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Solana Co-Founder Urges Congress to Empower Crypto Innovation

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The blockchain revolution, driven by innovators like Anatoly Yakovenko, co-founder of Solana, has sparked an entrepreneurial frenzy that promises to reshape industries and empower individuals worldwide. However, a lack of regulatory clarity is driving an exodus of blockchain developers away from the U.S., threatening its technological leadership.

Anatoly Yakovenko’s brainchild, Solana, represents a vision of an open, decentralized global network that transcends borders. Yet, the regulatory maze that blockchain startups face in the U.S. is discouraging a new generation of entrepreneurs from pursuing their dreams.

While traditional startups can incorporate for a nominal fee, blockchain companies grapple with complex legal hurdles, consuming precious time and resources. The absence of clear guidelines leaves young innovators in a state of uncertainty, causing many to opt for a path abroad.

Shocking statistics reveal the severity of the issue. In 2018, the U.S. housed 42% of the world’s open-source blockchain developers, but by 2022, that number plummeted to 29%, according to Electric Capital. The U.S. risks losing its brightest minds to countries with more hospitable regulatory environments.

To remedy this, Congress must take decisive action. Proposed bipartisan legislation, while imperfect, lays the foundation for a regulatory framework that both protects consumers and encourages entrepreneurship. These bills deserve serious consideration, as they are crucial to safeguarding American technological leadership and fostering a free and open internet.

Furthermore, the government should invest in blockchain research and development, following in the footsteps of European and Asian governments. Embracing the technology firsthand is vital for crafting effective policy. Policymakers should explore innovative solutions, such as utilizing blockchain for humanitarian relief and decentralized communications networks.

Anatoly Yakovenko’s call for an open dialogue between policymakers and blockchain entrepreneurs is timely. The potential of web3 is vast, and its pitfalls are real. By engaging with builders and innovators, the U.S. government can ensure that it remains at the forefront of this transformative wave.

Damage Control: FTX’s Impact on Solana

SOL has a troubled history with its association with FTX, and the exchange’s dramatic collapse in the fall of 2022 had a ripple effect on SOL’s market performance. Moreover, SOL suffered significant damage due to FTX Founder Sam Bankman-Fried’s support and investments in various Solana projects. This led to a surge in social mentions for SOL, but its prices moved in the opposite direction, as LunarCrush data indicates.

Solana has also faced periodic network disruptions, undermining its reputation for speed and efficiency. A major outage in February lasting nearly 20 hours triggered negative commentary around SOL, with terms like ‘concern’ and ‘outage’ frequently linked to it.

It was expected that increased social activity would be followed by a decline in SOL’s value, but in the most recent case, the fear, uncertainty, and doubt (FUD) seemed to be diminishing at the time of writing. Solana’s price surge, with a 3.97% increase over the last 24 hours, is just a glimpse of the potential that awaits.

Shiba Inu Surges To 6th Place Among American Crypto Favorites

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Shiba Inu, the popular dog-themed cryptocurrency, has surged to become the sixth most favored digital asset among American investors. While Bitcoin [58%] and Ethereum [37%], the top two cryptocurrencies by market capitalization, occupy the leading positions, SHIB has achieved a remarkable feat by outperforming major cryptocurrencies like Tether [USDT], Cardano’s ADA, and Solana [SOL].

Dogecoin [26%], famously endorsed by Elon Musk and recognized as the first meme coin globally, secured the third spot. Closely trailing behind were Binance [22%] and dollar-backed stablecoin USDC [18%], which were placed fourth and fifth, respectively.

In a recent survey jointly undertaken by ConsenSys and YouGov, SHIB claimed the sixth spot with the support of 17% of respondents. It edged out Tether, UST, and Solana, which ranked seventh with 16%, and Cardano, which secured the eighth position with 13%. The survey, titled “A Global Survey on Crypto and Web3,” involved 1018 American residents aged 18 to 65 and revealed that the majority of Americans have yet to explore cryptocurrency investments.

