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Cardano’s IOHK Weekly Report: Hoskinson’s ‘Beef’ With Solana & Much More

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Cardano’s IOHK has released its weekly development report, promising the ADA community to brace for some massive changes.

The report begins with the node, ledger, and consensus teams preparing for Vasil’s hard fork. These teams also released node v.1.35.0-rc2 which updates the ledger and fixes bugs issues infused with the Plutus smart contract capabilities.

According to the blog, this version of the node will likely be the version that will be used for the Cardano testnet hard fork. 

In terms of wallet, the Daedalus team tested the new node, integrating the Cardano-wallet backend with the Lace wallet. The Adrestia team too upgraded its components to be Vasil-compatible.

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Cardano's IOHK Weekly Report: Hoskinson's 'Beef' With Solana & Much More 2

Cardano co-founder Charles Hoskinson presented the demo of the Lace light wallet v.1.0 during an event in Texas, USA. It is slated to be released by this summer, the blog read.

Further, the Project Catalyst team initiated Fund9 where hundreds of proposals and ideas are posted. The community site is accepting submissions till June 30. There is a $16 million worth of ADA available for innovation grants and ecosystem rewards.

Cardano’s creator Charles Hoskinson spoke on the future of cryptocurrency regulation

Charles Hoskinson, the founder of Cardano, provided his testimony on the future of digital asset regulation before the U.S. House of Representatives Committee on Agriculture, Subcommittee on Commodity Exchanges, Energy, and Credit. The recap has been posted by  IOHK.

Hoskinson stated that he would continue to throw his weight behind appropriate and responsible regulation of digital assets and blockchain technology when discussing the significance of regulation in the crypto space.

However, he noted that given the novelty of the technology and the volatile nature of the asset class, it can hardly fit within the narrow confines of the laws and tests, that were established almost a century ago.

Recently the chief exec was in the news after he took a dig at Solana’s newly launched mobile phone by bringing up the issue of Solana’s network outages.

Mincing no words, Hoskinson tweeted that users might need to locate seven of their friends on Discord to reboot it, implying that the mobile phone too might experience performance woes similar to Solana blockchain.

Jack Dorsey Misspells Solana; Solana Changes Twitter Name to Solano

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Solana’s network may be smashed by outages and safety ratings, but words will never harm it. It also has a good sense of humor. After Jack Dorsey misspelled the cryptocurrency’s name in a Twitter chat, the Layer-1 blockchain has humorously renamed itself, Solano.

Dorsey, a well-known Bitcoin maximalist, has consistently dismissed all other cryptocurrencies and chains as inferior and unreliable.

On Friday, the Twitter co-founder unveiled Block subsidiary TBD’s ambition to construct Web5, an “extra decentralized” platform built on top of the Bitcoin blockchain to address Web3’s shortcomings in securing users’ privacy and personal data, according to Dorsey.

Web3 is a shorthand term for the internet’s next generation, which is based on blockchains.

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Cardano's IOHK Weekly Report: Hoskinson's 'Beef' With Solana & Much More 4

Dorsey points out single-point failures of Ethereum and Solana

Dorsey particularly mentioned Web3’s existing reliance on blockchains with single points of failure, such as Ethereum and Solana, when expressing the necessity for a so-called “Web5”. However, he spelled Solana incorrectly as “Solano.”

Solana couldn’t pass up the chance to make the call-out a viral moment. It altered its Twitter display name to Solano shortly after Dorsey’s remark on Friday. Crypto Twitter instantly embraced the chain’s embrace of Dorsey’s diss, with many now referring to it as “Solano” to keep the joke going.

Anatoly Yakovenko, a co-founder of SOL, is notorious for not holding back when speaking in favor of the company. The blockchain is still referred to by its former name on SOL’s website, but it will be interesting to watch how long Solana keeps the name change on Twitter.

New Bipartisan Crypto Bill Tags Cardano and Solana as Not Fully Decentralized

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Cardano and Solana are classified as commodities in the new bipartisan crypto law, stating that they are not entirely decentralized. It is the most significant crypto law ever proposed in the United States.

Cardano is now classed as a commodity, like with Solana and other coins. Cardano is more decentralized than Ethereum, according to the Twitter account ADA whale, which responded to the news. He also questioned the individual who would file the disclosures with the SEC.

The whale’s mocking response illustrates the new bill’s incapacity to properly examine different coins, implying that the bill could be a nuisance for Cardano and Solana developers and community members. On the other side, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a bipartisan crypto bill.

The new crypto bill will include many significant frameworks

According to the measure, many coins will be regulated as commodities by the Securities and Exchange Commission. In addition, transactions under $200 are tax-free.

There will be more clarification on the taxation of mining and staking income as well. Self-custody wallets are protected under the new bill, which fixes the crypto broker law.

