The DeFi Project Parrot Voted To Redeem the Governance Token PRT at a Low Price, Causing Controversy Among Investors
DeFi project Parrot conducted a controversial vote on Solana, planning to redeem the governance token PRT at a low price. Investors panicked over the team's unfulfilled promises, and mistakes could cost tens of millions of dollars. The situation highlights the drawbacks of funding crypto protocols through unregulated token offerings. If Parrot's plan succeeds, the token value will drop significantly. Investors estimate that the redemption program will return approximately $50 million to PRT holders and retain $2,100 of them for insider equity. Polls so far show overwhelming support for the donation, but have also drawn some criticism and anger.
Solana's Demand Zone Turns into Selling Interest Area as Support Level Becomes Resistance
The demand zone for Solana is now a selling area, with the previous support level of $26.31 becoming a resistance level. Despite SOL's recent poor performance, Bloomberg Intelligence's market analyst, James Coutts, believes that SOL has shown strength against Ethereum.
Experts debate the role of point systems in Solana's DeFi growth
Point systems are driving growth in Solana's DeFi ecosystem, according to Lucas Bruder, co-founder of Jito Labs. These systems offer token incentives to attract new users and boost activity. However, Jarry Xiao, an engineer at Ellipsis Labs, warns that point systems may not be sustainable in the long-term. MacBrennan Peet, a founding team member of Mrgn Labs, believes that tokens are necessary for building open-source protocols and that points are the highest leverage way to test incentives and attract users.
Ethereum Layer-2 Solutions Flourish While Competing Chains Plateau, Says Cumberland's Global Head of Trading
According to Jonah Van Bourg, user counts and wallet addresses have plateaued on alternative layer-1 blockchains such as Solana, NEAR, and Polkadot, making their ecosystems "dead on arrival." Meanwhile, Ethereum layer-2 solutions like Arbitrum and Optimism are flourishing.
Jet's Liquidity Incentive Program will Launch on 21th July
According to Jet Protocol, a Solana-based lending protocol, announced the launch of the Jet liquidity incentive program, with a total of 137,700,946 JET token shares available. Liquidity providers will have the opportunity to receive incentives over a period of 4 years.
Solana's SOL Price Attempts Fresh Rally, Aiming for $30 Resistance
Solana's SOL price is attempting to rally above the $26.50 resistance level, with a contracting triangle forming and resistance near $27.20 on the 4-hour chart. A close above the $28.50 resistance could result in a 10%-15% rally. The price found support near $25 and is now attempting a fresh rally, testing the downside correction's 23.6% Fib retracement level.
Solana (SOL) Price Breaks Resistance Levels, Indicating Bullish Trend Reversal
Solana's price has broken through significant resistance levels, indicating a new bullish trend reversal. The weekly time frame shows a breakthrough of a descending resistance line that had been in place for 600 days, further supporting this possibility.
Neon Labs Launches "Neon EVM" to Allow Ethereum Apps on Solana
Neon Labs has launched the "Neon EVM", which allows developers to write Ethereum applications on top of Solana. This smart contract built on top of Solana enables developers to deploy Ethereum Virtual Machine (EVM) code, which was previously not possible on the network.
Deal Aggregator Prism on Solana Releases V3 Update
Prism, the deal aggregator on Solana, has updated V3, introducing aggregations, a new user interface, and breakthrough features. Designed with a mobile-first design, the platform offers seamless navigation, intuitive controls and quick access to important functions. The improved transaction aggregation algorithm not only aggregates transactions, but also optimizes the transaction path for users to ensure they get the best exchange rate. The newly added history page facilitates users to track past transaction records and helps users make more informed decisions. Additionally, Prism Pools provide efficient liquidity and charge fees to PRISM holders. Future plans include innovations such as open-source aggregators, integrated liquidity source guides, and staking tools.
Crypto Market Sees Slow Start as Bitcoin and Ethereum Face Resistance, Ripple Struggles, and Solana Corrects
The global market cap has decreased by 0.4% in the past 24 hours, leading to a slow start to today's market session. Bitcoin is trading at $30.2K with a 0.2% drop in the past 24 hours and a 57% decrease in trading volume. Ethereum is trading at $1929 with a 52% decrease in price valuation and trading volume.