Approximately 43% of respondents expressed interest in entering the emerging crypto industry, while 18% remained undecided about investing. Shiba Inu’s prominent member and marketing specialist, Lucie, expressed pride in the token’s accomplishments, stating, “I’m immensely proud to witness Shiba Inu steadily and surely establishing itself at the pinnacle.”

Shiba Inu’s Charm Resonates In India

In the other parts of the word, notably in the Indian cryptocurrency landscape, Shiba Inu has emerged as a crowd favorite, dominating trading activity on the WazirX exchange throughout August. This meme-inspired coin shared the spotlight with XRP, associated with Ripple, and garnered significant attention from investors across the nation.

WazirX recently shared a list of the top five traded coins, featuring SHIB and XRP alongside the well-known names of Bitcoin [BTC], Ethereum [ETH], and Tether’s USDT, TronWeekly reported.

Shiba Inu, the meme coin that has been generating buzz, is now displaying signs of increased volatility, hinting at a potential reversal in trends. At the time of writing this article, SHIB was trading at $0.000007614, with an impressive 25% surge in 24-hour trading volume to $111 million. These fluctuations underscore that Shiba Inu is once again captivating the crypto community’s attention.

Solana’s Slide: Daily Active Addresses Plummet Amidst Partnerships & Adversity

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The once-thriving Solana blockchain is grappling with a significant decline in daily active addresses, reaching its lowest point since tracking began in late 2020. Recent data from The Block Research reveals that as of August 31, the network’s daily active addresses, calculated using a seven-day moving average, plunged to about 204,000.

Source:  The Block Data

The downward tre­nd in active users for Solana has bee­n worsened by various factors. One significant factor is the­ collapse of the crypto exchange­ FTX in November of the pre­vious year. This event, along with the­ SEC categorizing its native SOL token as a se­curity, casts a shadow over Solana’s future prospects.

Rebecca Stevens, a data analyst at The Block Research, commented on the situation, stating that the Solana ecosystem had been experiencing a decline in active users even before the FTX collapse. She noted that the blockchain’s close associations with the exchange and Alameda Research had negatively impacted its reputation. 

In addition, Steve­ns emphasized that the SEC’s accusations about SOL’s se­curity classification had caused even more­ downward pressure on the toke­n’s value. This ultimately led to its de­listing from various prominent U.S. platforms, including eToro and Robinhood.

Solana’s Resilience: Notable Partnerships Emerge

Despite the challenges and declining user numbers, the network is not without its resilience. The blockchain has been forging notable partnerships that underscore its determination to remain a key player in the crypto world.

Just yesterday, the network announced a groundbreaking partnership with Visa, a global payment leader. Solana’s lightning-fast blockchain technology will now take center stage in Visa’s ambitious expansion of its stablecoin settlement pilot program, ushering in a new era of speed and efficiency for cross-border payments.

This partnership holds tre­mendous potential to revolutionize­ the way transactions are carried out, e­nsuring unprecedente­d speed and efficie­ncy. Moreover, Solana Pay, a pionee­ring decentralized payme­nts protocol, has recently joined force­s with Shopify, providing countless businesses with an innovative­ payment solution.

This collaboration enables merchants to enjoy real-time access to their funds while gaining greater control over working capital, liquidity, and liability protection. Additionally, Solana’s joint effort with Mastercard and other public blockchain companies to develop a new set of standards known as Crypto Credentials has added to the blockchain’s growing prominence.

However, the network is actively seeking to reinvent itself through strategic partnerships and innovative solutions, demonstrating its commitment to remaining a formidable player in the evolving blockchain landscape. 

Crypto Analyst’s Saga: Lessons Learned From AVAX, SOL, & LUNA Rollercoaster

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In a recent thread of tweets, renowned crypto analyst Miles Deutscher reflects on the rapid rise and fall of cryptocurrencies $AVAX, $SOL, and $LUNA over the past 16 months. What started as a triumphant journey with all three coins trading above $100 eventually led to a mixed fate, with one currency plummeting to zero, another resting at $10, and the third falling behind. Deutscher, however, emphasizes that amidst the price volatility lie essential lessons for traders.

