Solana Community Looks Forward To Much Needed Update

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Haider Jamal
April 25,2024

Scheduled for May 27th, 2024, Solana (SOL) is poised to unveil the mainnet beta along with a crucial patch aimed at addressing various persistent bugs within the network. The forthcoming beta iteration, labeled v1.18, focuses on resolving congestion issues that have recently brought the network to a standstill.

 

Addressing Key Concerns

Solana is currently evaluating new solutions to alleviate network congestion. The surge in traffic, particularly because of high-volume meme coin-related bot transactions, has significantly strained capacity, leading to a decline in network speed and an increase in transaction failures within the cryptocurrency sphere. In response, the Solana development team, in collaboration with Anza, introduced devnet version 1.18.11 on April 13th. Presently, this version is undergoing validation by the necessary validators in preparation for the beta launch of the mainnet, scheduled for late May.

In addition to regular testing, version 1.17.31 was deployed on April 15th to address network congestion issues. These adjustments were swiftly recommended for implementation by validators. The strategizer release represents one of several efforts made to stabilize the network amidst significant fluctuations in transaction volume.

 

Still A Ways To Go

While Solana has made strides in technological enhancements, it continues to grapple with market volatility. In early April, the cryptocurrency experienced a substantial price drop of over 22%, plummeting to $116. However, it has since shown signs of recovery, with its price now hovering around $154.86. These fluctuations underscore the challenges and uncertainties inherent in the digital currency market.

The latest update by Solana aims to bolster network capacity to meet increasing demands and enhance system security. With the impending release of Millennium v1.18, the community is closer than ever to achieving its primary objectives. Continuous scrutiny of these developments by the community and stakeholders ensures the creation of a functional, accessible, and replicable network.

As technical updates coincide with market recovery, Solana remains committed to safeguarding network infrastructure and navigating market dynamics remains pivotal to its growth and stability.

 







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January 20,2025

Melania Trump Launches Her Own Meme Coin On Solana

Melania Trump has launched her own meme coin, $MELANIA. The launch not only coincides with her husband, Donald Trump, about to be inaugurated as United States President, but also comes shortly after he launched his own meme coin, $TRUMP.

 

A 2,000% Increase

Unsurprisingly, many are eager to learn how to purchase the brand new meme coin. $MELANIA, like other meme coins can be traded or exchanged for other cryptocurrencies or fiat currencies on exchanges like Raydium or Meteora.

Like $TRUMP, it has been created and is tracked on the Solana (SOL) blockchain, known for its fast transaction speeds and lower fees compared to other networks like Ethereum (ETH). As of 8:00 AM on January 20th (IST), $MELANIA was trading at $0.1261, marking an astounding 2160.31% increase in value since its launch.

 

A Rapid Rise

With a market capitalization of $5.71 million, $MELANIA has quickly gained attention, reflecting the ongoing interest in meme coins as a speculative investment opportunity. According to CoinMarketCap, the rapid rise of the meme coin has quickly placed it on the radar of traders and investors looking to capitalize on this volatile but potentially lucrative market.

January 20,2025

Legendary Hacker Claims No Crypto Asset Is Safe

Renowned hacker George Hotz recently made a provocative statement, humorously claiming that no crypto assets are truly safe.

 

The Quantum Effect

The statement by George follows the release of the new o3 model by OpenAI, which allegedly discovered a polynomial time factoring algorithm that could break down large numbers and potentially compromise the security of cryptographic systems.

However, experts argue that it is highly unlikely crypto security would be threatened in this way without the development of large-scale quantum computing, with such an algorithm potentially being one of the greatest inventions of the century.

 

More Than Meets The Eye

Hotz also linked to an Axios article discussing concerns among computer science students about AI potentially replacing their roles, given the impressive programming capabilities of the o3 model that surpass most developers.

Regardless, Blockstream CEO Adam Back described the claims about the cryptography-breaking algorithm as highly dubious, noting that the Axios article does not mention the algorithm at all. Some have even suggested the statement might be a misunderstood joke, possibly aimed at the sensational headlines surrounding AI development.

 

January 20,2025

Thailand Crypto Sandbox To Be Launched Later This Year

Former Thai Prime Minister Thaksin Shinawatra revealed that a cryptocurrency sandbox is set to be launched in Phuket by October, 2025. He also mentioned that Thailand will not accept high-risk cryptocurrencies such as meme coins like $TRUMP and $MELANIA.

