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Anatoly Yakovenko Discusses What Next For Solana & Competition With Ethereum L2s
Published
3 days agoon
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adminIn a recent interview, Anatoly Yakovenko, Solana’s founder, spoke to the unique position this ecosystem holds in the blockchain landscape, using its implementation against L2 scaling solutions and other Layer 1 blockchain systems.
Previously he raised questions about the vitality of the Ethereum ecosystem without the contributions from Base, a Layer 2 solution. This query comes amidst observing the metrics of growth shown by Base, particularly in user activities and transaction volumes.
Solana’s Anatoly Yakovenko: L1 Scalability Key, Not L2 Solutions
Anatoly Yakovenko, Solana’s founder, highlighted the unique position of the Solana ecosystem within the blockchain landscape. He contrasted its approach with both Layer 2 scaling solutions and other Layer 1 blockchains.
The podcast he was guest at was a sort of a follow up to his last statements where he questioned the resilience of the Ethereum ecosystem without contributions from Base, a Layer 2 solution, particularly in light of Base’s impressive growth metrics in user activity and transaction volumes.
“Its scalability, infrastructural focus, and transaction efficiency, in my opinion, are three things Solana has on its side,” Yakovenko detailed. Of course, he is also aware of Solana’s challenges in a world where blockchain technology would evolve and platforms would develop further.
Anatoly Yakovenko emphasized Solana’s unique architecture, designed to democratize access to transaction validation. Unlike traditional finance, Solana allows anyone to set up a validator and submit transactions directly, bypassing intermediaries. This level of decentralization, Yakovenko noted, is hard for traditional finance to replicate. While this functionality exists, he acknowledged that scaling it effectively remains a challenge.
New validators face significant barriers, including finding suitable peers for transaction ordering. Amassing enough stake to gain influence on the network is also difficult. Yakovenko believes that Solana’s future depends on regular network optimization. He envisions technical improvements that include higher bandwidth, lower latency, and multiple concurrent leaders per transaction slot. These changes, he suggests, could reduce economic barriers and make it easier for new validators to compete.
By reducing bottlenecks, Solana could foster a healthier, more competitive ecosystem. This would ultimately make the network more decentralized. Yakovenko views Solana’s path to decentralization as an engineering problem, requiring iterative optimizations. Through these efforts, Solana aims to achieve fair and efficient transaction processing.
Highlighting Solana’s Edge Over Ethereum and L2s
Anatoly Yakovenko compared Solana to Ethereum and various L2 solutions, emphasizing the trade-offs between Layer 1 and Layer 2. L2 solutions often use centralized sequencers for low-latency transaction ordering. However, Yakovenko noted that these can lead to the same congestion issues seen on Layer 1 chains. While L2s are often seen as short-term fixes for congestion, they face scaling bottlenecks when multiple applications or markets use them.
He highlighted that Solana’s strategy focuses on building a robust Layer 1 chain capable of supporting high throughput without needing L2 solutions. Another key factor for Yakovenko is synchronous composability, where multiple applications can interact in real-time on a single chain. He believes this is essential for DeFi. In his view, monolithic chains or application-specific L2s can’t support this level of composability, limiting their scalability.
According to Anatoly Yakovenko, the last competitive edge for Solana lies precisely in this regard: its total commitment to synchronous composability at scale-what makes it different from Ethereum and L2 chains. Still, some experts, such as Peter Brandt said that Solana is already breaking into new highs while Ethereum is struggling against an overhead resistance.
The overriding message from Yakovenko is that where Solana has the edge is in execution. While Ethereum is expanding via L2s, the development of Solana remains focused on making its L1 perfect. He admits that one day, a blockchain will come up with features similar to those of Solana and offer faster iterations, but for now, the pace at which Solana is improving places it well ahead of the competition.
For Anatoly Yakovenko, this core of Solana’s potential rests on ironing out its infrastructure to support more equitable, open transaction processing for a truly decentralized future. He says this positions Solana as one of the leading blockchains for years to come.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts
Published
4 hours agoon
November 12, 2024By
adminShibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.
Shibarium and the Obvious Growth Catalyst
The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.
With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.
