Connect with us

Altcoin

Solana Co-Founder Challenges Layer 2s—Are They Even Needed?

Published

on


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The co-founder of a popular cryptocurrency took a swipe at Layer-2 cryptos, claiming that these rollups are only redundant and make blockchain scaling more complicated.

Anatoly Yakovenko, co-founder of the Solana network, argued that Layer-1 solutions are sufficient without Layer-2 tokens which do not offer genuine, long-term benefits.

Layer-2 Not Needed?

Yakovenko said in an X post that Layer-2 cryptocurrencies are unnecessary and only add unnecessary complexity to blockchain scaling.

“There is no reason to build an L2,” Yakovenko said in a post, which is the Solana co-founder’s response to @ripdoteth, who claimed that there is no reason to build a Layer-1.

The crypto co-founder argued that Layer-1 solutions, like the Solana network, can already offer efficient, cheap, and secure scaling solutions. Hence, he said that Layer-2 tokens are only providing redundancy.

“They aren’t slowed down by a glacially moving L1 data availability stack, or have to compromise security with complex fraud proofs and upgrade multisigs,” he explained.

He added that Solana does not encounter these kinds of problems since it has separate execution and data layers on an efficient base layer.

Storage Issues

Yakovenko described Solana’s data generation as tiny at 80 terabytes annually, saying that Layer-1 cannot scale because they are hindered by storage.

“Solana generates a measly amount of data. Like 80TB per year so far. It’s just not enough data to build a business around, but too much for any individual to easily store,” Yakovenko said.

Solana market cap currently at $71.5 billion. Chart: TradingView.com

The crypto co-founder told users not to create baseless Layer-2 cryptocurrencies, saying early this month, “You can skip creating a valueless L2 and just launch a token.”

When asked about Solana’s plan on offloading unused storage, he responded that the ledger is going on “filecoin or whatever decentralized storage provider wants it.”

Some Do Not Agree

Several crypto investors disagree with Yakovenko, arguing that Layer-2 solutions are necessary.

“L1s can’t scale to accommodate 8 billion global users. L2s are needed no matter which chain you see leading the way. And they can be faster, cheaper, more secure, interoperable, specialized to use case, localized or decentralized, evolve fast or ossify,” @RuzhyoX commented on Yakovenko’s post.

The Solana co-founder replied that Layer-1 can accommodate 8 billion users, saying, “8 billion * 3 txs per day is sub 300k tps. That fits in under 1gbps of block throughput for 400 byte txs.”

He argued that Solana’s design allows it to compete with every Ethereum Layer-2 solution directly, which is not the case with Ethereum itself. “There is no point to multiple L2s … if a single L2 can handle parallel execution, then it can use up all the blobspace and run every use case.”

Featured image from Gemini Imagen, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





Source link

Altcoin

Why Is Shiba Inu Price Up 13.5% Today?

Published

on


Shiba Inu price has seen strong bullish momentum, gaining another 13.5% and shooting past $0.000015 levels, with its daily trading volume surging by 70% to $370 million. The recent rally comes amid a sharp surge in the SHIB burn rate and improving sentiment for the world’s second-largest meme coin. Additionally, the platform’s marketing lead has also tossed up the idea of having a Shiba Inu exchange-traded fund (ETF)  in the future.

Shiba Inu Price Surges As Bulls Charge In

Shiba Inu’s native crypto SHIB is getting major attention from investors with more than 20% gains on the weekly chart. Additionally, today’s SHIB price pump comes along with 70% surge in daily trading volumes suggesting a strong bullish sentiment for the altcoin.

Additionally, as per the Coinglass data, the SHIB futures open interest has surged by 30% to more than $166.74 million. This shows that there’s a strong demand among the futures traders for the world’s second-largest meme coin. As per the image below, the Shiba Inu price is closely following the trajectory of the 2021, and is on the verge of staging a parabolic rally ahead, amid the recent surge in SHIB burn rate.

Why Is Shiba Inu Price Up 13.5% Today?Why Is Shiba Inu Price Up 13.5% Today?
Source: Shiba Inu Coin

Analysts are predicting a minimum of 200% SHIB price rally which would take its market cap to nearly $27 billion. While other players expect an even bigger rally where the meme coin could give as high as 12x gains or 1,100% returns.

Can SHIB Rally 12x From Here Onwards?

Popular crypto analyst CryptoELITES predicted a 12x surge in Shiba Inu price amid the formation of a cup-and-handle pattern on the technical chart. Since reaching its all-time high of $0.0008854 in October 2021, SHIB’s price movement has been carving out a cup-and-handle pattern. The “cup” was fully formed with Shiba Inu’s March 2024 peak at $0.00004567, while the “handle” is now nearing completion, as shown in the image below.

Source: CryptoELITES

Shiba Inu’s marketing lead LUCIE has also agreed to this possibility by retweeting regarding the same. Furthermore, Lucie recently emphasized the potential for Shiba Inu to reach the $0.01 price milestone. However, she acknowledged that achieving this level could take time and encouraged the Shiba Inu community to remain patient.

Recent Developments in the Ecosystem

The Shiba Inu ecosystem has seen consistent growth and development while the sharing the plans of the future. Recently Lucie also tossed the idea of getting a Shiba Inu ETF to the market once again.

