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Solana falls below $40 as network suffers another outage

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Solana‘s value fell 12% on June 1 after the network went offline for more than four hours.

The outage is the second time such an event has occurred in the last 30 days.

The outage was caused by a bug that stopped block production. Solana Status on Twitter revealed the blackout and instructed validators to restart the network using instructions from the account. 

Bug causes latest Solana outage

Solana Labs co-founder Antony Yakovenko explained what happened. He said:

Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed.

The network’s official documentation states that durable nonce is the mechanism that addresses the short lifetime of a transaction blockhash. A bug in this feature led to nodes generating different outputs.

Over the past 12 months, the network has suffered seven other outages, enough to generate FUD around its native token. The latest outage piles more pressure on the Solana dev team.

In May, it suffered degraded performance and service disruptions eight times. It also went down after non-fungible tokens mining bots overwhelmed its network in April.

Meanwhile, the latest outage led to a price slump for Solana. The asset’s price has now fallen below $40. According to CryptoSlate data, SOL has lost almost 85% of value since hitting an ATH in November 2021. 

Doubts begin to build around Solana

Solana is one of the few networks that rode on the crypto community’s need for a scalable and cheaper alternative to Ethereum and found wide acclaim and adoption.

While the blockchain has enjoyed significant adoption, as can be seen in its burgeoning NFT space, its recurrent outages leave doubt in the mind of investors.

A crypto community member described it as the Windows vista of the blockchain, while another urged the team to get its acts together.

On May 26, the network revealed that its blockchain clock was slower, running about 30 minutes behind real-world time. This means that its promise of faster transactions might not be entirely accurate.

All these issues have left many skeptical about its potential. But there are still those who think all of these issues are just a bump in the road. 

NFT trader, DegenSwings said,

Every blockchain goes through cycles of adoption… I believe that Solana is going through a cycle which other networks have seen before, Bitcoin in 2013 and Ethereum in 2017.

Posted In: Solana, Outage





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Solana Killer Aptos (APT) Jumps 8% as Market Falls, Here’s Why

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The cryptocurrency market is currently trading down, with the majority of crypto assets suffering losses over the daily timeframe.

Bitcoin, the largest cryptocurrency by market capitalization, had a dull weekend characterized by steady prices and low volumes, closing in on $26,000 after losing 2.05% in the previous 24 hours.

Aptos’ APT, dubbed the “Solana killer,” is one of the few tokens in the green, climbing as much as 8% in the last 24 hours. APT rose from $5.29 to $5.83 in today’s trading, extending the climb that began on Sept. 22 after it found support near $5.04.

At the time of writing, APT had eased some of its gains and was up 6.87% in the last 24 hours to $5.65. The token has likewise gained 5.61% in the last seven days.

APT 24-hour trading volume is also witnessing a spike of 226%, according to CoinMarketCap data, as traders jumped into the market volatility to capture gains; over $419 million worth, or 74,071,687 APT, have been swapped in the last 24 hours.

The exact reason for the rise remains unknown, as a glance through the official Aptos X page reveals no big announcement or upgrade that might have triggered the rise.

However, Aptos attracted attention over the weekend after Upbit, South Korea’s largest cryptocurrency exchange in terms of trading volume and customer base, made an important announcement.

In a statement on Sept. 24, Upbit stated that it temporarily suspended deposits and withdrawals for the APT token after confirming an abnormal deposit attempt.

The exchange subsequently resumed deposits and withdrawals but highlighted the possibility that “the price may change drastically when (APT) deposits and withdrawals resume.”

This is significant because South Korean crypto traders have a history of driving major token rallies. The region is the source of the so-called Kimchi Premium, which causes the price of Bitcoin on local markets to trade up to 30% higher than the price on global exchanges. 



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Bitcoin and Ether Experience Significant Outflows, While XRP and Solana See Inflows

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In a recurring trend, cryptocurrency investment products have once again witnessed a downturn, marking their sixth consecutive week of outflows, according to data unveiled by CoinShares.

For the week ending September 24, the digital asset market experienced a significant withdrawal of funds, tallying $9 million in outflows.

Bitcoin’s Exodus Continues; Ether Follows Suit

The world’s premier cryptocurrency, Bitcoin, found itself in a precarious position as it recorded its third consecutive week of outflows, amounting to a substantial $6 million loss within the past week.

