Solana developers have successfully pushed a series of fixes to address network congestion issues. On April 15, Solana urged validators to update to v1.17.31, a version that changes how certain validators are treated depending on their stake. Further fixes will be shipped in the coming weeks, including a new scheduler that will be disabled by […]
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Bitcoin Miner Rewards Shrink Below Pre-Halving Levels as Network Fees Fall Sharply
After experiencing a period of high fees, onchain transfer costs on the Bitcoin network have decreased significantly. On Friday, the fees peaked at 0 per transaction, but by now they have fallen to just .06 each. Since reaching block height 840,179, miners are now earning less bitcoin in rewards compared to before the halving event […]
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Legendary Boxer Mike Tyson Joins Blockchain Social Network
Boxing legend Mike Tyson has become an ambassador for the blockchain-based social networking app, Ready to Fight. Tyson describes Ready to Fight as a boxing-centric social network that assists boxers and the boxing community with their business needs. RTF Aims to Revolutionize the Boxing Ecosystem Former heavyweight boxing champion Mike Tyson has joined the Web3 […]
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Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network
Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.
Tether Expands Reach To 15 Blockchains
On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains.
The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.
With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs.
Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:
We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.
11 Million TON Tokens To Drive Adoption Of USDT, XAUT
Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.
Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.
The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust.
Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.
Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.
Toncoin Price Rallies
Following the disclosure of the partnership, the Toncoin price surged, reaching a high of .02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of .79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of .42 on Saturday, April 13.
However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at .59.
It aims to surpass the price resistance level of .70, which will pave the way for reaching and surpassing the mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Miners Ramp Up Hashrate as Halving Nears, Network Hits 653 EH/s Record
Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s). Bitcoin Hashrate Achieves New High as Halving Approaches Just hours ahead […]
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Transaction Fees Soar on Bitcoin Network as Network Braces for Halving
According to recent data, bitcoin transaction fees have significantly increased since the first week of April. Metrics show that the average fee has escalated to 133 satoshis per virtual byte or .48 per transaction. Bitcoin Fees Climb Steadily as Runes Protocol Launch Nears The cost of sending bitcoin (BTC) onchain is climbing, with the halving […]
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Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update
Solana’s price saw a notable recovery on Monday after a steep decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong.
Additionally, Solana addressed its ongoing network congestion issues with a new update, aiming to rectify transaction failures and outages.
New Update Tackling Implementation Bug
According to Mert Mumtaz, CEO of Helius Labs, Solana’s recent network congestion issues were attributed to an implementation bug rather than a fundamental design flaw. Mumtaz clarified that Solana’s current predicament results from a flaw in implementing a specific protocol.
According to Anza, a spin-off of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18.
Anza emphasized the update’s significance, urging MainnetBeta validators to adopt it. The enhancements introduced in the update are expected to mitigate Solana’s ongoing network congestion issues.
Furthermore, validators were advised to upgrade their systems when there is less than 5% delinquent stake, ensuring they have sufficient time to monitor the node after the upgrade.
Any issues encountered during the upgrade were to be reported to mb-validators. Solana Status, a trusted source, corroborated the announcement, recommending the v1.17.31 release for general use.
Trent.sol, Solana’s developer and operations manager, emphasized that the effectiveness of the update would be proportional to its adoption across the network.
While the improvements primarily target Solana’s Stake Weighted Quality of Service (SWQOS) and may not result in significant changes to the reliability of unstacked Tensor processing units (TPU) traffic, Solana users were advised to keep delinquency below 5% during the upgrade process.
Furthermore, Anza hinted at additional enhancements in the pipeline, urging users to stay tuned for further updates.
Solana Price Rebounds With 7% Surge
After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month.
In addition, the Hong Kong SFC has officially approved several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments.
This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the top 10 cryptocurrencies have witnessed significant uptrends, riding on the wave of these developments.
Despite the recent surge in Solana’s price, SOL’s trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko data.
Solana’s current trading price of 1.40 presents the first obstacle in the cryptocurrency’s path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at 0, which would signify a recovery of SOL’s gains recorded over the past month.