 

A Proactive Approach

In a discussion about the ASEAN economy, Thaksin emphasized the proactive approach that Thailand has adopted toward cryptocurrency development, especially in contrast to other regional nations, particularly after Donald Trump once again became U.S. President.

He pointed out that due to this approach, many other ASEAN countries are eager to collaborate with Thailand on cryptocurrency discussions, seeing it as an opportunity to inject capital into their respective economies.

 

TIme Is Of The Essence

When asked about his recent statements on inviting ASEAN countries to join in talks, Thaksin confirmed that such discussions are ongoing. He stressed the importance of adopting cryptocurrencies swiftly to prevent the migration of top talent to the United States.

Thaksin further clarified that cryptocurrencies should not be mistaken for gambling, explaining that they represent a new type of currency, supported by assets like gold or government bonds, referred to as stablecoins, which carry less risk compared to traditional currencies.

 

January 20,2025

TikTok Gets Unbanned After Reaching Agreement With Internet Providers

Only a day after it was banned in the U.S., TikTok revealed that it has successfully reached an agreement with Internet service providers to restore its services, following disruptions.

Multiple core features of the TikTok app had been reinstated, and its website was back up and running smoothly by Jan 20th. The decision was reached after countless U.S. citizens complained about their freedom of speech being curtailed.

 

Increasing Scrutiny

TikTok, much like other major tech platforms, has been trying to navigate increasing scrutiny by regulators and governments across the globe. In particular, concerns around data privacy and security have been central to these discussions, with some experts drawing parallels between the scrutiny of TikTok and the regulatory challenges faced by the crypto industry.

In both sectors, the tension between innovation and government oversight continues to escalate, with both facing pressure to balance user freedoms and security alongside maintaining an edge in technological innovation.

 

Crypto And Social Media

For the crypto space, the restoration of services on a platform like TikTok might hold significance beyond just social media. TikTok has millions of users worldwide and has routinely featured crypto-related content such as tutorial videos and meme coin related investments by influencers.

This intersection of social media and crypto regulation will likely be a critical area to watch, as it could set important precedents for how digital economies interact with traditional regulatory frameworks.

 

January 20,2025

Web3 Fundraising Deals - 14th To 20th January 2025

MultiPlan raised a whopping $4.5B in Post-IPO Debt Funding. MultiPlan strives to make healthcare more transparent, fair, and affordable for all.

 

Micron Biomedical secured $16M in Series A Funding with support by J2 Ventures. Micron Biomedical is a clinical-stage life science company committed to expanding access to vaccines and therapeutics globally.

 

Hyperline obtained $10M in Seed Funding with assistance by Index Ventures. Hyperline focuses on unifying billing, forecasting, and cash collection with powerful automation, thereby reducing manual effort while eliminating errors.

 

Winrate acquired $1.2M in Pre-Seed Funding with support by York IE. Winrate replaces frantic pre-call research with the custom insights that users need to win more deals.

 

Impetus raised $350M in Private Equity Funding with support by Kedaara Capital. With a proven track record with many Fortune 500 clients, Impetus drives growth, enhances efficiency, and ensures a competitive edge through continuous innovation and flawless, zero-defect delivery.

 

Astrosure ai secured $6M in Seed Funding with assistance by Netmeds. AstroSure.ai is a consulting company that provides an AI-powered astrology companion.

 

Komainu acquired $75M in Series B Funding. Komainu is a regulated digital asset custodian that offers decentralized and secure custody services tailored for institutional clients.

 

BeZero Carbon obtained $32M in Series C Funding with support by GenZero. BeZero Carbon is a carbon ratings agency that equips world-leading organizations with the knowledge, tools and confidence to make better climate decisions.

 

College Possible secured $1M in Grant Funding. Since 2000, College Possible has helped empower more than 80,000 students in under-represented communities on their path to a college degree.

 

Moment Energy raised $15M in Series A Funding with assistance by Climate Pledge Fund. Moment Energy provides a clean, affordable, and reliable battery energy storage system (BESS) by repurposing retired electric vehicle batteries.

January 19,2025

Bitcoin Touches $106K As Altcoins Experience Mixed Results

Bitcoin (BTC) continued to rise over the past 24 hours, reaching $106,000 for the first time this year, before pulling back by around $2,000.

