About two months after the FTX collapse, the Solana network is stronger than ever, according to Austin Federa, the head of strategy and communications at the Solana Foundation. Federa defines the recent SOL token price crash as a short-term market reaction to the perceived connection between Solana and the defunct crypto exchange FTX. While FTX founder Sam Bankman-Fried was invested in many Solana-based projects, Federa pointed out he didn't have any influence on the network’s operations and fundamentals. “The external perception was that there was a very close relationship between the Solana network and FTX, which wasn't the case," Federa …

Porsche criticized for 'low effort' NFTs, ends mint early Car manufacturer Porsche had to cut short a nonfungible token (NFT) mint of its famous white 911 model only two days after the public mint started, saying its “holders have spoken.” The Jan. 23 launch was seen by some as a huge flop for Porsche with just 2,040 of the 7,500 NFTs available having been sold at the time of writing. Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the …

Solana’s (SOL) recent 250% rally to $25 has shocked many investors in the crypto market. At the same time, traders who had eyes on the negative funding rate for SOL in the futures market could have anticipated the bullish move ahead of others. It’s because excessive negative funding rates, like the one in Solana displayed below, implies that the majority of traders are on the short side, providing an opportunity for buyers to run their stops. Regardless of the reason behind the price increase, if enough buyers are interested in joining the bullish move, it can turn into a medium-to-long-term …

Switzerland-based cryptocurrency firm 21Shares is betting on proof-of-stake (PoS) coins by launching a new crypto exchange-traded product (ETP) dedicated to staking. 21Shares on Jan. 18 launched the 21Shares Staking Basket Index ETP, a crypto staking index designed to track up to 10 PoS cryptocurrencies. The ETP immediately starts trading on the local stock exchange BX Swiss under the ticker STAKE. At launch, 21Shares’ STAKE ETP tracks six digital assets, including Binance Coin (BNB), Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL) and Tezos (XTZ). The index will rebalance on a semi-annual basis in March and September in accordance with market …

The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices. According to a Jan. 16 report from Electric Capital, “full-time” developers — categorized as those who contribute to 76% of Github commits — also increased 15.2% to over 7000, while “one-time” builders fell 6.2% to over 3,500 during the same time period between December 2021 and December 2022 Despite the crypto market capitalization beginning its long plunge from from …

Ethereum layer-2 scaling solution Polygon, joined hands with Xternity, a Web3 gaming development platform, to migrate and onboard a multiplayer Web3 game — Synergy Land — to the Polygon network from Solana. As blockchain platforms, Solana focuses primarily on scalability and cost-cutting, while Polygon allows for seamless interaction with the Ethereum ecosystem. To help transfer Synergy Land’s resources onto the Ethereum Virtual Machine (EVM) chain, Xternity proposed a process — via its network migration tool — that can be used to migrate games or projects across chains. Speaking about Xternity’s goal to accelerate Web3 game development, co-founder and CEO Sagi …

When I entered crypto, I succumbed to the contest between blockchain ecosystems, believing one had to be “better” than others. I have since realized the future of cryptocurrency is bringing with it a variety of platforms that will excel at different things. With the Inter-Blockchain Communication Protocol (IBC), I’ve left behind the days of thinking chains have to compete and embrace a connected interchain future. Let me explain. Solana, Polkadot, etc. — what do they have in common? They are individual state machines, each trying to achieve something only one has done before: create a sustainable, robust ecosystem of developers, …

Solana Foundation, the non-profit organization of the Solana Network, disclosed on Jan. 14 a security incident involving its email service provider Mailchimp. According to an email sent to users and seen by Cointelegraph, the Foundation was informed by Mailchimp on Jan. 12 that "an unauthorized actor accessed and exported certain user data from the Solana Foundation’s Mailchimp instance." Among the information accessed and exported in the incident were user's names and Telegram usernames. The Solana Foundation stated: "Based on the information we have received from Mailchimp, the affected information may have included, inter alia, email addresses, names, and Telegram usernames, …

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overbought Solana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also …

While 2022 ended on a grim note with macro headwinds providing little hope of a revival in 2023, the start of a new year has surprised bears with a surge in Bitcoin (BTC), Ether (ETH) and altcoin prices. The period of sparse volatility in the crypto market appears to be ending with a breakout on the upside. The increase has been particularly striking in some altcoins such as Lido (LIDO), Solana (SOL), and Cardano (ADA). The primary factors promoting the spike in these coins are the upcoming Ethereum Shanghai update (for LIDO) and the negative funding rate in the futures …

Bitcoin (BTC) has finally pushed above the $17,000 mark after rallying to $17,375 on Jan. 12. with both the bulls and the bears eyeing the Consumer Price Index (CPI) due on Jan. 12. If the print shows that inflation is cooling off, risk assets may rally, but a negative surprise could attract strong selling. While some believe that a macro bottom could be forming in Bitcoin, others remain skeptical. They draw a parallel between the current bear market and the dot-com bubble burst. The United States Federal Reserve stopped raising rates in May 2000 but the Nasdaq did not bottom …

The team behind y00ts and DeGods were paid $3m to move their collections off Solana and onto Polygon, according to a January 6 announcement from the company. The statement was made on Discord and copied to Twitter by Frank III, founder of the two projects. Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6 — Frank III (@frankdegods) January 6, 2023 The developers had previously announced on Dec. 27 that the projects would be moving to Polygon. This was widely seen as a possible death blow to the Solana network, as the network was already under pressure due …