingly large number compared to any previous bug bounty in crypto and one that has led to a large degree of criticism (look no further than the governance proposal’s comment section for evidence of this). The exploiter quickly deployed the MNGO tokens that they seized (roughly 30M tokens) to vote in favor of their own initial proposal, but did not seem to vote on the subsequent and closing proposal – which nonetheless closed at a tally of 473M in favor and 16.6M against. The exploiter has seemingly gained protection through the proposal as well, as the protocol “will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described,” according to the proposal’s language. Mango Markets (MNGO) is looking for stable ground to see if recovery is possible following Tuesday’s exploit. | Source: MNGO-USD on TradingView.com Related Reading: Cosmos Detects Major System Weak Point – Will ATOM Price Be In Trouble? What’s Next It’s hard to say where we go from here, and what degree of protection that attacker will actually see. The exploiter has reportedly funded attacking accounts with an FTX wallet, and their degree of protection is up for speculation. Regardless, even when you deduct the initial $10M balance that the exploiter introduced into Mango, the protocol is generally giving up a heftier sum then usually seen in these scenarios – one of the largest in crypto’s history, in fact. We’ll see if the protocol can keep the heartbeat alive and shut down critics in the long run. Related Reading: Uniswap (UNI) Likely To Reach $7 – If Token Overcomes This Resistance Level Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Solana fell into a four-month low of $28.35 during the early morning of October 13, plummeting below the $30 marker again for the first time since June 13 when it changed hands at $28.19. Although the altcoin is not just the only one that suffered as many other cryptocurrencies including pack leaders Bitcoin and Ethereum painted their charts in red, SOL was hit the hardest. The crypto, however, was able to trim its losses, moving back above the $30 range. At press time, tracking from Coingecko shows the asset is trading at $31.36. Despite the rebound, Solana is still down by 5.9% over the past 7 days and is second to Cardano in terms of losses during the same time period among the top 10 cryptocurrencies in terms of market capitalization. But despite being hit hard by price correction, Solana was able to surpass the king of all altcoins, Ethereum, in a category that may surprise a lot of people involved in crypto space. Related Reading: Dogecoin Can Regain Losses If DOGE Extricates Itself From This Level Solana Beats Ethereum In NFT Space Solana increased its non-fungible tokens (NFT) sales over the last 30 days by 100%, beating other blockchains including Ethereum. According to data shared on social media by Solana Daily, SOL ranked 2nd, placing behind Immutable (IMX) in terms of NFT sales growth over a period of one month. ✨ Top Blockchains by NFT Sales Growth Last 30D#ETH @ethereum -17%#SOL @solana +100% 🚀🚀🚀#FLOW @flow_blockchain +36%#IMX @Immutable +112%#BNB @binance -26% pic.twitter.com/BPpp4aECkz — Solana Daily (@solana_daily) October 12, 2022 IMX was able to increase its sales by 112%. Meanwhile, Flow Blockchain was able to register a 36% increase. Ethereum performed poorly in the department, as its sales growth during the period was -17%. Binance was another network that had negative growth with its -26%. In addition, Solana was also included in the top 10 trending cryptocurrencies according to searches made on Coingecko. Incidentally, it is the only one among the top 10 digital currencies in terms of market cap to make the trending list, leaving out bitcoin and ethereum. Haunted By Mango Hack Although Solana was able to score victories over its fellow cryptocurrencies in other departments, its chart remained painted in red and was -10% in terms of weekly gains. One potential reason for this poor showing could be the recent hacking of the Mango DeFi project built on the Solana blockchain. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves. If you have any information, please contact blockworks@protonmail.com to discuss a bounty for the return of funds. 2/ — Mango (@mangomarkets) October 11, 2022 Hackers were able to gain significant number of loans from the company treasury after exploiting Mango’s collateral. Initial assessment placed losses to over $100 million. In addition, last week, Solana’s development activity witnessed a decline which casted the impression of lesser efforts from developers to improve the network. Related Reading: Chiliz Social Mentions Hit Highest Level In Last 90 Days – Can CHZ Price Be As Hot? SOL total market cap at $11.26 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com
When Solana (SOL) launched a little more than two years ago, the blockchain network held a lot of promise. Now, it has become canon fodder for social media banter. Observers quipped that Solana has more power cuts than what is expected for the U.K this winter.
The post Solana (SOL): the ‘Bright Spark’ That Keeps Flickering appeared first on BeInCrypto.
Solana network faltered anew, as the crypto space’s “Ethereum Killer” goes offline courtesy of faulty mechanics in its system. Just this September, co-founder Anatoly Yakovenko admitted during an interview that the outages which continue to plague Solana were the network’s curse. Yakovenko, however, was quick to defend, saying that the downtimes the system experienced could […]
The recent sell-off in the crypto market offset the prior recovery in Solana price. The buyers currently stall this downfall at local support of $32.7, but the low volume activity in their attempts keeps the correction threat on the table. Thus, will buyers resume the bullish recovery from this support, or is further downfall on
The post Low Volume Recovery In Solana Price Hints Potential Fall To $30 appeared first on CoinGape.
Popular privacy-focused browser Brave announced an integration with Unstoppable Domain to take decentralized websites to the mainstream. The integration will allow users to “take control” over a domain hosted in the blockchain forever. Related Reading: Bad Actors Exploit NFT Watchdog After Collection Mint Decentralized Websites, The Next Big Thing For Web3? In addition, Brave will […]
In the third week of flatlined trading volumes, digital assets investment products experienced a mere $9 million in outflows.
The post Crypto Product Trading Volumes Continue Slump During ‘Summer Doldrums’ appeared first on BeInCrypto.
According to a report published on Tuesday by blockchain analysis company Chainalysis, a remarkable $1.9 billion worth of bitcoin was stolen in hacks of various services in the first seven months of this year, representing a 60% rise from the same time in the previous year. DeFi Saw Huge Cases Of Hacks, Chainalysis Reports Even […]