The Hidden Key to Crypto Success

Deutscher’s first lesson is to comprehend the narrative hype cycle. Dividing it into three phases—pre-, mid-, and post-cycle—he underscores the significance of entering during the initial phases to maximize profits and limit losses. 

His analysis corroborates legendary investor Howard Marks’ assertion that even promising assets can become overpriced and vice versa. Deutscher’s advice: spot potential winners early.

In Phase 1, Deutscher insists on identifying the driving narrative of each cycle. For instance, during the previous cycle, the L1 narrative gained traction as Ethereum struggled with scalability, creating room for emerging projects like “SOLUNAVAX” to excel. 

The key, Deutscher believes, is to recognize upcoming challenges and identify projects poised to address them. Acting swiftly when the trend gathers momentum is crucial.

In lesson 3, Deutscher advocates for calculated risk-taking. Being discerning about when to seize opportunities and when to be cautious is imperative in crypto trading. Drawing from @0xWangarian’s insights, Deutscher shares that his past regret was not betting more when he had conviction. Balancing risk and reward is a paramount aspect of successful trading.

The final lesson warns against becoming a “bag holder.” While altcoins offer lucrative gains, they lack the stability of a store of value. Deutscher underscores the importance of incremental profit-taking on the way up to alleviate pressure when timing the peak. Vigilance is also essential during a narrative’s decline, as spotting early signs of fading momentum can prevent significant losses.

Deutscher concludes by admitting he didn’t master these lessons in the previous cycle, but the insights gleaned are invaluable for the next phase. He acknowledges the rapidly evolving nature of the crypto space but affirms that human emotions of fear and greed remain constant, offering traders an exploitable edge.

Related Reading | Dogecoin Defies Trademark Norms, Sparks Crypto Cheers

Solana Unite With Shopify For Instant USDC Payment

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Solana Pay, the leading open-source payment protocol harnessing the potential of the Solana blockchain, has integrated itself into the realm of e-commerce titan Shopify, that introduces the utilization of USD Coin [USDC] for transactions, as officially announced on Wednesday.

This groundbreaking alliance will now enable users to seamlessly link their Solana-centric cryptocurrency wallets, such as Phantom or Slope, allowing them to settle payments directly on the blockchain through the trusted medium of USDC in their transactions with merchants.

Although USDC, is the initial payment choice for this integration, other cryptocurrency assets will be incorporated in the near future, according to a representative from the Solana Foundation. In the words of Josh Fried, the head of commerce and business development at the Solana Foundation:

“When contemplating this harmonization, the selection of a stablecoin was a deliberate choice since both merchants and consumers inherently ‘think in dollars.’ This approach creates a significantly smoother initiation point, as pricing is presented in a currency that naturally resonates with both consumers and merchants.”

Fried also emphasized that the transaction settlement via USDC will occur virtually instantaneously, a notable departure from the time-intensive nature of numerous credit card payments that often necessitate days for clearance.

Solana Pay had previously partnered with Checkout.com, Circle, and Citcon, with the primary objective of facilitating crypto payments for merchants. With the Shopify partnership now coming to fruition, the innovative payment protocol is poised to redefine the landscape of e-commerce and payment processing.

Amidst the growing DeFi use, Solana continued its propulsive rise and briefly dethroned the leading meme token, Dogecoin [DOGE]. Although SOL lost its 8th position, it solidified its spot in the top 10 largest crypto assets by market capitalization, as per the latest stats from CoinMarketCap.

Solana Achieved 150% YTD Growth In Smart Contracts

Known for its high-speed and scalable blockchain ecosystem, the leading layer 1 blockchain has been gaining notable traction over the past months. Its protocol’s ability to process over 65,000 transactions per second, coupled with low fees and quick confirmation times, has garnered attention from both developers and investors alike.

In terms of deployment of smart contracts, SOL has achieved nearly 150% year-to-date growth, surpassing Ethereum’s modest 50% growth. The Web3-focused blockchain has taken the lead in hosting innovative dApps and smart contracts that push the boundaries of blockchain technology. This momentum has driven Solana to embrace Liquid Staking Protocols, which have gained significant traction in the DeFi space since the beginning of this year.

