Crypto News

Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence

The Solana network had been one of the winners of 2021 after gaining widespread popularity among crypto users. Its incredibly fast transaction times had been one of the pulls, as well as the ability for developers to create decentralized applications (DApps) on the network. Since the beginning of 2022, the network has been racing toward an important milestone, which it has now successfully broken through.  Solana Surpasses 100 Billion Transactions Solana’s transaction count had been ramping up over the last couple of months. In just 2 years, it has become one of the most used blockchains in the space. Solana had taken the decentralized finance (DeFi) and non-fungible tokens (NFTs) space by storm, now commanding the second-largest market share of the NFT space of any blockchain. Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Last week, the network made it past the 100 billion transaction mark. Interestingly, the network is still in Beta testing, and it has grown so much. It had been able to grow above the delay transaction count of its largest competitor Ethereum after it clocked more than 40 million daily transactions.  SOL price trending at $35 | Source: SOLUSD on TradingView.com Solana continues to maintain its high transaction processing even with the massive growth it has experienced. At the time of this writing, the transactions per second (TPS) in the last 30 minutes were averaging around 3,000 TPS, according to data from Solana Explorer. SOL NFTs Rival Ethereum Ethereum NFTs had been the dominant tokens in the market and, understandably, remain so, even at this time. However, there have been numerous developments in the Solana NFT ecosystem that shows that the network is gearing up to rival Ethereum in this regard. One of the most recent NFT launches on the Solana blockchain, the y00ts NFT collection, is now billed as the “most hyped” NFT launch in history. It came from a critically acclaimed team behind the Dead Gods NFT collection. It sparked renewed interest in SOL NFTs, which helped to push the floor price higher. Related Reading: Staked ETH Nears 14 Million As Ethereum Readies For Breakout On Monday, Sentiment reported that SOL NFT sales had crossed 1.65 million. Solana NFT ecosystem Metaplex had also reported a significant uptick in the number of NFTs that are being minted on the platform over the month of September.  However, it is hard to predict how long this growth trend will last, given that interest in the NFT space, in general, is down. The number of new addresses that are using NFTs since its peak in mid-September is down more than 60%, from 30k to 8k. Featured image from The Market Periodical, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

Geeq granted a US patent for the protocol’s security and scalability features

Geeq, a Canada-based blockchain company, has been granted a patent in the United States for features of its multi-blockchain, layer-zero protocol’s security and scalability systems, according to a press release. Details found in the patent’s application describe a technology termed “Proof of Honesty,” which is Geeq’s alternative to predominant proof-of-work and proof-of-stake consensus mechanisms. Additionally, Geeq alleges that its system of federated blockchains is able to ensure security and achieve “infinite scalability.” According to the patent application: “If there is at least one honest node, it will write an honest block to a valid chain. Users are able to discover honest chains and will always choose it for their transactions. Dishonest chains become orphaned.” Geeq also claims that having flexibility built into the protocol, which can create additional chains during periods of increased network activity and then merge chains when transaction volume decreases, keeps the cost of transactions more affordable as well as 99% Byzantine fault-tolerant. In the press release, Geeq CEO Ric Asselstine noted that gaining the approval of the patent “marks a critical point in time for Geeq as we push forward aggressively with the development of transformative solutions for previously intractable problems.” One of these “previously intractable problems” is the poor user experience when using blockchain technology due to the complexities of interacting with smart contracts. Geeq noted in the press release that instead of having users interact directly with smart contracts, a suite of applications that facilitate the most common types of transactions makes it so that “the end user is able to focus on what they gain rather than worry about potential exploits, complex coding dependencies, or the downstream effects of governance decisions.” In a company blog post, Geeq stated that its launch strategy would not include a private nor public beta but would instead consist of soft-launching features as they are developed and fixing bugs as they are found  — reminiscent of Telsa’s software updates that rollout new features over time or security fixes included in every iOS update. Geeq has also received funding from major players in the space such as GEM Capital, which committed $25 million in August 2022. Geeq CEO Asselstine said with this funding, the company/protocol is now “ready to bring enterprise and individuals into the metaverse and Web3.”    

