⚠️ Solana: Between Ponzi accusations and transaction failures - What's going on?
⚠️ Solana: Between Ponzi accusations and transaction failures - What's going on?
Welcome to the Daily Tribune, Saturday, August 17, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, August 17th, 2024, and like every day from Tuesday to Saturday, we are summarizing the news of the past 24 hours that you shouldn't have missed!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️
24h crypto recap! ⏱
🚨 Solana under criticism: Accused of disguised Ponzi scheme
Solana, once hailed as the "Ethereum killer" is facing serious accusations, including harboring a disguised Ponzi structure. A recent analysis reveals that 85% of transactions on the network are actually validator votes, favoring dominant validators at the expense of new entrants. This dynamic creates a concerning concentration of power, where only 17 validators control 33% of staked assets, threatening the decentralization of the network. Additionally, frequent transaction failures, with a failure rate of 83% on certain protocols, cost users thousands of euros and raise questions about the viability of Solana as a credible alternative to Ethereum. These issues raise serious doubts about the true nature and sustainability of the Solana network. 🔗Read the full article here.
🏆 Chainlink: The oracle giant withstands Binance's attacks
Chainlink continues to dominate the decentralized oracle sector despite increased competition, particularly from Binance. Its strength lies in strategic partnerships, such as the one with Swift, which allows it to consolidate its position in the emerging market of real-world asset tokenization. Through its Cross-Chain Interoperability Protocol (CCIP), Chainlink facilitates this transition for large financial institutions, a potentially massive market. However, the situation of its native cryptocurrency, LINK, is more complex. While the ecosystem remains robust, the price of LINK has dropped to a floor level, causing concerns among investors. The maintenance of this low price could continue, although signs of stabilization are noticeable around certain thresholds. To support demand, Chainlink has implemented staking pools, but expanding these pools may be necessary to revive interest and the value of LINK. 🔗 Read the full article here.
💰 Gold and silver on the rise: Are investors turning away from crypto?
The prices of gold and silver have experienced a significant increase despite bearish external markets, reflecting a movement of investors towards safe-haven assets amid a robust U.S. economy and growing geopolitical tensions. Gold has risen to $2,496.30 and silver to $28.525, driven by an increase in retail sales and lower-than-expected jobless claims. Meanwhile, warnings of a possible Iranian attack on Israel have also strengthened demand for these precious metals as investors seek to protect their assets in a climate of uncertainty. In contrast, the crypto market is going through a tumultuous period, with a 25% drop affecting major assets like Bitcoin and Ethereum, which have seen losses of 175 million dollars liquidated and a 20% drop in value, respectively. This crisis is exacerbated by stricter regulations and a loss of investor confidence, prompting some to turn away from crypto in favor of gold and silver. 🔗 Read the full article here.
🌐 Cryptos and bartering: Solutions in the face of sanctions for Russia and China
Western sanctions have severely impacted trade transactions between Russia and China, particularly by paralyzing yuan payments, which were once essential for bilateral trade. Facing reluctance from Chinese banks to process Russian payments, businesses are seeking alternatives, including bartering, although this method is limited. A more modern and potentially revolutionary solution is emerging: the use of cryptocurrencies. Since June, some Russian metal producers have started settling their transactions with Chinese suppliers using stablecoins, bypassing banking restrictions and freeing themselves from the internationally dominated dollar financial system. However, this approach remains complex and heavily depends on crypto regulation in Russia. 🔗 Read the full article here.
Crypto of the day: Aave (AAVE)
Aave is a decentralized finance (DeFi) platform based on the Ethereum blockchain, which allows users to lend and borrow cryptocurrencies without intermediaries. Its major innovation lies in the introduction of "flash loans" unsecured instant loans that must be repaid in a single transaction.
Aave's native cryptocurrency, the AAVE token, is primarily used for protocol governance, allowing holders to vote on updates and improvements to the platform. AAVE was initially distributed through a token exchange from the previous version LEND at a ratio of 1:100, and it offers holders discounts on platform fees and the opportunity to participate in staking to generate passive income.
Recent performance:
Current price: €104.10
Percentage increase/decrease: +3.98% (1-day increase)
Market capitalization: €1,553,048,360
Rank on CoinMarketCap: 47
💰 HODLers strengthen their positions: Does the current phase of Bitcoin hide an imminent rebound?
Bitcoin is currently going through a consolidation phase after reaching $50,000 in early August, a level that marked a significant 20% increase. Since then, the cryptocurrency has been trading in a narrow range between $57,000 and $63,000, a situation that some traders find boring. However, this apparent stagnation masks intense accumulation activity by large investors and HODLers. Glassnode data shows a significant increase in the Bitcoin Accumulation Trend Score (ATS), reaching a maximum value of 1.0, a sign that major entities are taking advantage of this period to strengthen their positions.
Long-term investors perceive this consolidation phase as a strategic opportunity. In fact, over 300,000 BTC have been added to the portfolios of long-term holders in the past three months, reflecting renewed confidence in the future of Bitcoin. This dynamic stabilizes the market by reducing volatility, often caused by short-term speculators. Patience remains key for these investors, who anticipate a possible price explosion for Bitcoin once market conditions are met, potentially triggered by a breakout above $63,000.
🔗 Read the full analysis here.