Furthermore, despite the current crypto market turbulence, the Shiba Inu ecosystem has demonstrated remarkable growth, surpassing 1.5 million holders since its inception in 2020. Data from Shibariumscan reveals that Shibarium’s total block count has exceeded 10 million, highlighting the network’s consistent adoption and increasing on-chain activity.

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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.





Source link

Continue Reading

Altcoin

Curve Finance Founder Dumps Over 2M CRV Sparking Concerns: What’s Happening?

Published

on


Curve Finance founder Michael Egorov sparked a tidal wave of speculation across the market with his recent selloff strategies. On Wednesday, March 26, Egorov again dumped nearly 2M CRV tokens, bringing his total selloffs to roughly 2.5M coins this week. Therefore, broader aspects surrounding the coin’s future price action remain clouded in an enigma despite an ongoing rally.

Curve Finance Founder Offloads Coins Amid Price Rally

CRV price is currently on a rally, as indicated by intraday and weekly gains of 12% and 23%, respectively. However, Egorov’s selloff transactions amid this upswing have sparked market concerns about a looming dip.

How Many Tokens Have Been Sold?

According to data from Spotonchain on X, the Curve Finance founder transferred 1.997 million tokens worth $1.03 million to the wallet address “0x5a8.” Subsequently, this address sold 1 million coins for 515,058 USDC at an average price of $0.515. Currently, this address still holds 997K tokens.

Besides, Egorov sold 468,769 tokens for 238,171 USDC at an average price of $0.508, per March 24 data.

Why Were The CRV Tokens Sold?

Intriguingly, he purchased these tokens as of mid-December last year at an average price of $1.114. The initial investment made is now at a loss of 54.6%.

While the selloffs come amid a price rally, they might be a potential move to mitigate losses incurred. Nevertheless, broader market sentiments in light of these selloffs remain bearish.

CRV Price Overview

As of press time, Curve DAO coin’s price defied usual market sentiments and pumped 12%, reaching $0.5560. The coin saw a massive pump after hitting a $0.4927 low intraday.

Market analyst ‘CrediBULL Crypto’ posted on X, revealing bullish projections despite the crypto’s sluggish performance. As per the analyst, the CRV/XRP pair indicates a breakout for the Curve Finance token looms.

CRV/XRP ChartCRV/XRP Chart
Source: CrediBULL Crypto, X

Considering XRP is still trapped in a range where it is looking for deviation below the lows, CRV is ready to pump, per the analyst. Market watchers reflect an uncertain approach towards the crypto amid recent developments that are unable to clear the muddy waters.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





Source link

Continue Reading

Altcoin

Can Ripple Resume Institutional Sales?

Published

on


As the XRP lawsuit reaches a significant milestone, questions still linger around Ripple’s institutional sales. In a surprising development, Ripple has withdrawn its cross-appeal in the ongoing SEC case, leaving the status of the injunction unclear. While many believe that Ripple could resume its institutional sales if the SEC lifts the injunction, experts argue about the possible compliance conditions.

Notably, XRP lawyer Bill Morgan shed light on the implications of the latest developments on Ripple’s future institutional sales. Let’s analyze expert statements on the Ripple lawsuit settlement and its potential impact on the crypto industry.

Will XRP Lawsuit Settlement Revive Institutional Sales?

In a recent development, Ripple dropped its cross-appeal in the long-held XRP lawsuit. Despite this move, the fate of the injunction and Ripple’s institutional sales remain uncertain.

Reflecting on the matter, XRP lawyer Bill Morgan shared an X post. He shed light on the possible changes Ripple must make to its institutional sales approach. Rispoli stated that Ripple must change its sales approach even if the injunction is lifted.

Though the platform could resume its sales to institutional investors, an alternative strategy is needed to comply with Judge Analisa Torres’ ruling. The judge previously ruled that Ripple’s initial method of institutional sales constituted an investment contract.

Ripple’s Injunction and Institutional Sales

Following Ripple CEO Brad Garlinghouse’s revelation that the platform dropped its cross-appeal against the US SEC, attention turned to the potential lifting of the injunction. Reportedly, the SEC will petition the court to lift the injunction it previously obtained against Ripple in the XRP lawsuit.

In response to this major development, WrathofKahneman, a prominent voice on the X platform, drew the community’s attention to the SEC’s injunction. Rispoli stated that if the injunction is lifted, Ripple can reinstate its institutional sales. Adding more clarity to the statement, he noted,

So to clarify, as I understand it, there will be no more restrictions on Ripple’s institutional XRP sales. They still must conform to securities law but can now sell to say, hedge funds or private equity firms directly instead of to OTC desks first.

XRP Lawsuit Settlement Draws Community Attention

Significantly, the XRP community is overwhelmed by the Ripple lawsuit settlement. Despite speculations about a delayed resolution, the case is about to end. Amidst lingering uncertainty surrounding institutional sales, Bill Morgan and Fred Rispoli shed light on the implications of this development.

Rispoli shared a thought-provoking question: “But if a tree sells unregistered securities in a forest and no SEC is there to prosecute it, did the tree do anything illegal?”. His words spark an interesting discussion about the nature of legality and regulation in the context of securities law.

✓ Share:

Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io