Bitcoin & cryptocurrency news

How Solana Was Brought Down By This dApp Launch

Solana has been taking market share out of Ethereum across several sectors. The platform has seen the expansion of its NFT based projects with SolChicks, one of its latest on-chain games with a play-to-earn (P2E) model, causing a lot of hype amongst the users. Related Reading | Grayscale Launches Solana Trust Following Investors ‘Appetite’ The game was built with SolChick, one of Solana’s NFT Collections, and let players take their assets and using as their main characters. Launched with a Player-to-Player (PvP), a Gameplay with raids characteristics, SolChicks has set out to “revolutionize the industry”. The hype around this Solana project translated into a slowdown in the network’s activity as too many users tried to access the platform via Raydium and Solana, the blockchain backing the launch, and crashed it. The team behind the project posted the following via their Twitter account after its problematic token generation event (TGE): We apologize for the inconvenience of this delay, but tens of thousands of people are trying to buy $CHICKS and the Raydium server has crashed. It appears SolScan is also not loading our contract address right now either. The team behind the project tried to fix the issue while, according to the official post, working on deploying a liquidity pool that will support the game and its GameFi model. As revealed pre-launch, users need to claim their SolChicks. The increasing demand for SolChicks and the platform’s native token CHICKS, caused Solana to congest. Thus, slowing down transactions in the network and the users’ capacity to claim and transact with these digital assets. The team behind SolChicks called the event a “record breaking launch” and transferred the responsibility on the event to Solana: The token claiming dashboard has crashed, as the Solana network is extremely congested. We’ve had tens of thousands simultaneous claims and buys and there simply isn’t enough capacity in the network. This is something that is completely out of our hands, and rests solely with the Solana network. A Solution For A Problematic Event On Solana In the coming day, the team behind SolChicks prepares to airdrop their tokens for the users that meet the requirements. In order to achieve this objective and contribute with reducing congestion levels on the Solana network, the team is currently creating a plan. In addition, the team warned users about potential fake and scam accounts and addresses looking to use the project’s popularity for personal gains. Finally, they added the following as a special message to the community: Once again, we sincerely apologise for the hiccups on launch day. No one likes or wants these holdups; however you can rest assured that our entire team is working around the clock to actively rectify these issues, including liaising with Solana and Raydium directly. Related Reading | Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency As of press time, Solana (SOL) trades at $151 with a 13.1% correction in the past day.

The First of Its Kind Metachain Project, ShuttleOne Joins Tezos Protocol

PRESS RELEASE. ShuttleOne, the latest project to embrace Tezos, to soon drive adoption and liquidity while resolving blockchain fragmentation. Singapore: Tezos, the highly scalable, self-amending proof of stake blockchain protocol is opening its arms to ShuttleOne – a one of its kind Metachain solution aimed at addressing the fragmentation issues in the crypto industry. The […]

Bitcoin & cryptocurrency news

Crypto Bull Cathie Wood Says Ethereum Is More Undervalued Than Bitcoin

The Bitcoin versus Ethereum debate has been going on for years and waxes stronger as the market grows. Pitting the two top cryptocurrencies against each other has been one of the greatest pastimes for the market. However, not everyone subscribes to the school of thought that they are in competition. ARK Invest CEO Cathie Wood is known in the crypto space for giving her outlook on Bitcoin but Ethereum has been largely left out of the conversation. Wood is mostly known in the space for her bitcoin at $500,000 prediction, which she has stood by at various points. Related Reading | Why “Bitcoin Creator” Craig Wright Came Out Ahead Despite Having To Pay $100 Million The CEO has always expressed that she believed that bitcoin is still largely undervalued and has a lot of growing to do in the coming years. However, Wood has pointed out that number 1 altcoin ethereum is even more undervalued than bitcoin. Ethereum Is Still Undervalued Wood was on CNBC’s Squawk Box to talk about the crypto market. On the show, the CEO expressed that ethereum was still greatly undervalued. She put this in perspective using bitcoin, the largest cryptocurrency in the market, which she believes is still greatly undervalued. Wood explained that as undervalued as bitcoin is, ethereum is still way undervalued compared to it. One of the major reasons behind investments in ethereum has been the utility of the digital asset. Decentralized finance (DeFi) has seen tremendous success despite been only a year old and ethereum hosts the majority of DeFi activities. Wood reiterated the fact that DeFi was the driving force behind the digital asset’s success. “The fact that it is the venue, or the protocol, for DeFi and for NFTs suggests to us that it is even more undervalued than Bitcoin is, just because there are new worlds growing up on top of it.” ETH price recoers above $4,000 | Source: ETHUSD on According to the CEO, ethereum is still in its infancy and has a long way to go, whereas bitcoin has already been established for being a monetary system. She added that institutions are going to move more into DeFi and NFTs, which would “accelerate” its growth. Still Bullish On Bitcoin Wood did not fail to reiterate her stance on bitcoin. The CEO noted that institutional investors were moving into the digital asset. Bitcoin has become impossible to ignore and Wood explained that institutions have to explore it. “Institutional managers have to look at new asset classes that are evolving and that have low correlation,” the CEO said. “That’s the Holy Grail in terms of asset allocation.” Related Reading | Galaxy Digital CEO Explains Why Ethereum Is Outperforming Bitcoin Bitcoin has no doubt had a good run in its over a decade of existence. However, Cathie Wood expects even more growth for the asset. Last month, the CEO expressed that with institutions moving more into bitcoin, it could rise to as high as $500,000 in the next five years. Featured image from Crypto Adventure, chart from