The measure also includes regulations for dealing with the stablecoin problem. Stablecoins should be fully backed, according to the new bill. This is crucial because, with the demise of UST and the terra ecosystem, trust in stablecoins appears to have waned.

The measure also addresses consumer protection and establishes a strong regulatory framework for cryptocurrency exchanges. While DeFi and NFT restrictions are not mentioned in the law, they may be addressed at a later time. If the measure passes, it has the potential to propel the digital asset sector ahead in the United States.

Solana Tackles the Bug by Disabling the Feature To Prevent Further Halts

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The runtime fault that caused the latest outage of the Solana network on June 1 has been resolved by developers.

Solana’s fifth outage of 2022, according to a report issued by Solana Labs on June 5, was triggered by a fault in the “durable nonce transactions feature,” which led the network to stop producing blocks for four and a half hours.

“The durable nonce transaction feature was disabled in releases v1.9.28/v1.10.23 to prevent the network from halting if the same situation were to arise again.”

Solana might tackle the network issue with this fix

Durable nonce transactions are a sort of Solana transaction that does not expire, as opposed to a conventional transaction on the network, which has a brief lifetime of roughly 2 minutes until a blockhash becomes too old to be confirmed.

According to the Documentation, it is typically used to support transactions connected to outlets such as custodial services, which require more time than the standard “to provide a signature for the transaction.”

Durable nonce transactions, according to Solana Labs, require a separate “mechanism to prevent double processing, and are processed serially,” but a runtime bug appeared after a durable nonce transaction was processed as a regular transaction and failed, but was then re-submitted, causing the network to grind to a halt.

Since the mainnet failure on June 1, the price of Solana’s native asset SOL has plummeted around 13.9 percent to $38 at the time of writing. According to CoinGecko data, investor interest in the currency has only grown, with 24-hour trading volume growing by 61 percent to $2.141 billion in the same time frame.

In a broader sense, data from Hello Moon, a Solana-focused analytics platform, shows that since late March, the total value moved on-chain (successfully) in terms of a seven-day rolling average has dropped considerably.

After reaching all-time highs of roughly $3.18 trillion on March 24, the value has dropped to around $159.71 billion as of June 4.

Chainlink Deploys 7 Price Feeds For Solana Developers

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Blockchain oracle pioneer Chainlink Price Feeds has announced integrations on the Solana Mainnet for decentralized finance [DeFi] applications. In accordance with the press release, the latest deployment will help developers building on Solana to leverage seven different Chainlink Price Feeds that include BTC, ETH, USDC, and others.

Chainlink claims to offer high-quality near real-time price updates, enabling them to build a new realm of hybrid smart contract applications that provide superior performance around trade execution and risk management.

Anatoly Yakovenko, co-founder of Solana said, the launch on Solana will grant DeFi developers access to the most widely used oracles in the blockchain. “Solana’s high-speed blockchain can deliver high-frequency pricing data to dapps, enabling developers to build new DeFi dapps and products,” he added.

The integration with Solana is a major leap forward for the kind of scalable, institutional-grade, DeFi applications that can be built only on Solana,” Sergey Nazarov, co-founder of Chainlink.

Additionally, Chainlink also plans to launch the Cross-Chain Interoperability Protocol [CCIP]. With this new feature, the platform boasts that Solana users and developers will be able to move tokens and execute smart contracts across different blockchains, enabling the creation of cross-chain applications.

In the next few months, hundreds of additional Chainlink Price Feeds, as well as other Chainlink oracle services, will be made available to Solana developers during the next stages of the integration, the blog post read.

That said, Solana which was once considered a rising star of the cryptoverse has grabbed the limelight for the wrong reasons. The network’s latest string of outages has cast serious doubts on its reliability.

Chainlink’s latest addition comes amidst Solana’s network woes

At 16:55 UTC on June 1, developers claimed that the outage was due to a bug in the blockchain’s consensus mechanism. They then asked validators to upgrade their client versions as the bug fix was released and even published instructions on executing the restart procedure.

The mainnet was eventually restarted at 21:00 UTC.

Immediately after the incident, Alchemy, the Web3 development platform, and infrastructure provider announced its support for the blockchain. This goes to show that the controversial blockchain continues to be a preferred choice for building Web3 applications.

A Solana-Based Fitness App Aims To Conquer The GameFi World

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A Solana-based Move-To-Earn app dubbed STEPN has gained significant traction since its inception back in December 2021. The app which allows users to walk and run to earn coins has seen its native token GMT’s market cap reach nearly $860 million, as of May 22.

According to the co-founder Jerry Huang, the app currently attracts around two to three million users worldwide every month.

Initially, the project was self-funded before the founders decided to meet 100 investors and secured a $5 million seed round from Sequoia Capital and others in November.

“We didn’t have a product at the time, and many investors couldn’t understand what we were doing. Sequoia did. The process of addressing investor questions also helped us refine the product to where it was later,” said Huang.

