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Solana’s scaling solution Firedancer is seen as a long-term solution to the blockchain’s once-frequent outages. Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer. SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows. Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether (ETH) which posted under 11% gains in the past month . Three-month SOL price chart with gains up nearly 81% in 30 days. Source: Cointelegraph Markets Pro SOL-related investment products have also seen millions of dollars worth of inflows over the past weeks according to CoinShares. SOL is, however, still down around 84% from its Nov. 6, 2021, all-time high of almost $260. On Oct. 31 at Solana’s Breakpoint conference, Solana Foundation executive director Dan Albert announced the testnet launch of F...

Jonah — a popular Twitter account of a pseudonymous crypto trader — made waves this week with a scathing Twitter thread explaining why he believes Solana’s future prospects look grim. In his Oct. 18 tweet, Jonah kicked off the thread by claiming Solana has a “structural oversupply of blockspace” and its speed advantage won’t matter for years. He went on to criticize Solana’s ties to FTX, Jump Trading, and Multicoin Capital, suggesting their plan to “watch your transactions and systematically frontrun them” is a major red flag. Further, Jonah argued decentralization is critical in crypto and centralized entities like FTX cannot be trusted, especially after recent events. He predicted developers will avoid building on Solana while FTX dumps tokens, stifling innovation. You might also like: Lido Finance to stop Solana support while Cardano prices fall, new project unveils staking program Technologically, Jonah believes Solana’s ...

The FTX bankruptcy estate recently staked approximately $122 million in SOL tokens and around $5 million in ETH. The FTX bankruptcy estate has staked an impressive sum of approximately $122 million in Solana (SOL) tokens. The information came to light when on-chain data indicated that a wallet identified as FTX’s shifted the SOL tokens to Figment, a staking validation entity known for serving institutional clientele. Simultaneously, FTX’s estate made another move, staking about 3,200 Ethereum (ETH), which is equivalent to an estimated $5 million. Both crypto wallets are associated with Alameda Research, identified as the sister trading firm to FTX. For those unfamiliar with the term, staking in the crypto realm involves securing a specified quantity of tokens for a set duration. As a reward for this commitment, participants often receive supplementary coins. This procedure is pivotal in fortifying proof-of-stake networks, which include Ethereum and Solana among others....

A Matrixport analyst envisions a scenario, where Ethereum price can “materially drop lower” by the end of the year. Ethereum (ETH) price can go down to the $1,000 mark should the cryptocurrency decline below $1,500 amid a possible sell-off initiated by FTX creditors. A Matrixport analyst said in a recent research report that FTX creditors could trigger an “overhang for altcoins for the rest of the year” if they get a green light from a US court. “A decline below $1,500 could bring back the idea that Ether could decline to $1,000 — a level that would appear justified based on the revenue projection from the Ethereum ecosystem.” Matrixport analyst The analyst notes ETH at current prices is below the 50d MA, which is a bearish sign. Besides, Ethereum is underperforming Bitcoin as the trend (20d) MA shows ETH/BTC ratio is decreasing, the analyst added. As of press time, ETH is trading at $1,611, according to CoinMarketCap data. Solana funding r...

FTX’s bankruptcy estate manages a $7 billion portfolio that includes Solana, Bitcoin, and the Bahamas real estate , as court filings reveal a potential platform relaunch amidst staggering customer claims. Amid legal entanglements and looming court appearances, FTX finds itself contending with a bankruptcy estate valued at roughly $7 billion, according to recent court documents. These filings also offer a roadmap for the exchange’s potential reboot, named tentatively as “FTX 2.0.” Court filings FTX’s asset breakdown and legal quagmires Documents filed with the court indicate that FTX’s bankruptcy estate has managed to amass a wide range of assets. This includes around $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC). The estate’s liquidity has $1.5 billion in cash, on top of the $1.1 billion it had as of November last year. The estate also values its holdings in various other cryptocurrencies at $3.4 billion as of the end of Au...

Cypher Protocol, a decentralized futures exchange on the Solana (SOL) blockchain, has halted its smart contract in the wake of an estimated $1 million exploit . On Aug. 7, Cypher Protocol announced on X that it had frozen its smart contract following a security incident involving an estimated $1 million exploit . The team is investigating the cause and has initiated negotiations with the suspected hacker to potentially recover the stolen funds. Cypher has has experienced an exploit/security incident. The smart contract has been frozen. The team is currently working with individuals and investigating To the hacker: We are writing to see whether you would be open to speaking with us about any potential next steps. — cypher ️ (@cypher_protocol) August 7, 2023 Data from the Solana blockchain explorer Solscan has revealed that the wallet associated with the exploit stole roughly 38,530 Solana tokens and about $123,180 USDC, amounting to illicit gains of around $1,035,000. S...

Security vs. not a security has always been an ongoing debate in the crypto ecosystem. With the multi-billion dollar crypto market growing, investors have been waiting on how various financial regulatory agencies will regulate it. In fact, at the heart of SEC’s lawsuit against Ripple, the matter of dispute remains to be the same. The agency filed a lawsuit against the blockchain payments firm back in December 2020. They argued that its native XRP tokens fell under the “ security ” category and not the “currency” category. On Tuesday, Gene Hoffman, the CCO of blockchain project Chia took to Twitter to state that PoW assets like Bitcoin, Litecoin, and Dogecoin are not sec urities, while the likes of Ethereum, XRP, Solana , and Cardano are. he explicitly tweeted, “BTC, LTC, DOGE, XCH not securities. ETH, XRP, FTT, SOL, AVAX, ADA always have been.” In fact, a couple of days back, when Ethereum founder Vitalik Buterin opined on what he...