DeFI News by Thebittimes.Com

The Solana price is down more than 9% on the weekly time frame following a 3% drop in the last 24 hours to trade at $207.74 as of 10:40 p.m. EST as investors dump their holdings in the crypto. With the negative trend the SOL price has been in over the last 7 days, the altcoin’s monthly performance has been pushed 4% into the red zone as well. Solana Price Drops Below A Support Level 4-hour chart for SOL/USD (Source: GeckoTerminal) The Solana price dropped below the support level at $209.38 in the last couple of hours, and has since been trying to reclaim a position above the mark. If SOL is able to recover within the next 8 hours, it could rise to as high as $225.33 in the short term. On the other hand, the Solana price failing to close a 4-hour candle above $209.38 within the next 8 hours could lead to a more bearish scenario playing out in which traders start to short the altcoin. This potential sell pressure might result in a test of the immediate support level at $195....

It has been 262 days days — over 37 weeks or more than 6,000 hours — since Solana last suffered a major outage. According to the network’s own incident history tracker, the last major outage occurred on February 6 this year and lasted five hours. No reason was given at the time, however, the tracker noted that the problem was apparently resolved after “a successful upgrade to v1.17.20 and a restart of the cluster by validator operators.” As a result of the disruption, Solana’s  SOL token fell 2% to $94 . Protos has compiled a chart detailing this and every other Solana outage since its launch. Click to enlarge. Read more: Solana mainnet down almost a year after last major outage The next most recent outage occurred almost a year earlier on February 25, 2023, and was put down to “cluster instability.” Before this, major issues struck the network on September 30, 2022, and June 1, 2022. Solana launched in 2020 but accor...

Bitcoin’s network difficulty hits a record high of 90.67 trillion as of August 2, 2024. Bitcoin’s hash rate reached a record 677 EH/s on July 27th, boosting network security. Bitcoin’s RSI at 44 suggests potentially oversold conditions; the price may test $58,000 Bitcoin has set a new record for network difficulty , reaching 90.67 trillion on August 2, 2024 according to data on CoinWarz. This milestone represents a significant rebound following three months of declining difficulty, signalling renewed confidence among miners in the cryptocurrency’s network. The increased difficulty implies that mining new Bitcoin blocks now requires more computational power, potentially driving up operational costs and influencing Bitcoin’s future supply and pricing dynamics. Bitcoin’s hashrate also hit an all-time high On July 27th, Bitcoin’s hashrate surged to a record 677 EH/s, reflecting a robust and secure network infrastruc...

Render (RNDR), the “Nvidia of crypto,” had a remarkable performance in the 2024 first half, earning the attention of investors. Now, network activity data suggests the cryptocurrency could be ready for a bullish trend reversal after a month of downtrend. According to a post by the on-chain analyst Ali Martinez on X, RNDR’s trend has changed from bearish to bullish. Notably, Martinez points out that the network’s daily active addresses and whale transactions experienced a “notable increase,” signaling the reversal. #Render has experienced a notable increase in daily active addresses and whale transactions, indicating a potential trend reversal for $RNDR from bearish to bullish. pic.twitter.com/sRWpydis6r — Ali (@ali_charts) July 14, 2024 Why is Render the ‘Nvidia of crypto’? Render has earned the moniker “Nvidia of crypto ” due to its innovative approach to graphics processing in the blockchain spa...

Circle published a new standard that allows developers to launch an unofficial bridged version of USDC that can later become native and official. Circle has launch ed a new standard to streamline the process of launch ing its stablecoin, USDC, on new networks , according to a Nov. 21 blog post.  The new “bridged USDC standard” allows developers to launch the token through a two-phase process. In the first phase, the third-party developer has control of the token contracts, and the token on the new network is backed by a native version on another network. In the second phase, Circle takes control of the contracts, and the token becomes backed directly by Circle’s reserves. The second phase may not occur with all deployments. Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation. EVM blockchain & rollup teams can now deploy a bridge d USDC token contract with optionality for Circle to seamlessly upgrade to native issuance in the future.h...