 

BTC Hits $106K

Bitcoin began the week with a sharp drop to a low of $89,200. After this decline, the bulls stepped in, pushing Bitcoin back above $97,000. Positive US CPI data on Wednesday led to further gains, and Bitcoin surged past $100,000.

The flagship crypto eventually reached $106,000, its highest since mid-December, but could not surpass $108,000 and has since dropped to $104,000. Its market cap is now nearly $2.05 trillion, with dominance approaching 55%.

Meanwhile, while most altcoins are retracing, SOL has risen 10%, reaching its highest level since early December, nearly $240. Other altcoins, like XRP, Ethereum, BNB, and ADA, have all seen losses, with TRUMP continuing to impress. Despite this, the total crypto market cap remains above $3.7 trillion.

 

Other Markets

Donald Trump recently met with Republican Senators on Capitol Hill, while traders are preparing to navigate the risks due to his trade policies in Asia. Meanwhile, San Francisco faces a record-high office vacancy rate, and regional banks are grappling with the effects of rising Treasury yields.

Elsewhere, port closures have been enacted in Western Australia because of a cyclone warning, and Kantar plans to sell its media division to H.I.G. for $1 billion. In Nigeria, inflation has surged to nearly an 18-year high, prompting a planned tax overhaul by July.

Commerzbank is considering job cuts as part of a strategy revamp, and U.S. Ambassador to India Eric Garcetti is in discussions with Indian leaders about easing nuclear liability laws. Additionally, China is scouring the globe for new food suppliers, actively preparing for potential trade wars and the return of Trump as United States President.

 

January 19,2025

Ethereum Foundation To Undergo Leadership Changes

Vitalik Buterin has announced major leadership changes at the Ethereum Foundation to prioritize technical expertise and improve communication with Ethereum (ETH) builders.

 

Supporting Devs

On January 18th, the Ethereum co-founder outlined the goals of supporting decentralized app developers and advancing decentralization, censorship resistance, and privacy. He also confirmed that the Foundation would avoid political lobbying or taking a central role in ecosystem development.

The Dencun upgrade in March 2024 led to a 99% drop in transaction fees on Ethereum, spurring a rapid increase in rollups. While this raised concerns over base-layer revenue loss, the base layer revenues, which had fallen 99% in mid-2024, rebounded by the end of the year.

 

Dealing With Criticisms

These changes follow a rocky 2024, marked by the Foundation being repeatedly criticized over various issues such as budgeting, roadmap, and staffing.

In May 2024, the Ethereum Foundation introduced a conflict of interest policy after several researchers, including Justin Drake and Dankrad Feist, took paid advisory roles at EigenLayer. Drake later apologized and stepped down in November.

 

January 18,2025

Donald Trump Launches Meme Coin On Solana

Just days before his second inauguration, President-elect Donald Trump and his social media team announced the launch of a Solana-based meme coin called TRUMP.

 

Seems Legit

The announcement generated hundreds of millions in trading volume, with on-chain analysts and security experts initially raising concerns over potential scams. However, with many of these concerns eventually clearing up, the launch appears legitimate.

While the launch initially triggered skepticism due to the resemblance to past celebrity meme coin scams, the follow-up post on X alleviated many concerns. At present, the meme coin has only seen upward movement, with no signs of a dump.

 

A Massive Surge

On-chain analysts noted that the project had been seeded with funds by Binance and Gate.io, two exchanges that do not serve U.S. customers. However, further investigation diminished these concerns, especially as the official website of the meme coin mirrored previous Trump NFT launches, which are managed by CIC Digital, his official NFT partner.

The meme coin surged to $7.31, with a market cap of around $7.1 billion, although 80% of the 1 billion coins are locked for the next three years. This means the circulating supply is closer to 200 million tokens, bringing the market cap to around $1.5 billion. So far, the coin has seen $680 million in trading volume.

 

January 18,2025

CryptoPunks Creator Launches Charity NFT Drive For Wildfire Victims

A charity NFT initiative launched on Friday by prominent Web3 artists allows collectors to acquire digital artwork while supporting families impacted by the recent wildfires in Los Angeles, California.

All proceeds generated through the sales will be donated to a local nonprofit providing emergency relief to those in need.

 

Exclusive Artworks

The I Heart LA collection, organized by Web3 fashion brand mmERCH, showcases digital pieces by seven renowned creators including Larva Labs, Grant Yun, Gremplin, Nice Aunties, Chikai, ClownVamp, and Goyong.