Gemini Expands Support To XRP Ledger, Broadening Its Network Compatibility

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In a significant move to further diversify its supported blockchain networks, Gemini, the renowned cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has proudly announced the integration of XRP Ledger (XRP) onto its trading platform. This addition marks another milestone for the exchange’s mission to facilitate increased financial freedom and innovation.

The official blog post released by Gemini revealed the exciting news, stating, “We are delighted to announce support for XRP Ledger (XRP), adding a new blockchain to Gemini’s growing list of supported networks!” 

This new inclusion allows platform users to trade XRP on various applications, including API/FIX and ActiveTrader applications for USD trading pairs. Additionally, XRP can be traded on the Gemini Mobile App and website, with trading pairs spanning USD, GBP, EUR, CAD, SGD, HKD, and AUD.

One distinct feature that sets XRP Ledger apart from traditional Proof-of-Work (PoW) blockchains like Bitcoin is its innovative consensus protocol. Known as the Ripple Protocol Consensus Algorithm (RPCA), this mechanism relies on most validators to record and authenticate transactions on the ledger. 

A select group of trusted nodes upholds the integrity of the XRP Ledger. To achieve consensus and be recorded on the ledger, transactions require approval from a supermajority of these nodes. While anyone can participate as a validator, Ripple curates a roster of trusted validators referred to as the Unique Node List (UNL).

Gemini’s Expanded Compatibility: 13 Supported Networks

The addition of XRP Ledger expands Gemini’s compatibility to a grand total of 13 blockchain networks. This comprehensive roster includes popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as Solana (SOL), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Avalanche (AVAX), Cosmos (ATOM), Zcash (ZEC), Filecoin (FIL), Dogecoin (DOGE), and Tezos (XTZ).

The Winkle­voss twins, founders of Gemini, expre­ssed their excite­ment for adopting the XRP Ledge­r. They emphasized the­ir dedication to promoting innovation and empowering individuals in the­ financial world.

The exchange strate­gic expansion aims to make it easie­r for users to access a wide range­ of blockchain networks in the evolving cryptocurre­ncy landscape. This effort is crucial in driving the global adoption of digital asse­ts and ensuring seamless e­xperiences for Ge­mini’s users.

However, Gemini’s late­st move highlights their commitment to providing use­rs with a wide range of options. It also emphasize­s the growing importance of XRP Ledge­r in both blockchain technology and cryptocurrency trading.

Related Reading | Bitcoin Mining Giant Riot Platforms Narrows Losses

Revolut Suspends Crypto Services In U.S. Amid Regulatory Uncertainties

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Revolut, the prominent UK-based firm, has made a significant move in response to regulatory challenges and uncertainties surrounding the cryptocurrency market in the United States. The company suspended its cryptocurrency services for U.S. customers starting September 2, 2023.

Revolut’s decision to suspend its cryptocurrency services in the U.S. is primarily influenced by the ever-changing regulatory landscape and uncertainties surrounding the crypto market in the country. As a result, starting September 2, the U.S Revolut platform will no longer allow users to make buy orders for cryptocurrency.

In addition to the initial suspension, a more comprehensive restriction is set to take effect on October 3, 2023. From then on, U.S. customers will lose complete access to cryptocurrencies through the firm. They cannot buy, sell, or hold any cryptocurrencies via the platform. A representative from Revolut explained the reasoning behind this decision by stating,

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.,” the spokesperson said. “This decision has not been taken lightly, and we understand the disappointment this may cause.”

Revolut has promptly informed all its crypto customers in the U.S. about this decision. An email has been sent to notify them of the impending suspension of crypto services. per the report, “We regret to inform you that we’ll be closing our cryptocurrency platform in the US,” 

SEC’s Influence On Revolut’s Decision

The regulatory context surrounding cryptocurrencies in the US has played a significant role in shaping the firm’s choice. The Securities and Exchange Commission (SEC) asserts that most cryptocurrencies should be considered securities, thus subject to investor protection rules. This stance was evident when the SEC filed a lawsuit against significant crypto exchanges Coinbase and Binance, accusing them of failing to register specific cryptocurrencies as securities. Both companies have refuted the allegations.