PAW-some news! 🐾 Shibarium just fetched 500M transactions—proof of pack is unstoppable! 🚀 Here’s to more tail-wagging milestones ahead. #ShibArmy #Shibarium https://t.co/1gBzGyY85E
— Kaal (@kaaldhairya) November 12, 2024
Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.
Shiba Inu Reacts, Will This Boost Market Value?
The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.
While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.
Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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How A Simple Wallet Error Cost $25 Million To This Crypto User?
Published
11 hours agoon
November 12, 2024By
adminIn an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses.
When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.
Crypto User Sent Cryptos To The Wrong Wallet Address
The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link, which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.
Urgent Request for Help!
To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it. If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million…
— 我有一个狗王梦 (@qklpjeth) November 10, 2024
The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.
A few readers have advised reaching out to the platform’s team and conveying the needed changes to retrieve the assets. Even the DeFiLlama founder 0xngmi has suggested that the crypto user should connect with the Renzo team to edit the contract code and retrieve his tokens.
Renzo Fails To Help Due to Compliance Issues
Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues.
A few community members further advised the victim to take legal action to solve this issue. This is because, on many occasions, the court has ordered to resend the cryptos in case of hacks and similar situations. However, the crypto user has declined to do so due to his good relations with the company, saying,
I haven’t considered the legal process. I’m good friends with the Renzo team and don’t want to go through legal procedures.
How To Protect Your Crypto?
This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. Till now, no solution has come out, and even Renzo’s team failed to help out on this due to compliance issues. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitget Re-Launches UK Platform With Over 150 Tokens Ready for Trading
Published
14 hours agoon
November 12, 2024By
adminBitget cryptocurrency exchange and Web3 provider has announced the re-launch of its platform in the UK, now offering British users access to a wide selection of digital assets. The re-launch is in line with the Financial Promotions Regime, and the exchange’s offerings exceed 150 tokens, making it one of the most comprehensive crypto platforms in the UK.
Bitget Launches in the UK, Doubling Token Access For Crypto Traders
Bitget has officially re-launched its UK website, providing British users with access to over 150 tokens for trading. This extensive offering surpasses the token variety available on many global exchanges. It is a reflection of the exchange’s commitment to delivering a broad range of options for UK crypto investors.
More so, the diverse token selection positions the Seychelles-based platform among the top exchanges in the UK.
The re-launch comes in response to the growing demand for diverse digital assets within the UK. Bitget’s expansion aligns with the UK Financial Conduct Authority’s (FCA) Financial Promotions Regime, ensuring all promotional activities meet transparency and fairness standards.
Additionally, the exchange’s offerings demonstrate the platform’s strategy to provide UK crypto investors with ample choice within a compliant framework.
Archax Approval Enables Custody Services for UK Crypto Users
With Archax’s approval, Bitget users in the UK now can access a range of cryptocurrency trading and custody services, including tokenized real-world assets. Archax, a regulated digital securities exchange will provide the necessary local endorsement that allows operations within the UK’s regulatory environment.
Moreover, the endorsement will facilitate Bitget’s UK entry, as it meets the requirements of the Financial Promotions Regime for offshore exchanges operating in the region. Archax’s role in vetting offerings strengthens the exchange’s efforts to maintain a high standard of security for UK users.
Notably, the Head of Regulation at Archax, Julia Loder, emphasized their support stating,
“We are dedicated to upholding high standards of the Regime, providing UK investors with access to a transparent trading experience.”
This re-launch reflects the platform’s approach of incorporating local compliance requirements into its expansion plans. Gracy Chen, CEO at Bitget, added,
“At Bitget, compliance is the core of our expansion strategy. The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the ever-changing crypto landscape. This launch is a step towards establishing Bitget as a long-term, compliant partner in diverse markets, providing investors with a platform to explore digital assets.”
More so, the extensive range of digital assets addresses and the diverse interests of UK investors highlight market adaptability. The UK crypto market, known for its advanced financial environment will solidify the exchange growth in the crypto sector. With over 45 million users in more than 150 countries, this expansion adds to Bitget’s global presence.
Meanwhile, the crypto exchange recently launched the “Pitch n Slay” initiative under its Blockchain4Her program to support women entrepreneurs in Web3. With up to $100K in funding, the program provides mentorship, guidance, and exposure.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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