Investors seemed reluctant to hold their positions, with short Bitcoin positions alone seeing a substantial outflow of $2.8 million. Meanwhile, Ether, the second-largest cryptocurrency by market capitalization, also grappled with a dire situation, marking its sixth consecutive week of outflows, with a total of $2.2 million leaving the market over the week.

Altcoins Buck the Trend

In a surprising twist, some altcoins managed to swim against the current. XRP and Solana, in particular, witnessed inflows of $0.66 million and $0.31 million, respectively. This trend indicates a growing interest among investors in the alternative cryptocurrency space, with continuous capital inflows into XRP and SOL.

The report from CoinShares highlighted a stark contrast in sentiment between European and U.S. investors. European crypto investment products enjoyed a healthy influx of $16 million, while their U.S. counterparts faced an exodus, with $14 million flowing out.

This regional disparity can be attributed to the uncertainty surrounding cryptocurrency regulations and recent actions taken by the U.S. Securities and Exchange Commission (SEC) against various crypto companies.

Furthermore, the report revealed a concerning trend as weekly trading volumes plummeted below $820 million, significantly below the 2023 average of $1.16 billion. This dip in trading activity reflects the current bearish pressure in the digital asset market.





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Bitcoin Spark Could Lead Polygon, Solana and XRP To The Next Bullrun

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Bitcoin Spark is the new inauguration that will set massive waves in blockchain technology

The decentralized ecosystem has emerged to become among the leading technological innovations in contemporary society. There have been inaugurations such as Polygon, Solana, and XRP, which have taken the industry by storm. Polygon and Solana are extremely considered due to their fast transactions and improved scalability. 

For instance, Solana can make up to 1000 transactions per second. A new digital currency platform has been inaugurated called Bitcoin Spark. The decentralized network has a hybrid consensus mechanism, which will improve transaction speed, efficiency, and transparency. This article will discuss Bitcoin Spark’s operation. 

What Are Altcoins? 

Bitcoin, generated in 2009 by an anonymous individual called Satoshi Nakamoto, is regarded as the pioneer of all digital currencies. The digital network has also set a standard of attracting several venture capitalists into the crypto ecosystem. 

Nevertheless, altcoins are referred to as other digital currencies apart from Bitcoin. They are also considered as options to Bitcoin. Some prominent altcoins include Ethereum, Solana, XRP, and Polygon. They were generated to promote scalability interoperability and increase transaction speed. 

Are Altcoins Profitable?

Altcoins are profitable as they generate traction from institutional and retail investors. Coinmarket, the leading price tracking website, listed 1,500 digital currencies in the decentralized ecosystem. 

Among them are Polygon, Solana, and XRP. XRP is among the digital currencies that have set massive waves in the financial technology universe. The platform has surged amid the winter due to the winning against the US Securities and Exchange Commission. 

Bitcoin Spark to Lead Amid the Imminent Bullrun

The decentralized ecosystem yearns for a project that will create a milestone in the development of blockchain technology. Bitcoin Spark has depicted massive potential that will create a massive wave in the web3 community. The platform has already depicted signs of development amid the cryptocurrency winter. To set a transparency policy with its participants, the virtual currency has been audited by comprehensive auditing firms Vital Block and Contract Wolf. 

Source: freepik.com

The digital currency has a unique marketing strategy that will attract a global audience. Other decentralized platforms conduct marketing plans based on traditional methods. On the other hand, the new Bitcoin fork uses innovative disruption to interrupt the traditional norms of brand promotion. 

Among the features utilized are storytelling, strategic positioning, and leveraging contemporary technology. The new platform also utilized methods including influencer partnerships to have a wider audience reach and community building. The platform also cooperates with other blockchain networks and has a team that conducts all the marketing systems. 

The platform has also set a mechanism that helps individuals earn via a referral program. The network allows the natives and new members to earn an income through the referral. A  10%  commission and bonus will be given to individuals who refer members who conduct purchases above $60. An interesting part is that there are no limitations for earning in the network. 

Bottomline

The crypto sphere is quickly changing, and most individuals seek an opportunity to join the bandwagon. Bitcoin Spark is the new inauguration that will set massive waves in blockchain technology. The digital platform has a double mechanism that will allow validators and miners to generate revenue. 

Learn more about Bitcoin Spark on:

Website: https://bitcoinspark.org/ 

Buy BTCS: https://network.bitcoinspark.org/register



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