By minting an Ethereum NFT, participants will randomly receive one of these seven exclusive artworks. The NFTs are available for purchase between January 17th to 19th at 0.0069 ETH (around $25) and can be bought through highlight.xyz.

 

Deep Fakes Rise

All funds raised will support Baby2Baby, a nonprofit that has already distributed over 3 million emergency supplies, including diapers, formula, food, and hygiene products, to families displaced by the wildfires in the LA area.

As firefighters continue their efforts to control the fires in Los Angeles, another challenge has emerged, the spread of AI-generated deep fakes. On Wednesday, fabricated images of the Hollywood sign in flames circulated on X (formerly Twitter), leading to further confusion, including false depictions of looting.

 

January 17,2025

Bitcoin Back Above $100K As All Eyes On Trump Inauguration

Bitcoin (BTC) recently surpassed $100K for the fourth time, with market sentiment shifting to greed as the price ranged between $90,000 and $100,000 throughout this week.

 

Support Remains Strong

There are various reasons why BTC rose above $100K again, chief among which being the upcoming inauguration for Donald Trump. After reaching a high of around $108,000 on December 17th, Bitcoin has posted a series of lower highs, similar to the 2024 consolidation phase.

The $90,000 level remains strong support, with Bitcoin holding above it since November 18th, except for a brief dip on January 13th. Leverage also plays a key role in gauging market sentiment, seen through Bitcoin futures OI (Open Interest).

 

Spot-Driven

Data by Coinglass shows the aforementioned OI has dropped to 621,000 BTC ($61.6 billion), its lowest since early November, indicating recent price action has been more spot-driven than leverage-driven.

For accurate analysis, it is important to track open interest in Bitcoin terms rather than nominal value, which fluctuates with price. Still, all eyes are on the flagship crypto now, as investors hope the correction is all but over.

 

January 17,2025

Malware Scams Surpass Phishing Attacks On Telegram

Telegram-based malware scams have now surpassed traditional phishing attacks, according to Scam Sniffer. Between November 2024 to January 2025, incidents involving malicious Telegram groups skyrocketed by over 2,000%, while phishing-based attacks remained relatively stable.

 

Advanced Tactics

These new scams utilize a variety of methods including fake verification bots, fraudulent trading and airdrop groups, and exclusive alpha groups. Once users interact with these, attackers gain access to sensitive data like passwords, wallet files, clipboard activity, and browser data.

This shift towards Telegram-based malware reflects a strategic move by cybercriminals, as malware offers broader access and makes financial losses harder to trace. To protect against these threats, Scam Sniffer advises users to avoid running unknown commands, installing unverified software, and using clipboard-based verification methods. Hardware wallets also provide added security.

 

A Losing Battle

Scam Sniffer has also reported an increase in scams where cybercriminals impersonate influencers and lure victims into fraudulent Telegram groups. These groups use bots like OfficiaISafeguardBot to inject harmful PowerShell code into clipboards, compromising sensitive data.

The latest scams target legitimate project communities, urging users to run code for updates, bypassing traditional phishing tactics and relying on sophisticated social engineering. Security companies are also under pressure to come up with reliable mechanisms to protect everyone, albeit easier said than done.

 

January 17,2025

XRP Overtakes BTC In Trading Volume On Coinbase

The XRP/USD pair has now accounted for over 25% of the 24-hour trading volume on Coinbase, with more than $1.7 billion in trades.

 

XRP Skyrockets

After XRP/USD, the BTC/USD pair follows in second place with $1.3 billion (19.6%). XRP ranks third in overall trading activity, behind only Bitcoin (BTC) and Ethereum (ETH), with a massive $20 billion in trading volume.

This surge in market activity comes as XRP reached a new all-time high after seven years, with over $18 million worth of XRP shorts liquidated in the past 24 hours. XRP also saw its futures OI (Open Interest) rise to $8 billion, reflecting an 8% increase.

 

Digital Asset Reserves

The recent price surge coincides with rumors that the U.S. government may be considering establishing a reserve involving digital assets like XRP, a claim first reported by the New York Post, though such speculation should be taken with caution.

Still, there appears to be some substance to these rumours, especially since President-elect Donald Trump has said on multiple occasions that he plans to establish a strategic Bitcoin reserve for the United States.