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2022-11-15 22:03:02 Solana leads crypto slump with FTX’s serum project In distress

Major cryptocurrencies were mostly higher after Binance Holdings Ltd.’s Chief Executive Officer Changpeng ‘CZ’ Zhao said the world’s largest digital-asset exchange plans to set up an industry recovery fund. Zhao said Monday the goal was to “reduce further cascading negative effects" .

Bitcoin spiked after the tweet but later paired back some of those gains. At 10:23 a.m. in New York, the token was up 1.2% to $16,567. Earlier, it approached the year’s low following a 3.4% intraday drop. It tumbled 23% last week. Solana, a token associated with Sam Bankman-Fried’s broken FTX empire, snapped a three-day retreat to add as much as 11%.

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2022-11-14 08:31:02 Solana liquidity hub Serum to be forked after possible compromise in FTX hack

Solana developers are forking FTX-developed token liquidity hub Serum after it may have been compromised in a hack on FTX. On Friday, a hacker made unauthorized withdrawals of more than $400 million from FTX. The situation further exacerbated the exchange’s insolvency crisis, which led it to file for Chapter 11 bankruptcy protection.

Solana founder Anatoly Yakovenko noted that developers are rushing to fork Serum’s code today and resume the protocol without the involvement of FTX. Developers need another version of Serum because the original can only be updated via a private key that was controlled by someone at FTX and not the Serum DAO. As a result of the FTX hack, that key may have been compromised. “Afaik, the devs that depend on serum are forking the program because the upgrade key.

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2022-11-13 08:50:03 Wrapped tokens on Solana issued by FTX or Alameda collapsing, no longer redeemable

Wrapped tokens on Solana issued by FTX or Alameda Research are experiencing sharp declines after both entities filed for Chapter 11 bankruptcy protection.Wrapped ether on Sollet is only down 9% to $1,138 over the same time frame. Native ether is trading at $1,255. CoinGecko is displaying the same warning for soETH as for soBTC.

Wrapping coins, such as bitcoin or ether, on Solana makes those assets available to use on the Solana blockchain — opening them up to usage in Solana's decentralized finance ecosystem. Many Solana-wrapped assets were custodied by FTX or Alameda, according to open-source portfolio tracker Rotkiapp's founder on Twitter, which added: "That means they are no longer redeemable and will probably go to 0.".

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2022-11-12 13:12:02 Solana Trade at Premium on FTX

Ethereum's native token, ether (ETH) and Solana's SOL are drawing higher prices on troubled crypto exchange FTX relative to Binance and other platforms. The unusual market dynamic has observers scrambling for an explanation.

The premium stems from FTX-based traders switching from cash and cash equivalents (stablecoins) to major cryptocurrencies in the wake of the exchange stopping clients from taking direct custody of their crypto and fiat funds and signaling potential bankruptcy, according to Markus Thielen, head of research and strategy at Matrixport. FTX-based perpetual futures contracts tied to BTC and ETH.

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2022-11-11 13:51:02 Solana TVL drops 32.4% as FTX turmoil rocks ecosystem

The total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem. According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time-high (ATH),

TVL measures the total value of all assets locked into decentralized finance (DeFi) protocols. As TVL increases, that means more coins are deposited within the DeFi protocols and can indicate bullish sentiment, while a falling TVL shows that investors are pulling their funds out of the ecosystem for one reason or another. The Solana-based liquid staking protocol Marinade Finance has seen the biggest loss in TVL on the chain, having fallen 35.1% to $115.79 million within the last 24 hours.

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2022-11-10 11:18:02 Nearly $1 billion of solana is set to be unstaked in 24 hours

Solana validators are scheduled to unlock 49.6 million SOL ($945 million) when the current epoch ends in less than 24 hours time. Representing 13% of the coin's supply, it's the second-largest volume of tokens to be unlocked in any Solana epoch and it is coming amid a time of considerable tumult in the crypto market.

An epoch refers to a number of slots (like blocks) on the chain and takes around two to three days. Data from Solana Compass shows that Epoch 370, the current Solana network epoch, is set to end at around 8.30 AM UTC on Nov. 10. Solana epochs refer to a time period, usually two days, when validators lock in their stake on the network. Validators can choose to unlock their stake at the end of each epoch.

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2022-11-09 19:12:02 Solana Token Down Double-Digits as NFT Growth Plummets

Despite news that Google Cloud would begin running a Solana validator, the token backing the speedy layer-1 blockchain has plummeted double-digits. The so-called Ethereum Killer’s native token, SOL, has dropped nearly 12% in value over the past 24 hours, according to data from Coingecko.

Solana is a proof-of-stake (PoS) layer-1 blockchain that offers many of the same operations as Ethereum, including decentralized finance (DeFi) applications and non-fungible tokens (NFTs). SOL dropped from $36.29 to $31.02 early Monday morning. It has since staged a modest rally to $31.80 at press time. Trading volumes also saw a 19.22% dip to $2.77 billion over the same period. SOL is still down 87.8% from its all-time high of $259.96.

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2022-11-08 12:17:02 Neon Labs plans to support EVM on Solana in early December

Neon Labs plans to deploy an Ethereum-based smart contract layer on the Solana blockchain on Dec. 12. Known as Neon EVM, the solution aims to bring support for Ethereum Virtual Machine (EVM) — a mechanism that will allow developers to write Ethereum applications on top of Solana.

Neon's implementation will be a smart contract platform built on top of Solana that lets developers deploy Ethereum-based applications — something that’s not been possible so far on the network. Solana’s existing smart contract framework is not EVM-compatible. Therefore developing Ethereum apps on Solana isn’t possible. Neon wants to change that by adopting the developer tools and compute layer present on Ethereum.

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2022-11-07 09:19:02 Google Cloud adding BigQuery support for Solana in Q1 2023

Google Cloud is adding support for the Solana blockchain in BigQuery, in order to make it easier to access Solana data. This comes nine years after it first added Bitcoin to the service. Support for Solana will go live in Q1 2023, according to Nalin Mittal, web3 lead for Google Cloud, speaking at Breakpoint, Lisbon.

Google Cloud is already running a Solana validator, Mittal said. It is learning more about the blockchain by doing this and working out how to run one in a cost-efficient way. This experience is helping Google Cloud prepare to add the network to Blockchain Node Engine, its service for offering managed blockchain nodes. This was its first web3 product, Mittal said, noting its launch was when Google Cloud “really deepened our investment in this space.”.

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2022-11-06 12:57:02 Pre-production Solana phone to ship to developers in December

Pre-production versions of the Solana phone will be shipped to developers from Dec. 15, as the phone gears up for introduction in early 2023. Around 3,500 developer-focused kits have been manufactured and are boxed up, according to an update at Breakpoint, Lisbon. The last hurdle is the release software that’s going through final testing.

The phones will let developers in the Solana ecosystem test decentralized applications for the Solana dApp store. They will also let developers try out the Solana Mobile Stack and the Seed Vault, the way the phone stores private keys. The developer kits will be sent out first to holders of the Saga Pass, a membership NFT given to early adopters of the phone. There’s been one mint of these NFTs and another will be coming soon. It will go on sale for $1,000 in Q1 2023.

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