In response to the SEC’s statements, the firm promptly acted by opting to delist three tokens – Cardano (ADA), Solana (SOL), and Polygon (MATIC) – that the regulator classified as securities. This decision likely played a role in Revolut’s choice to halt crypto services in the US. The platform plans to finish the delisting procedure by September 18.

Although the suspension has a notable impact on US customers, Revolut’s cryptocurrency services will remain uninterrupted in other global regions, with a particular emphasis on Europe. Outside the US, Revolut’s crypto offerings continue to operate actively and are expanding to cater to a broader customer base.

Revolut introduced a staking program in February, offering customers in Great Britain and approximately 30 European countries the opportunity to earn cryptocurrency rewards. This program demonstrates the company’s commitment to growing its crypto services in the European market.

Related Reading:| Crypto Industry Rejoices As Historic Bill Advances In US Congress

Solana Posts Significant Network Improvement In Half-Yearly Report

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Solana, the leading layer-1 blockchain, has made marked improvements through the first six months of 2023. A report published by the Solana Foundation on July 20 shed light on uptime, a measure of network reliability, the ratio of non-voting-to-voting transactions, the time to produce a block, and the average and maximum transactions per second.

One of the biggest improvements was the seamless deployment of v1.14 to the mainnet, which was proposed after an outage on Feb. 25. Since then, SOL has recorded 100% uptime with no outages. This is significant since the blockchain was beset by network disruptions, which ironically turned into a meme and caused the once-dubbed “Ethereum Killer” to lose credibility.

Besides that, the report highlighted enhancements in its decentralized consensus, which are gauged by the ratio of voting to non-voting transactions. A voting transaction refers to when a validator votes to confirm one or more proposed blocks of information, whereas non-voting transactions are the ones triggered by user behavior on the blockchain.

Additionally, Block times, which gauge the speed of a single transaction, and Transactions per second [TPS] both showed major advances in the report. “Maximum daily transactions per second have been increasing steadily since January 2022, with significant increases in H2 2022 that correlate with new network upgrades,” it added.

Although Solana’s price made a hasty retreat, falling by over 3% to $25.49 in the daily timeframe, The token has been performing well over the past month, with gains of 50%. It has also recorded a substantial uptick in smart contract deployment on its platform. According to the most recent graphic from data aggregator Artemis, SOL has launched about 152 contracts, which is a record number for the entire year.

Solana’s Smart Contracts Hit A Record Year-To-Date 

It should be taken into consideration that the spike is the second of its sort to happen within a 30-day period, indicating that new projects are starting on the platform. The development of decentralized finance, or DeFi, has smart contracts as one of its key components.

However, Total Value Locked, also known as TVL, serves as the primary indicator of the level of support for a certain protocol or decentralized application [dApp]. Solana was one of the top 10 networks with the greatest TVL growth, according to a survey from July 14; it experienced average daily growth of over 17%, weekly growth of over 22%, and monthly growth of over 38%.

Exploring Solana’s DeFi Boom Amidst 70% Price Rally

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Solana, the once-championed Ethereum Killer, has recorded a substantial uptick in smart contract deployment on its platform. The latest chart from data aggregator Artemis showed that SOL’s contracts reached a record year-to-date, with around 152 contracts deployed.

It should be noted that the spike is the second of its kind to occur within a 30-day period, suggesting that new projects are commencing on the platform. One of the most important elements in the development of decentralized finance [DeFi] is smart contracts. Whereas Total Value Locked, or TVL, acts as the key gauge of general support for a given protocol or decentralized application [dApp].

Per a July 14 report, Solana was one of the top 10 networks with the most TVL growth,  with an average daily growth of over 17%, a weekly increase of over 22%, and a monthly surge of over 38%. In addition, the layer-1 network has observed a positive increase in the platform’s user base, indicating notable growth when viewed in the context of other key metrics.

The number of people who are actively using the Solana ecosystem has been trending slightly upward since last week. Looking at the Sol scan data, it was discovered that on July 17, there were about 296k active wallets registered, up from 246k the previous day. Which, however, came up just shy of the 358k+ peak recorded on June 26.