On the other hand, the 0 mark has proven to be a strong support level for Solana, representing the foundation of SOL’s one-month bullish structure, which propelled its price rally to nearly three-year highs of 0 on March 18.
Featured image from Shutterstock, chart from TradingView.com
Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos
Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.
Nervos Network Decoded
Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).
Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners.
Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.
Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it.
Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.
How Secondary Issuance And State Rent Drive Sustainability
Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications.
Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.
Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage.
Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.
Approaching ATH Amidst Bitcoin Integration Announcement
Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years.
After trading in a range of .0024 to .0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.
Currently trading at .032, CKB is close to its all-time high (ATH) of .043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.
According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching 7 million in the last 24 hours, 9.7% from the previous day’s trading.
In addition, CKB’s market capitalization has increased significantly, nearly doubling from 0 million on April 2 to approximately .35 billion in just over a week.
The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.
As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market.
With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.
Featured image from iStock, chart from TradingView.com
Analyst Predicts Solana (SOL) Bounce Amid Network Congestion Problems
Solana (SOL) faced difficulties the past week after the network’s transaction failure rate reached over 75%. Since then, Solana’s core contributors have been working to find the congestion problems.
SOL’s price tumbled 7.8%, and users seemed worried about the network’s state. Despite this, some analysts predict a more optimistic performance for SOL soon.
Is Solana Poised For A Bounce?
According to crypto analyst Bluntz, Solana’s drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOL’s price would likely fall to 0 before seeing a bounce.
According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the 4 price range, which meant that the C wave of 0 had yet to be confirmed.
The analyst remained open to the “possibility of a sideways correction.” Nonetheless, he considered it “would make no sense for sol/usd to sweep down lower below 160.”
On Wednesday, SOL reached a low of 2, sweeping the “A wave low.” To the analyst, this seems to be the bottom for SOL’s price despite being short of his prediction. As a result, Bluntz considers that the token’s price will go “higher from here.”
Another analyst, Immortal Crypto, pointed out that SOL has shown a “good range” between 0 and 0. According to the analyst, “a deviation from here is a fat long, 100%.”
Despite the possible bounce forecast, analyst Altcoin Sherpa expects SOL to drop to 0, a level it has not seen in almost a month.
Will The Network Upgrade Help SOL?
In the last 24 hours, Solana’s price has risen 6%, recovering from the drop to the 2 range. Despite a 7.8% drop in the past week, the price surged 13.5% in the last 30 days.
Similarly, the daily trading volume increased by 28% in the past 24 hours, suggesting a surge in the token’s market activity.
Nonetheless, investors remain concerned about the network as the problems continue, with some suggesting that the token’s price won’t start pumping until the “tech is sorted out.”
Solana is widely recognized for its fast transactions and low fees. However, the current on-chain failure rate presents problems for both users and developers.
Responding to the critics and concerns, Austin Federa, Head of Strategy at the Solana Foundation, gave insights into the problem.
Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana's networking stack to meet the unprecedented demand the network is seeing today.
There's been a lot of threads on what exactly is causing the…
— Austin Federa |
(@Austin_Federa) April 10, 2024
According to Federa, developers from the core contributors to the Solana chain are “working diligently to shore up Solana’s networking stack to meet the unprecedented demand the network is seeing today.”
The developer explained that “the implementation of a software system is today not robust enough to handle the amount of traffic being thrown at it.” As a result, the core protocol developers are working to test and implement improvements, leaving “increasing fees as a last resort.”
At the time of this writing, SOL is trading at 4.57.
First Digital Labs to Launch FDUSD on L1 Blockchain Network Sui
The stablecoin issuer First Digital Labs has announced its intention to debut its dollar-pegged token FDUSD on the Sui network. This collaboration is described as a “strategic alliance aimed at enhancing liquidity and efficiency of transactions.” FDUSD to Integrate With Sui Blockchain First Digital Labs, the issuer and asset manager of the fourth-biggest stablecoin in […]
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