FTX cold wallet address has transferred approximately 470,000 SOL on Solana
PeckShield has monitored that FTX's cold wallet address on Solana has transferred approximately 470,000 SOL (about $15 million). Some of the funds have been sent to CEX, such as Binance. FTX's cold wallet address on the Ethereum chain has transferred approximately $2.5 million worth of cryptocurrencies, including 11,000 COMP and about 97,400 RNDN to Wintermute's Binance deposit address.
Solana ecosystem protocol Marinade begins blocking UK users
Website of Marinade, a liquidity staking protocol on Solana, has started blocking users from the UK, but it has stated that UK users can still use its SDK for unstaking and other operations. In addition, Orca Finance, a DEX on Solana, has also restricted access for UK users. Both actions are due to concerns about regulation by the UK Financial Conduct Authority.
Top Crypto Trader Predicts Floodgates Will Open for Solana Once Resistance is Broken
A prominent trader who accurately predicted the bottom of Bitcoin's bear market in 2018 believes that Solana (SOL) is poised for a breakthrough once it surpasses its multi-month accumulation range. The trader, known as Bluntz, suggests that SOL is likely to break out against both Bitcoin and the US dollar. Bluntz is also bullish on Ethereum (ETH), which he believes may be setting up for a rally after respecting support at $1,550 and printing a bullish higher-low setup. At the time of writing, Solana is worth $29.44 and Ethereum is worth $1,632.
SOL/ETH exchange rate hits 23-year high
According to the market data from Eu Yi OKX, the SOL/ETH exchange rate has reached a 23-year high of 0.018 and has returned to the level of November 9, 2022. As previously reported , SOL fell 30% on November 9, 2022 when FTX announced the closure of its withdrawal function.
Solana Networks TVL rises to $348 million
According to DefiLlama data, Solana network's TVL has increased to $348 million.
Solana Price Rally Continues with Potential for 20% Increase
Solana, a competitor to Ethereum Layer-1, has seen a 10% surge in price, breaking through the resistance level of $25 and currently trading at $25.96. Technical indicators suggest that the price rally is likely to continue, with the Relative Strength Index (RSI) indicating strong bullish sentiment and the Awesome Oscillator (AO) confirming the dominance of bulls.
Lido Finance to Cease Operations on Solana Blockchain Following Community Vote
Lido Finance, a decentralized liquid staking protocol, will be ceasing operations on the Solana blockchain due to unsustainable financials and low fees generated. The decision was made following a community vote in Lido's decentralized autonomous organization. Lido will not be accepting staking requests as of October 16, and voluntary node operator off-boarding will begin on November 17. Lido's staking services will now only be supported on Ethereum and Polygon.
Squads Labs raises $5.7M for Solana-based multisig protocol and plans to launch iOS product
Squads Labs, the developer of Solana-based multisig protocol Squads, has raised $5.7 million in a strategic funding round led by Placeholder VC, with participation from Multicoin Capital, Solana Ventures, Jump Crypto, and others. The round brings the firm's total funding to $12.5 million. Squads is a multisig protocol that helps crypto firms secure and manage their digital assets on-chain, and it has helped secure over $500 million in assets for over 100 clients since launching in 2021. With fresh funding, Squads plans to enhance its offering and launch its retail-facing iOS product later this year.
Solana Launches Bug Bounty Amid Rumors of FTX's Ability to Disable Blockchain
The Solana Foundation is launching a bug bounty in response to rumors that ex-FTX chief Sam Bankman-Fried had the ability to disable the blockchain. The bounty offers a $400k reward for anyone who can find a flaw that could shut down the blockchain. It is unclear how a single developer could shut down a decentralized blockchain, but the bounty may reassure the community and distance Solana from Bankman-Fried and FTX. Bankman-Fried's ongoing criminal trial has also impacted Solana's value, with the token falling 6% in the last week.
Solana Price Surges 4% Amid $400k Bounty for Security Vulnerabilities
Solana, a competitor of Ethereum, has seen a surprise increase of 4% in its price amidst a broader market sell-off. The current Solana price is $22.07, with a market cap of $9.1 billion. This surge in price coincides with the announcement of a $400,000 reward by the Solana Foundation for anyone who can find a code capable of "turning off" Solana, which is part of a broader security bug bounty program. The program encourages ethical hackers to identify vulnerabilities in the blockchain, with rewards ranging from $1 million to $2 million in locked SOL tokens.
