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Why Are Cardano (ADA), Avalanche (AVAX) and Solana (SOL) Rising?
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In early 2023, Cardano (ADA), Avalanche (AVAX) and Solana (SOL) have demonstrated significant growth. These cryptocurrencies, often referred to as “Ethereum killers,” are garnering increasing attention from investors due to their potential utility and advantages. Compared to Ethereum (ETH), which currently experiences slow transaction speeds and high transfer fees, these alternative blockchain solutions offer efficient, low-cost propositions.
Cardano, the leading competitor in terms of market capitalization on our list, has achieved scalability through the implementation of the Ouroboros consensus engine, a proof-of-stake (PoS) cross-chain algorithm. Unlike proof-of-work (PoW) algorithms, which require validation of each transaction by all nodes on the network, Ouroboros utilizes a randomized selection of nodes for transaction validation. As the network increases in size, this results in an overall increase in scalability.
Avalanche, in contrast, achieves scalability through the utilization of a decentralized subnet architecture known as Avalanche-X. This architecture enables the AVAX network to efficiently manage multiple subnets, each with distinct consensus configurations and governance protocols. Additionally, the network is divided into small groups of nodes, which work cooperatively to facilitate swift transaction processing.
Solana aims to achieve scalability through its implementation of a hybrid consensus model, which combines proof of stake (PoS) and proof of history (PoH). PoH is a protocol that creates a historical record to confirm the occurrence of transactions at a specific time. This approach allows the network to achieve high scalability as it eliminates the need for every node to validate every transaction, thereby reducing the requirement for significant computational resources.
Having gained an understanding of the scalability mechanisms employed by each of these alternative coins, it is worth examining the reasons behind the growing enthusiasm for Ethereum’s rivals.
Cardano
Since the start of the year, ADA has seen a 41% increase in value. This robust performance can be attributed to a combination of factors, including the introduction of new features, high development activity and substantial investment from major investors. Additionally, the creation of stablecoins, decentralized oracles, sidechains and dApps optimized for EUTxO are contributing to the upward trajectory of the cryptocurrency.
Cardano has consistently demonstrated its potential to not only rival Ethereum but to also provide cost-effective and high-quality decentralized solutions and capabilities for developers. This has resulted in an increasing level of attention and interest in the cryptocurrency market.
Avalanche
Avalanche has successfully distanced itself from the negative impact of the Terra (LUNA) ecosystem collapse in May 2022 by forming strategic partnerships, expanding its presence on the stablecoin market and actively engaging with its community. Community engagement is a vital aspect for the longevity and success of a cryptocurrency.
The development team at Avalanche has made significant efforts to enhance the functionality of its network and provide support for decentralized application developers. These efforts have been instrumental in making the Avalanche blockchain more robust and scalable, which has contributed to its 54% growth in market capitalization in the early days of 2023.
Solana
Lastly, Solana has emerged as the top performing altcoin in this analysis, with a 139% increase in value since the start of January. The cryptocurrency has managed to separate itself from the negative impact of the decline of Alameda Research and FTX and has seen a rise in trading volume, network activity and a boost thanks to a meme token.
Recently, Anatoly Yakovenko, the founder of Solana, announced several improvements aimed at ensuring the stability and scalability of the network, and preventing downtime similar to that experienced in the previous year. These enhancements have the potential to propel SOL to new heights and attract more decentralized applications to its platform, thereby driving continued growth and solidifying its position on the market.
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Robinhood, the well-known trading platform, has announced that it will no longer offer support for three specific cryptocurrencies starting June 27, 2023. The affected cryptocurrencies are Cardano (ADA), Polygon (MATIC), and Solana (SOL).
This decision comes shortly after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. The lawsuits alleged that ADA, MATIC, and SOL were unregistered securities, highlighting potential compliance issues.
They shared, “Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform.”
Robinhood added, “We regularly review the crypto we offer on Robinhood,” the firm shared in an update. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”
Prior to the delisting of Cardano, Polygon, Solana, users have the option to withdraw their assets if they prefer not to have them sold. However, it’s important to note that the ability to withdraw these crypto assets may not be available in all states.
“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company added.