Singapore-based startup Dtcpay is set to launch a new payment system tailored for both cryptocurrencies and traditional fiat currencies.  Dtcpay reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International. The aim is to establish a privacy-protected digital payment infrastructure. #dtcpay is proud to be joining forces with @PlatON_Network , a privacy-preserving digital public infrastructure provider, and @allinpayintl , a globally recognized #Fintech #payments solution. Read the full announcement here: https://t.co/Aqcyd19HRO #Web3 #Crypto — dtcpay (@dtc_pay) November 9, 2023 The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).  Previously known as the Digital Treasures Center, Dtcpay has made a name for itself offering st...

According to Polygon, “the same infrastructure used to power YouTube and Gmail” will help secure its network. Polygon Labs announced on Sep. 29 that Google Cloud has joined the Polygon PoS network as a validator .  Google Cloud joins more than 100 other validators verifying transactions on its L2 Ethereum network. This month, @GoogleCloud became part of the decentralized validator set for Polygon PoS. The same infrastructure used to power @YouTube and @gmail is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol. With 100+ validators securing the Polygon PoS… — Polygon (Labs) (@0xPolygonLabs) September 29, 2023 Per a post from Polygon Labs on the X platform announcing the partnership: “The same infrastructure used to power YouTube and Gmail is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol.” Validators on the Polygon network help secure the network by operating nodes, staking MATIC, and participating in proof-of-stake conse...

On-chain growth, a surge in DeFi use and positive technical outlook could back a breakout in ADA price. Caradano’s native gas-paying token ADA received a big blow at the start of June when the SEC regarded it as a security in its lawsuit against Binance and Coinbase. The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low at $0.21 within a few days after SEC’s lawsuit. Additionally, the token faced further downside selling pressure due to delisting on U.S.-based trading apps Robinhood and eToro. However, under the hood, the network has been making progress with an uptick in DeFi activity after a scalability upgrade in May. The technical and on-chain Analysis of the token also shows potential for a positive recovery. Cardano’s DeFi ecosystem is blooming Over the years, Cardano has come under some criticism for continued delays and network updates. Cardano’s founder, Charles Hoskinson, attributed these setbacks to “betting on the wrong technology and being a bit ...

Cardano has taken a big step forward with the release of Node 8.1.1, which brings important improvements. This version focuses on fixing issues with P2P/DNS and enhances node performance, particularly during the epoch boundary. Cardano SPOs 8.1.1 has been released for mainnet! This update improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS. It also contains all the performance improvements from 8.0.0. Let's rock and roll! #Cardanohttps://t.co/Bo0ZyXMXRR — Rick McCracken DIGI (@RichardMcCrackn) June 19, 2023 The release of Node 8.1.1 is significant because it shows Cardano’s commitment to refining its infrastructure and providing a smooth experience for users. The release has undergone thorough testing and is now considered stable for deployment. Addressing the P2P/DNS issues is crucial for ensuring strong network connectivity and effective communication between nodes. The improvements in node performance during the epoch b...

This year saw the realignment of the crypto industry toward greener, more energy-efficient blockchains. 2022 saw the continued advancement of green crypto projects as more industry companies focused on sustainability to reduce carbon emissions. A series of elemental forces drove the paradigm shift, including user demands for faster and more energy-efficient blockchains, growing climate change awareness among investors, and rising government concerns about energy consumption in the crypto sector. Among the most notable eco-friendly crypto developments in 2022 was the transition of the Ethereum Blockchain from a proof-of-work (PoW) to Proof-of-Stake (PoS) consensus layer. The Merge, completed in September, joined the original execution layer of Ethereum with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining by enabling the network to be secured using staked Ether (ETH). The conversion reduced the Ethereum network ’s energy consumption b...