Solana Co-Founder Proposes FTX Distribute SOL Holdings to Clients
According to Solscan data, confirms that FTX cold wallets began transferring their SOL yesterday. Multiple FTX cold wallets collectively hold nearly 7 million SOL (valued at approximately $134 million). Solana co-founder Anatoly Yakovenko tweeted that he would prefer to distribute SOL to former FTX customers.
FTX's Huge Solana Holdings May Be Dumped by New Management, Solana Co-Founder Suggests "Win-Win" Solution
Collapsed crypto exchange FTX may be planning to sell its nearly 7 million SOL holdings, worth about $134 million, according to movement of tokens from wallets. Solana co-founder Anatoly Yakovenko has suggested a "win-win" solution of distributing the SOL to ex-FTX customers, allowing them to sell their share at a Dutch auction or bid into the auction with priority over external bids. This would benefit the network over the long term and probably have the best outcome for the whole user base, he said. <br>
Automation network Clockwork shuts down development citing limited commercial upside and opportunity costs
Solana-based projects Clockwork, an automation network for smart contracts, has announced that it will stop development due to "opportunity costs" and "limited commercial upside". Founder Nick Garfield stated that the team will be switching off their nodes on both devnet and mainnet from October 31. T
Clockwork, the Solana Ecological Automation Network, Announced That It Will Stop Development and Will Shut Down Devnet and Mainnet Nodes on October 31
According to a message from Solana's decentralized automation network Clockwork's former employee Nick, published on the Deep Tide TechFlow platform, the Clockwork development team and Nick himself have decided to stop developing the protocol due to limited business prospects and opportunity costs. Developers can continue to use the software they have written, but the team will shut down nodes on Devnet and the main network on October 31.
Crypto Market Experiences Bearish Trend with Bitcoin and Altcoins Trading in Red, Fear and Greed Index Corrects Slightly
Today, the crypto market is mostly bearish with Bitcoin and major altcoins trading in the red. The fear and greed index has corrected slightly but remains in the fear zone with a score of 35/100. Bitcoin's price is still below $30,000 at $25,997.91, while Cardano and Solana experienced gains.
Solana Sees Price Uptick Due to Adoption Developments While XRP Bounces Back Amidst SEC Trial Delay
Solana's smart contracts token has bounced back and is trading at $21.74 with a trading volume of $412 million, possibly due to Solana Pay's adoption developments. The overall crypto market is trending upwards, with Bitcoin reclaiming $26,000. Solana is expected to make a significant recovery, with bulls aiming to push the price towards the psychological resistance of $30 to $32.
Solana ecological DEX Cypher plans to carry out IDO in advance, and 7.3% of the tokens will be used for airdrops
Solana's decentralized trading platform Cypher will conduct an IDO earlier than planned (originally scheduled for the end of September) to compensate users affected by the attack.
Cypher will use the funds raised through the IDO to provide funding for development and fill the project's treasury. Over 45% of the tokens will be sold to the public, 23% will be allocated to the team, 11% will be allocated to investors, 1.2% will be allocated to advisors, and 12% will be used for growth incentive plans. In addition, 7.3% will be used for airdrops to depositors who lost funds due to the hacker attack. <br>
Shopify adds Solana Pay to payment options, allowing merchants to accept crypto transactions
Shopify, the e-commerce giant, has added Solana Pay to its payment options, allowing merchants to accept crypto transactions starting with USD Coin. <br>
Cypher Protocol: $600,000 in Stolen Funds Now Frozen on CEX
Cypher Protocol, a decentralized futures exchange based on Solana, successfully froze $600,000 worth of stolen cryptocurrency from the August 7th security breach. Cypher Protocol reported on Twitter on August 18th that with the help of several independent blockchain investigators, over half of the stolen funds had been successfully frozen on centralized exchanges. The return of these funds will depend on the cooperation of these centralized exchanges and the issuance of seizure orders by law enforcement agencies.
Solana Co-Founder Believes Most Layer-2 Chains Won't Serve as Sustainable Scaling Solutions in the Long Term
Solana co-founder Anatoly Yakovenko believes that the increasing number of layer-2 solutions, primarily on Ethereum, won't serve as sustainable scaling solutions in the long term. Fragmentation of the user base causes UX to become very complicated, leading to massive composability and user experience problems. <br>
Solend: All Funds Removed in USDH Price Manipulation Bug Returned
Solend, a lending protocol on Solana, announced that all stolen funds from a price manipulation attack in November 2022 have been fully returned.Approximately $1.26 million worth of assets were stolen, and the hacker returned nearly $900,000 after the price changed.