Solana Continues To Expand To More Developer Ecosystems

Overall, Solana’s second quarter of 2023 was marked by a surge in developer activity, with numerous innovative dApps and projects being built on the platform. For instance, Solana opened doors to Ethereum developers with the recent Neon EVM integration.

In the past, layer 2 solutions like rollups or sidechains were frequently utilized by EVM DApps to assure cost efficiency. But now that Neon EVM has been released on Solana, developers have not only an alternative option but also a chance to take advantage of Solana’s astonishingly cheap average transaction cost of just 0.00001 SOL [$0.0002] per transaction.

In contrast, Ethereum charges a transaction fee of about $2 on average. Despite regulatory challenges and numerous delistings, Solana remained resilient and finished as a top 10 crypto asset in Q2. Currently, SOL is trading at $26.35, having risen by over 70% in the past month.

Market Recap: Bitcoin & ETH Show Stability, Altcoins Prices Gain

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The past week was much promising as Bitcoin and Ethereum held strong to their past high resistances while Atcoins gained moments as XRP won summary judgment in its favor, which Sparked much enthusiasm in the market with full-of-hands gains in both weekly and daily charts

In the top 100 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Ripple (XRP) leading the pack and Solana (SOL) in second, and Polygon (MATIC) in third place. Ripple (XRP) has been causing waves in the cryptocurrency market, with a surge of 58% over the past week and displaying bullish indicators.

XRP has experienced significant bullish momentum. This growth can be attributed to the court decision that XRP is not a security has brought about positive reactions from market participants as it challenges the Securities and Exchange Commission’s (SEC) stance on token classification. 

Currently, XRP is trading at $0.7601, demonstrating a 5.18% increase in the past 24 hours. The cryptocurrency hit its peak of $0.8875, displaying a strong and remarkable performance. 

Source: CoinMarketcap

Meanwhile, Solana (SOL) is also gaining attention from the community as a top weekly performer. Over the past week, SOL has experienced an impressive surge of approximately 29.89%.

Currently, SOL is trading at $28, reaching its peak at $30.06, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 2.64% increase, while its trading volume has dropped by 44.63%.

Source: CoinMarketcap

Polygon recently announced the gradual rollout of its network upgrade dubbed Polygon 2.0. The Sandeep Nailwal-led Ethereum layer-2 scaling network is now set to replace its native MATIC token with POL as part of its transition process.

According to a whitepaper released by the team, POL will be at the heart of Polygon 2.0, functioning as the driver of growth and coordination.

However, Polygon (MATIC) has recently gained significant attention, with an above 13% weekly gain. The token’s price has reached a high of $0.8775. Currently trading at $0.7805, the token’s 24-hour trading volume is decreased by 1.55%. 

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Cardano at 11.66%, DOGE at 6.57%, and AVAX with an increase of 5.26%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Glassnode’s latest on-chain metrics show the number of Bitcoin wallets holding over 1 BTC has hit a new all-time high (ATH), indicating investor optimism in the crypto markets.

Following Ripple’s triumph, the price of Bitcoin rose above $31,800 before experiencing a slight pullback to $30,334. At the time of writing, bitcoin has witnessed a slight correction. 

Source: CoinMarketcap

On the other hand, Ethereum (ETH) has encountered a minor pullback, with its price falling to $1,927. ETH has witnessed a 3.57% price increase over the past week, bringing investor confidence.

Source: CoinMarketcap

Furthermore, CLabs, the organization responsible for developing the Celo blockchain, is seeking to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution. 

According to a proposal discussion on Celo’s governance forum, the transition would include leveraging OP Stack as the architecture to become an Ethereum L2 blockchain, eliminating the need to monitor tooling and libraries composability through upgrades, thus “making it easy for Celo developers to utilize the full gambit of Ethereum tooling/libraries.”

According to data from CoinMarketCap, Bitcoin is currently trading at $30,309.23, with a 0.94% increase over the past seven days and a 0.56% increase in the past 24 hours. On the other hand, ETH is being traded at $1,931.56, experiencing a 0.28% increase in the past 24 hours and a 3.28% increase over the past seven days.