According to a TechCrunch report, it’s raking $3-5 million in net profit from trading fees per day, and earning up to $100 million every month. In April, it closed another round of strategic investment from Binance.

How does it aim to compete with other GameFi apps?

Some gaming veterans feel that the gameplay of most existing GameFi apps is “easy and mindless.” Axie Infinity, for instance, features cute blob-like creatures that fight in simple battles. As the GameFi sector expands, new players pledge to bring quality back to the industry.

Huang disagrees. “A lot of the triple-A games overemphasize aesthetics and big budgets, but they aren’t really that innovative when it comes to gameplay, whereas some simple-looking games like Plants vs. Zombies come with brilliant gameplay that makes them last.”

Huang also argued STEPN’s fitness component makes it fundamentally different from Axie Infinity.

Is the app sustainable in the long term?

Critics question the financial sustainability of play-to-earn and have even drawn comparisons of play-to-earn apps to pyramid schemes.

STEPN said it is working on a two-fold solution to sustainability-one is a price stabilization mechanism and the other is price manipulation.

“I think people are paying too much attention to the [sustainability] issue,” the founder continued. “ROI might slow over time, but all games have life cycles. You also need to look at what value an app creates.”

Solana Pay now offers merchants customized transaction requests

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Solana Pay carries on to change the payments landscape. The first totally decentralised payments rail has caught the hearts and minds of retailers and developers seeking a modern solution to bring commerce activity on chain only three months after its inception. Solana Pay was used by many of the 130+ competitors in the inaugural payments track of the just finished SOL Riptide hackathon.

Solana Pay has taken another step ahead by making transaction requests available to developers and merchants. The SOL pay had previously relied on one-way SOL, USDC, NFTs, and other token transfers. These were excellent starting points for completely decentralised payment systems.

However, thanks to transaction requests, any SOL transaction can now be brought into the real world by a participatory request between a checkout app and a mobile wallet, enabling NFT minting, dynamic discounts, tokenized loyalty programs, and much more. It works like this:

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Cardano's IOHK Weekly Report: Hoskinson's 'Beef' With Solana & Much More 6
  • The customer scans a merchant QR code, which is translated into a Solana Pay transaction request URL by their wallet app.
  • The wallet makes an HTTP request to the merchant API.
  • The merchant receives the customer’s wallet address in the request and can respond with a bespoke transaction.
  • The wallet, like any other transaction, displays the transaction data to the customer, as well as a merchant URL and icon.
  • The customer signs the transaction with their private key and sends it to the network, approving (or declining) it.

Initial use cases for Solana developers to explore

Transaction requests increase the power of a simple purchase by permitting any SOL transaction.

  • Customers can communicate with merchants in a truly bi-directional manner. At the moment of sale, they can atomically mint an NFT or transfer loyalty tokens.
  • Refunds, chargebacks, insurance, buy-now-pay-later, discounts, rewards, and yield creation are all possible with composable DeFi transactions incorporating borrowing, swaps, escrow, and more.
  • Merchants can pay for transaction fees, token account setup, and NFT minting on behalf of their consumers, removing the need for them to keep SOL in their wallet and lowering the friction of interacting with the Solana ecosystem.
  • Merchants can refuse to reply to a transaction request, which could be employed to allow permissioned transactions, such as when compliance requires authentication.
  • Consider alternatives to payments. Customers can receive tokens, invitations, and prizes from merchants and brands who offer dynamic experiences. Check out mtnPay’s Booth app, which uses transaction requests to mint 1:1 NFTs for consumers.

However, at the time of writing, SOL was priced at $82.86 and had plunged by 5.22% over the last 24 hours.

Here’s how Solana bit more than it could chew to cause an outage

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After an “insane quantity of data” invaded the proof-of-stake chain, pushing validators out of consensus and grinding still block production, Solana stakeholders hurried to put the network back together Saturday night.

Bots flooded Candy Machine, a popular NFT minting tool, earlier Saturday, causing an unusual flood of inbound traffic: four million transaction proposals and 100 gigabits of data per second — a network record, according to one source at the Solana Foundation.

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This swarm drove validators out of an agreement for unknown reasons. At 4:32 p.m. EST, block production became impossible, and the network fell black. Validators rebooted the cluster at slot 131973970 by 11:00 p.m. EST, coordinating using Solana’s Discord channels and a Google doc generated by one of the validators.

Anatoly Yakovenko, a co-founder who was away for much of the squabble, lauded the validator community for spearheading mainnet recovery. On Saturday, he was chastised on Twitter for reportedly going “MIA” amid a network outage.

Solana outage caused by a spike in transaction volume

Unlike the 17-hour downtime in September, the hard fork restart on Saturday did not result in new-and-improved code filling throughout the validators. They just resumed where the network had left off seven hours before.