Former Goldman Sachs Executive: Solana Is Like Ethereum in 2018, Has the Potential To Perform Well
Former Goldman Sachs executive Raoul Pal said that Solana (SOL) is like Ethereum during the bear market of 2018 and 2019.
Pal said in an interview that SOL is his second largest cryptocurrency investment portfolio allocation and believes that it is likely to repeat the dramatic recovery from the bear market to new highs that Ethereum experienced a few years ago.
Solana Saga sees significant price reduction, but sales have dropped since April highs
Solana Mobile has announced a price reduction of $400 for its Android-based Solana Saga, bringing the price down from $1,000 to $599. However, on-chain data compiled by Flipside Crypto shows that sales for the Solana Saga have decreased significantly since their peak in April and May, with only slightly over 2,100 unique Saga Genesis NFT owners as of July 25. <br>
Solana Launches Developer Educator Program
Solana has announced the launch of a developer educator program. Users can participate in the Solana developer seminar held on August 14th, 16th, and 17th, with the goal of teaching the next generation of web3 developers by attending the seminar. <br>
Analyst Predicts Deep Correction for Sam Altman’s Worldcoin, Updates Outlook on Solana and Two Other Altcoins
Altcoin Sherpa, a well-known analyst, has expressed bearish sentiments towards Worldcoin (WLD), the AI-based crypto project co-created by ChatGPT founder Sam Altman. The analyst predicts that WLD is likely to experience a 40% devaluation from its current price after losing the 0.618 Fibonacci level. Altcoin Sherpa also shared his thoughts on Solana (SOL), Maker (MKR), and Rollbit Coin (RLB), stating that SOL is currently in an area of interest, MKR is his favorite setup, and RLB looks primed for a rally up to its immediate resistance at $0.126.
Cypher Protocol Halts Smart Contract After $1 Million Exploit on Solana-Based Futures Exchange
Cypher Protocol, a decentralized futures exchange based on Solana, has frozen its smart contract after an estimated $1 million exploit. The team is investigating the cause of the exploit and has reached out to the hacker to negotiate a potential return of stolen funds. The wallet believed to be tied to the exploit managed to steal approximately 38,530 Solana (SOL) tokens as well as $123,184 USD Coin (USDC) — netting a total of $1,035,203 in illicitly gained funds.
Bitcoin Trades Flat With Record Low Volatility, Solana Leads Top 10 Gainers
Bitcoin remained steady above the support level of US$29,000 on Monday, with its volatility rating hitting a record low. Ether also showed little movement, while other top 10 non-stablecoin cryptocurrencies had mixed results, with Solana leading the winners. The Forkast 500 NFT index decreased slightly, while U.S. stock futures rose after last week's losses. Investors are now waiting for another busy week of corporate earnings reports and U.S. inflation data.
Cypher Protocol's Barrett Believes Success of Solana's DeFi Ecosystem Depends on New Tokens
Solana's success in making a comeback depends on new tokens from blockchain teams that have not issued them before. These tokens are crucial for increasing liquidity, trading activity, and attracting new users to the decentralized finance ecosystem. Cypher and MarginFi have contributed to Solana's growth by offering loyalty programs that reward crypto traders with "points" for participating in their respective markets. If Solana DeFi succeeds, it could return to its multibillion-dollar heights, but failure could lead to irrelevance.
Twitter Co-Founder Presses Coinbase CEO on Ignoring Bitcoin's Lightning Network
Coinbase CEO Brian Armstrong faced questioning from Twitter co-founder Jack Dorsey over his alleged disregard for Bitcoin's lightning network, a layer-2 scaling solution designed to make BTC easier to spend. Armstrong claimed that the next step for crypto was to make payments "instant and free globally" through collective work on layer 2 solutions and user onboarding. While Armstrong did not respond to Dorsey directly,
Exchange.art to Integrate Ethereum Support and Expand Multichain Platform
Exchange.art, a digital art marketplace on Solana, will soon integrate support for Ethereum, allowing over 80 Ethereum-based artists to sell their work on the platform. The integration will go live on August 1st. Exchange.art aims to be a hub for digital art and expand beyond Solana, with plans to onboard new creators and collectors. The platform has already onboarded 16,000 Solana-based artists and introduced a royalties protection standard to help creators earn a consistent percentage across marketplaces.
