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Solana’s Growth Has Been on a Rise, but There’s a Catch!

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Solana's Growth Has Been on a Rise, but There's a Catch!
  • Solana’s DeFi projects surpassed $3 billion. 
  • SOL’s NFT market value reached $1 billion.

It was a thrilling and nerve-wracking quarter for the crypto-community. While Bitcoin and Ethereum had good quarters, it was the younger protocols that dominated. Projects like Solana, Avalanche, and Terra have seen substantial growth in smart contract platforms, outperforming the broader market. All of the above gained above 300 percent on the charts.

Despite a surge in new user adoption owing to the fast growth of NFTs, the Ethereum network suffered from record high transaction fees throughout the year. This includes $1.96 billion in fees only in Q3.

As consumers looked for low-cost Ethereum alternatives, this helped competitors like Solana and Avalanche. With ETH’s transaction cost above $55, SOL’s price soared almost $200 in early September.

Solana Can Compete with Rivals

The corresponding peak in SOL and ETH’s mean transaction cost raised suspicion that Ethereum was driving SOL’s rise. Was this all SOL’s growth?

As the alt currency reached $200 per token in August-September, the market dubbed it “Solana Summer.” This from only $2 at the start of the year. Pessimism took hold shortly after the asset’s ATH of $215. This fueled suspicion that ETH had triggered SOL’s rise. But Solana’s rally was more organic than it appeared. In September, Solana’s DeFi projects surpassed $3 billion. The sheer number of SOL projects shows it can compete with ETH and other ETH-killers.

Solana benefited from the emergence of NFTs as an interoperable blockchain platform. On October 2, SOL’s NFT market value reached $1 billion. The same highlighted the fact that new funds have entered the coin markets.

SOL/USDT: Source: TradingView

Solana’s market has been slow lately, but it has held onto the $164 barrier. With Ubeswap collaborating with Allbridge to provide both Solana’s native asset SOL and Saber’s governance token SBR to Celo, the alt got a social boost. Regardless of the costs. Even if a price pump reverses the damage, it is doubtful that SOL will see a prolonged recovery in the foreseeable future.

Nonetheless, Solana’s rise has been undeniable. Despite price consolidation, the seventh-ranked coin has maintained its chart position. Daily and weekly advances of 2.89 and 10.10 percent may make a bigger return when cryptocurrencies rise. According to CoinMarketCap, the price of Solana today is $157.83 with a 24-Hour trading volume of $1,776,247,536.

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Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack

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The latest in the industry is the hacking of Lympo, a sports NFT platform and a subsidiary of Animoca Brands. Through hot wallet hacking, the platform just lost about 165.2 million LMT tokens, equivalent to $18.7 million during the time of this hack.

Cryptocurrency hacking, though not frequently experienced, remains of the risks that some protocols have to suffer.

An update through Medium from the Lympo team confirms the recent hacking from the platform on Jan 10. According to the report, the hackers accessed the protocol’s operational hot wallet and looted about 165.2 million LMT tokens.

Related article | Is Norton 360 Mining Ethereum In Your Computer? If It Is, They’ll Take a 15% Cut

Furthermore, the post revealed that the cybersecurity attack led to the compromise of 10 different project wallets. Also, the majority of the hacked tokens were moved to one single address from where they were swapped on both Sushiswap and Uniswap for Ether (ETH) and were later transferred somewhere else.

With this looting of the LMT from its hot wallets, the price of the token plummeted by 92% to $0.0093.

Lympo Team To Fix Grudges

Subsequently, the protocol’s team released a tweet stating that they are striving to stabilize the circumstance as well as to return their operations to normal. Additionally, the team mentioned its removal of liquidity LMT from liquidity pools. According to them, this will help in reducing the crypto price disruption.

Moreover, the team by the early hours of Jan 11, advised traders to place a hold on the buying and selling of LMT tokens. They intend to first complete their investigation and outline their possible line of action.

With the removal of liquidity from pool trading LMT, there will be a negative effect for traders. This means the traders can’t buy or sell remarkable token amounts without encountering some value loss.

Being a subsidiary of Animoca Brands, the Animoca teams has fully thrown their support to Lympo. In one of his speeches, Yat Siu, the CEO of Animoca said that they are helping Lympo with for recovery though they have not taken any specific mechanism for that.

Another Crypto Hacking On Hot Wallet

Similar to Lympo’s hot wallet security breach, a centralized crypto exchange, LCX, on Jan 8, lost about $7 million from its hot wallet. This hacking cuts across 8 different crypto coins on the exchange.

Most of the funds from the LCX hacking were swapped for ETH. The proceeds were later transferred to Tornado Cash which is a privacy tool with the feature of concealing both the source and destination of ETH tokens. The LCX hacking involved different amounts of LINK, MKR, USDC, ETH, LCX, SAND, QNT, and ENJ.

Related article | More Green Energy: Crypto Mining Saves A Hydro Power Plant In Costa Rica

Through its update on January 10, the LCX notified its users of its compensation plan for their losses. Also, it assures them that there was no compromise of any personal data from the attack.

Featured Image from Pexels

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Walmart All-set to Enter NFT and Metaverse Arena

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Walmart All-set to Enter NFT and Metaverse Arena
  • There have been a total of seven distinct applications for consideration.
  • Nike purchased RTFKT, a virtual sneaker firm, in December.

Following last year’s false allegations regarding Walmart and Litecoin, the US retail behemoth has formally filed documentation with local authorities to join the cryptocurrency and metaverse arena. According to reports, Walmart aims to develop its own cryptocurrency and non-fungible tokens (NFTs) in the metaverse.

Recently, the big-box store filed many new trademarks showing its intention to produce and sell virtual items, such as electrical devices, home décor and furnishings and a toy or recreational equipment and personal hygiene products. NFTs and a virtual currency will be offered to customers, according to the company’s application.

It has been reported that Walmart submitted the applications on December 30th, according to the United States Patent and Trademark Office. There have been a total of seven distinct applications for consideration.

Major Players Are Already Onboard

According to Gerben, trademark attorney, companies have been scrambling to find out how they would fit into the virtual world since Facebook announced it was changing its corporate name to Meta, suggesting its goals beyond social networking.

Sneaker and clothing company Nike has filed many trademark applications indicating that it intends to offer virtual versions of its products. Within a few days, it was announced that Nike would be collaborating with Roblox to build a whole new virtual environment dubbed Nikeland. It purchased RTFKT, a virtual sneaker firm, in December.

Gap has recently begun offering non-traditional T-shirts with the company’s trademark emblem. NFTs will be sold in levels ranging from $8.30 to $415 and come with a tangible hoodie, according to the fashion company. Adidas and Under Armour’s NFT releases sold out last month, as well. OpenSea’s NFT marketplace has seen a surge in demand for these items.

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FinTech Scotland Celebrates 5th Year, Showcased Remarkable Growth Since Debut

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FinTech Scotland Celebrates 5th Year, Showcased Remarkable Growth Since Debut