The Solana Foundation addressed the claim that Solana (SOL) is a security on Thursday, asserting that SOL is, in fact, a community-driven project that depends on decentralized engagement from its users and developers.
Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, had earlier said that they are “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”
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Source this is a syndicated feed of information for educational purposes.
DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”
Robinhood, an American trading platform, has revealed its plans to stop supporting certain cryptocurrencies. Effective June 27, 2023, at 06:59 PM (ET), Robinhood will no longer offer services for Cardano (ADA), Solana (SOL), and Polygon (MATIC). The decision was made after a review of the platform’s cryptocurrency offerings.
Following the U.S. Securities and Exchange Commission (SEC) labeling several cryptocurrencies as unregistered securities, Robinhood, the trading app, has informed its users that they will no longer be able to trade the above-mentioned tokens on its platform.
Attorney Bill Morgan, who often shares interesting insights about the ongoing XRP vs SEC lawsuit, took to his Twitter handle to answer a query raised by Paul Barron.
You ask if @Coinbase is next to end support for these cryptos. Coinbase only ceases trading of assets that contain the letters XRP https://t.co/Xpo1EiOaEs
— bill morgan (@Belisarius2020) June 9, 2023
Paul wrote on Twitter, “@RobinhoodApp just ended support for @solana @0xPolygon @Cardano is @coinbase next for these assets – where will Americans decide to go? 1. Self Custody 2. Sell Tokens 3. Move Off Shore.”
Replying to Paul, Bill said, “You ask if @Coinbase is next to end support for these cryptos. Coinbase only ceases trading of assets that contain the letters XRP.”
This decision comes shortly after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao, making various allegations.
The lawsuit specifically mentions Cardano (ADA), Polygon (MATIC), Solana (SOL), Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), Axie Infinity (AXS), as well as the BUSD and BNB stablecoins, identifying them as securities.
However, Robinhood has limited its delisting action to SOL, ADA, and MATIC, reassuring its users that no other coins will be affected and will remain secure on the platform.
“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company said in its blog.
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Source this is a syndicated feed of information for educational purposes.
DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”
Solana (SOL) outperforms Ethereum (ETH) with 86% growth in active addresses
On-chain analytics firm Nansen highlighted remarkable growth in active addresses for the cryptocurrency market in May. Nansen says that May was an incredible month for growth in crypto. It occurred as active addresses hit a new all-time high in May, with many chains seeing double-digit growth in active addresses.
May was an incredible month for growth for crypto. They say we’re in a bear market, but the numbers say otherwise!
Solana: 9.5M (+86%)
BNB Chain: 12.4M (+14%)
Ethereum: 4.7M (-4%)
Optimism: 1M (+22%)
🆕 TRON: 12.1MWhat were these addresses doing and how have things progressed? pic.twitter.com/4caCV5ms8l
— Nansen 🧭 (@nansen_ai) June 9, 2023
Nansen examines the growth in active addresses for major blockchains. Solana led the pack with an 86% increase in active addresses, coming in at 9.5 million. The Orca, Stepn and Raydium protocols contributed significantly to the increase in active addresses on the Solana blockchain.
BNB continues to be one of the most active chains in the ecosystem. Outside of Binance, PancakeSwap topped the chart as the most-used entity on BNB in May. Nansen reports that on May 31, TRON addresses accomplished nearly 11 million transactions in a single day, and in the last seven days, nearly 15 million USDT transfers were made.
Solana Foundation reacts to SEC allegations
In landmark lawsuits against Binance and Coinbase, two of the biggest cryptocurrency exchanges, the SEC named SOL and 12 other tokens as unregistered securities. The Solana Foundation has now responded to the SEC’s allegations, about three days later.
According to Fortune Magazine, a Solana spokesperson stated that “the Solana Foundation strongly believes that SOL is not a security.”
The largest exchange by trading volume, Binance, and its CEO, Changpeng Zhao, were the targets of the SEC’s action on Monday. The SEC said that Binance sold customers unregistered securities and flagrantly failed to adhere to U.S. securities legislation.
The next day, the SEC sued Coinbase, the largest exchange in the U.S., alleging in a similar manner that it had been acting as an unregistered broker, securities exchange and clearing agency.
Robinhood just announced that it would be delisting several cryptocurrency assets, including Solana.
All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.
DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”
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