Validators debated whether to write code that would temporarily halt Candy Machine transactions as they prepared for the restart. Some in the Discord questioned whether such a move amounted to censorship. Regardless, it would only work if two-thirds of validators agreed to participate. On Saturday night, it appeared that few did.

Solana, a proof-of-stake blockchain, claimed on Twitter that it successfully completed a cluster restart at around 11 p.m. ET on Saturday, following an approximately seven-hour downtime when the network failed to establish an agreement.

Phantom wallet and decentralized exchange are two services provided by the Solana ecosystem. As RPC node providers plodded back up, Mango Markets battled to get back on its feet.

The interruption caused a bloodbath in SOL markets, which lasted only a few minutes. According to CoinGecko, SOL token hit a 24-hour low of $83.13 roughly three hours into the outage before rebounding back above $89 again.

Engineers were still looking into why the network couldn’t recover from the transaction overload that triggered the outage, according to the Twitter message.

Binance postponed ApeCoin and Solana transactions

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Owing to excessive demand, Binance has temporarily put on hold the ApeCoin [APE] lending function. The amount left on the exchange is currently insufficient to satisfy the need for APE by its users. Additionally, withdrawals on the Solana [SOL] network have been suspended a few times since April 25.

In the notice published on its website, the leading crypto exchange cited high withdrawal volume generated with blank transaction IDs that led to the suspension of SOL. The blog read,

“We are actively working with the project team to provide a stable, long-term solution to reduce transaction failure and enhance the user experience. A further announcement will be posted if there are updates on this.”

Speaking about ApeCoin, the token is the heart of the Otherside Metaverse of the Bored Ape Yacht Club NFT project and is hitting a wave of milestones after its launch.

Besides being labeled as the hottest cryptocurrency in 2022, the popular coin has reached a market cap of over 5 billion dollars. Since its entry into the market in early 2022, ApeCoin has risen to a whopping 1000%. and is now the third-highest liquidated coin after Bitcoin and Ethereum, according to Coinglass.com.

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The 24-hour trade volume of APE shows the asset occupying the fourth position after Tether, Bitcoin, and Ethereum and could very well be on a path toward exceeding its all-time high of $39.40.

This value could be matched or eclipsed once the asset starts being utilized in the Otherside Metaverse ecosystem beginning tomorrow.

Apecoin- the rising star in the metaverse universe

ApeCoin, the default currency required in Otherside has become the biggest metaverse token by market capitalization and has managed to surpass bigger rivals like Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.

At the time of publication, ApeCoin is exchanging hands at $23.12 and up by almost 4% in the past 24 hours. One of the main reasons behind APE’s meteoric rise is the frenzy surrounding the sale this weekend.

Around 50,000 plots of virtual land are open for public sale on Otherside, a soon-to-be-released metaverse platform. Interested buyers will need ApeCoin to purchase a plot, which is contributing to the price surge. 

Solana as base currency just came true on Bitrue

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Bitrue has added Solana (SOL) to its base currency list, according to the official release. Bitrue introduced Cardano (ADA) support in February by making it a base currency. The exchange platform also took to its Twitter handle, on 27 April 2022, to announce this listing.

Solana stays among the top ten fastest developing properties in April, according to Santiment data.

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SOL was in the top three of a list of the top ten projects by aggregated development activity based on publicly accessible Github data for April. SOL is the second-most-developed asset, ahead of Filecoin, which is rated third, with 408 uploads each day.

The development data of hundreds of public Github repositories is tracked using Santiment’s metric. The higher a project ranks in the ranking, the more users contribute to it. While development activity has little to no effect on short-term market pricing, it could be a good sign of the project’s long-term success.

Solana tops charts every where

On Thursday, a SOL-powered NFT topped OpenSea’s 24-hour sales rankings, while a South African fine-wine NFT auction took off, raising over $180,000.

Okay Bears, a Solana-powered NFT, topped OpenSea’s 24-hour sales tracking for the first time today, outperforming all other Ethereum (ETH) projects available. It’s the first time a Solana (SOL) NFT project has topped the 24-hour sales chart of popular NFT marketplace OpenSea.

According to NFT tracker Cryptoslam, the Solana-based NFT, which offers a collection of 10,000 unique photographs of bears, sold out its collection barely a day after its inception.

Since April 12, Solana has been stuck in a sideways trading market. SOL has been trading below $100 for the past three days. Solana was trading slightly lower at $98 at the time of writing.

Prices for Solana have declined roughly 10% in the last week and 20.42 percent in the last month. Given the price drop, SOL appears to be on the verge of a comeback. To resurrect the uptrend, a strong close above the everyday moving averages of 50 and 200 is required.

In the Ethereum-dominated NFT industry, the SOL network has been gaining ground as a rival. In terms of NFT sales volume during the last 24 hours, it is the second most engaged blockchain today.