Solana Foundation Launches $400,000 Bounty Program
Jacob Creech, the head of developer relations at the Solana Foundation, announced the launch of a $400,000 bug bounty program to incentivize the identification of vulnerabilities that could potentially lead to remote attacks capable of splitting the Solana network.
Placeholder Partner: Ethereum Is Similar to Android, While Solana Is Similar to iOS
According to Placeholder partner Joel Monegro, Ethereum is a modular blockchain similar to Android that is rapidly becoming a platform for third-party networks, supporting multiple types of applications and networks, but is not the destination for most end-users and developers.
Users Have Minted Over 52 Million Compressed NFTs on Solana
Austin Federa, the strategic director of the Solana Foundation, posted on X platform that according to Dune data, users have minted over 52 million compressed NFTs on Solana in the past six months, and the number of holders has doubled.
Earlier in April, Solana launched state compression, a new method of storing data on Solana that can significantly reduce costs. The first use of this method to compress NFTs has reduced the cost of minting NFTs on Solana by 2,400-24,000 times.
Solana Price Gains 5% in 24 Hours, But Will the Rally Continue Beyond $20?
Solana has seen a strong increase of almost 5% in the last 24 hours, bringing its price close to $20 and extending its weekly gains to 10%. However, the cryptocurrency has exhibited a bearish market structure on the daily chart and the Relative Strength Index (RSI) remains below the neutral 50, indicating bearish momentum.
Former Goldman Sachs Executive Raoul Pal Endorses Solana as Top Altcoin Pick and Ethereum Rival
Raoul Pal, a former Goldman Sachs executive, has named Solana (SOL) as one of his top altcoin picks and believes it could be the most promising project outside of Ethereum (ETH). Pal praises Solana co-founder Anatoly Yakovenko for his thought leadership and ability to build bridges within the crypto space.
Visa: Plans To Test Whether Stablecoin Settlement on Solana Can Meet the Needs of Modern Enterprise Financial Operations
Visa has released a research report titled "In-Depth Exploration of High-Performance Blockchain Network Solana". The report points out Solana's unique technological advantages, including high throughput with parallel processing, low-cost localization fee market, and high elasticity with a large number of nodes and multi-node clients, which together create a scalable blockchain platform with a notable payment value proposition.
Crypto Trader: Solana a Solid Bet for Next Bull Run with Potential for Great Multiples, But There's a Big Catch
According to a popular crypto trader, Solana has the potential to generate significant gains for long-term investors. The trader believes that Solana is a fundamentally sound project that could perform well in the next bull market. However, the trader warns that the road to bull territory may be bumpy due to the potential liquidation of FTX's significant SOL holdings. Despite this, the trader sees a V-shaped reversal as a possibility for SOL and suggests accumulating the cryptocurrency at $10.
Data: Lido Has Paid Solana Staking Rewards Exceeding 300,000 SOL, Worth Nearly $6 Million
According to official data from the Lido liquidity collateral agreement, the current payout for Solana collateral rewards has exceeded 300,000 SOL, valued at approximately $5,943,080 USD. In addition, the total amount of SOL collateral on the Lido platform has reached 2,636,173, with the current APR at 6.7%.
Solana Investment Products Outpace Ethereum with $26M Inflows Since Start of 2023: CoinShares Report
According to CoinShares, Solana (SOL) investment products have received $26 million in inflows since the beginning of 2023, surpassing all other altcoins including Ethereum. Despite a seven-week run of negative sentiment that has seen $342 million leave crypto products, Solana products have seen weekly inflows of $700,000, with YTD inflows of $26 million.
Solana and MakerDAO Joint Creation Call for an End to Attacks on Ethereum, Warning the Community Against Divisive Behavior
Anatoly Yakovenko, co-founder of Solana, and Rune Christensen, co-founder of MakerDAO, warned their communities on the X (formerly Twitter) platform to stop attacking Ethereum and to avoid any behavior that would cause division within their own communities.