Crypto News

LUNC Price Increases as Binance Decides To Burn Trading Fees

In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K? After careful evaluation and consideration, Binance decided to take cognizance of the community’s dissatisfaction and set a new proposal. However, during their assessments, Binance also discovered that implementing an opt-in proposal would take time, and traders may not support it. Therefore, proposed a better and faster way of assisting the Terra Classic community. Details Of Binance’s New Burn Mechanism On Tera Classic Spot According to Binance, it would update the amount of LUNC to be burned, its USDT equivalent, and on-chain transaction ID weekly. In addition, the blog announcement outlined rules that would guide the burn mechanism. Binance would calculate the total trading fees on LUNC spot and margin trading pairs to be burned from the previous week every Monday at 00:00:00 UTC. Successive on-chain burn transactions and reports would get updated on Tuesdays at 00:00:00 UTC. The first batch of burning trading fees would be calculated from September 21 at 00:00:00 UTC to October 1 at 23:59:59 UTC. This would exclude rebates on LUNC spot and margin trading pairs for Binance Spot Liquidity Provider Program from September 21 to 27, 2021. Additionally, Binance would convert other tokens’ trading fees to LUNC on Mondays. The CEO of Binance stated that Binance would not push burn costs on users. The Terra Classic burn would not affect BNB fee discounts, rebates, or other accruing fee adjustments. The CEO further explained they intend to maintain the same trading experience and liquidity while ensuring the supply decrease of LUNC. LUNC Price Skyrockets By 70% After Binance Announcement The tremendous support of Binance to the Terra community produced a positive result in LUNC price. After the announcement, LUNC’s price increased by more than 70%. The Interpol issuance of a red notice against the Founder of Terraform Labs, Do Kwon, affected the price of LUNC adversely. South Korean prosecutors confirmed that Interpol issued the Red Notice against Kwon on September 26. Related Reading: Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days LUNC price plummeted by nearly 20%, while LUNA price fell by 18% after the announcement. It was trading below $0.0002 but is currently trading at $0.00032. Featured image from Pixabay, Chart: TradingView.com

Crypto News

Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days

In only the past week, ALGO has grown by a whopping 30%. Some may not be surprised by this development, as Algorand collaborated with FIFA to create FIFA+ Collect, a platform where fans can buy digital collectibles in the form of NFTs. There has been a dramatic impact on the environment as a result of this alliance. A tweet from @intotheblack shows that the number of unique addresses that have completed their first transaction for ALGO has increased from 5,000 to 20,000. There has been an increase in the cost of ALGO because to the increased number of transactions using unique addresses. As of this writing, the price of one coin is somewhere between the 23.60 and 38.20 Fibonacci retracement levels, or about $0.3949 and $0.3724. There is no denying the ripple impact that this collaboration has on all of Algorand. But will the agreement lead to additional price increases, or is this simply a temporary boost? Image: NFTgators ALGO Gets Boost From FIFA+ Collect The price of ALGO increased by 31.18% in a matter of hours on the press day of the FIFA+ Collect release. To sum up, the coin is up 27.54% from September 22nd when trading began till today, September 26th. As of this writing, ALGO is trading at $0.3662, down 5.8 percent in the last 24 hours, data from Coingecko show, Monday Information provided by Santiment suggests that the cooperation has an impact beyond only the pricing. Algorand’s NFT sector has witnessed a dramatic increase in activity. From September 21 to September 22, the total volume of NFT trades surged from $186,000 to a staggering $606,000. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit This is not the only positive development for the ALGO token and the Algorand ecosystem in general. The TVL of ALGO observed an increase in staked tokens. From September 22-24, the TVL increased from $234 million to $263.69 million. The Algorand ecosystem also had a significant overhaul. Additionally, the ecosystem implemented the State Proof procedure. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand to other blockchains. ALGO Bullish Momentum Subsiding? At the time of writing, the coin’s price has already reached above the double-bottom support level at $0.3687. This may indicate that the bullish momentum has waned and the bears are currently taking the driver’s seat. Considering this, ALGO can fall to a relatively secure position near the 50 Fib level. This level will serve as the token’s support. However, it cannot fall below the indicated Fibonacci level, as this would indicate a bottom on September 22. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why ALGO total market cap at $2.25 billion on the daily chart | Source: TradingView.com Featured image from Forkast, Chart: TradingView.com