76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

Trading near $117, SOL is currently down just over 7.5% from its all-time high of almost $130, which was hit just about 24 hours back.

With a market cap of $32.2 billion, SOL sits at 8th place in the cryptocurrency market.

Last week, the Solana team helped push the prices of the token even higher by teasing a new feature. An ignition teaser video featuring a purple flame lighter was tweeted on August 27th.

The tweet featuring the video was speculated to be referring to the burning of the SOL tokens paid in fees.

Solana is an Ethereum competitor that markets itself as a faster and cheaper alternative. It is a public base-layer blockchain that features a new timestamp system called Proof-of-History (PoH) for enabling automatically ordered transactions and uses the Proof of Stake (PoS) consensus algorithm to help secure the network.

The token SOL is used to pay the transaction fees, and the protocol burns a portion of the fees it collects. Solana also creates new tokens based on a “dis-inflationary inflation schedule.”

Besides being used to pay the fees, SOL is also used to secure the network through staking. While Ethereum has just started staking and only 6% of its supply staked and locked in the deposit contract, a whopping 76.81% of SOL supply is currently staked, according to Stakingrewards.com.

Among popular PoS blockchains, Cardano, Polkadot, Terra, Avalanche, BSC, and Algorand, Solana has the highest percentage of its supply staked. Binance Smart Chain comes second at 71%, followed by Cardano’s 69.65%.

ADA 1.78% Cardano / USD ADAUSD $ 2.83
$0.051.78%
Volume 4.39 b Change $0.05 Open $2.83 Circulating 32.15 b Market Cap 90.95 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
DOT -2.14% Polkadot / USD DOTUSD $ 30.17
-$0.65-2.14%
Volume 3.77 b Change -$0.65 Open $30.17 Circulating 987.58 m Market Cap 29.8 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
LUNA 12.73% Luna Coin / USD LUNAUSD $ 0.01
$0.0012.73%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 14.59 K
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 2 d Historically September Records Losses, But Will This Time Be Any Different? 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
AVAX 3.16% Avalanche / USD AVAXUSD $ 44.20
$1.403.16%
Volume 1.09 b Change $1.40 Open $44.20 Circulating 175.14 m Market Cap 7.74 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Fantom Sees an Avalanche of New Activity to Hit Records, Announces Rewards to Build on the Platform 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
ALGO 2.51% Algorand / USD ALGOUSD $ 1.15
$0.032.51%
Volume 329.45 m Change $0.03 Open $1.15 Circulating 3.46 b Market Cap 3.98 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 4 w Zcash Founder Proposes Moving to A ‘More Decentralized’ & Eco-Friendly PoS as PoW Has ‘Security Flaws’ 1 mon Tether in ‘Open Dialogue’ with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud

This means, only a small portion of the SOL supply is liquid and available for purchase in the market, which further puts upward pressure on the cryptocurrency.

Much like other growing metrics, Solana also has an increasing amount of total value locked (TVL) in it, currently sitting at a $3.44 billion peak, with Raydium accounting for 32.16% of it.

Solana-based DEX, Serum, which got the backing of FTX CEO Sam Bankman Fried, also has a $464 million value locked in it, up from $175 million a month back. SRM -2.07% Serum / USD SRMUSD $ 8.72
-$0.18-2.07%
Volume 639.21 m Change -$0.18 Open $8.72 Circulating 50 m Market Cap 435.76 m
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too 1 w South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps

As we reported, Solana has also joined the NFT scene with their floor price – the cheapest price available for sale, moving up. The first-ever NFT on Solana, which gives its holders a share of revenue on their NFT platform, Solarians has their floor price rising to 39 SOL as well.

On Tuesday, Aurory, a Solana-powered NFT game, launched its NFTs whose floor price is already past 60 SOL. Black Friday actually came early for Aurory as minting the NFTs cost 1 SOL instead of initially stated 5 SOL.

However, some people fell victim to scams and ended up losing their SOL and NFTs both. Still, overall the project was a success as the team noted that the website saw 55k visitors rushing in to get their hands on NFTs, and everything was sold out in under 3 seconds.

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Author: AnTy

Cardano and Nervos Research Initiative to Find Solutions to UXTO Security Issues

Cardano Foundation is partnering with the Nervos network in a joint research initiative to secure smart contracts, especially on a blockchain, using the Unspent Transaction Output (UTXOs) transaction model. The research efforts come in handy as Cardano aims to take over the decentralized finance (DeFi) ecosystem following the Goguen testnet.

Cardano, and Nervos, two public chains using the UXTO accounting method on their networks, announced a joint research partnership that will see them share proprietary information and write research papers on open-source accounting models, UXTO-based security, and develop a universal standard of accounting across blockchains.

This initiative is set to enhance and develop better security systems on UXTO-based blockchains to provide more efficient interactions with DeFi applications.

First conceptualized and adopted by Bitcoin (BTC), the UTXO accounting model has grown as the most secure across blockchains. A UTXO accounting model entails recording the number of coins remaining in a specific wallet after executing a transaction while monitoring every transaction continuously. This accounting model provides a more secure network than the account-based model, which is used by smart contract-based blockchains such as Ethereum (ETH) and ERC20 tokens, the statement further reads.

The account-based accounting model offers a less cumbersome network to store transactions as opposed to the UTXO module. Account-based accounting models only focus on the balance of the wallet account, ignoring the individual transactions within the address, opening up a loophole to steal funds while no one is monitoring the wallet. Kevin Wang, co-founder at Nervos said,

“UTXOs are superior to account models in many ways and provide improved security, privacy, and scalability, all of which are critical for DeFi.”

This makes the account-based model susceptible to hacks and external attacks, as seen repeatedly across the DeFi space in 2020. According to a CipherTrace report, the overall value of DeFi hacks in 2020 rose to nearly $100 million as hackers turned their eye to the ballooning space.

Cardano and Nervos are both lining up to nab DeFi projects from Ethereum – both taking a step forward in 2020 to strengthen their market position. Nervos Network announced a collaboration with Huobi exchange to develop blockchain framework testnets on DeFi applications in March this year. Additionally, the network also added Chainlink’s decentralized oracles to enhance smart contract development on the platform.

Cardano recently announced its first-ever DeFi project built on the platform, Bondly, lending and borrowing DeFi app, earlier this week. This followed the launch of “Project Catalyst,” a $250,000 fund aiming at incentivizing DeFi developers to build on Cardano.

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Author: Lujan Odera

Solana Targets Ethereum’s Scalability Issue by Introducing a Bridge called Wormhole

After launching DEX Serum, Solana Blockchain is now going for the heart of the problem.

Today, Wormhole – a secure, trustless bridge connecting Ethereum to Solana is announced.

With the DeFi frenzy, up until a few weeks ago, pushing the activity on Ethereum to new highs — fees to skyrocket and the network to clog — the market has been in serious need for a solution. As the team mentions in its official statement, speed and cost being the hurdle for adoption –

“the big leap that tips the scale towards Web3 will be propelled by scalability, and that’s exactly what Solana is solving.”

To cater to the significant growth in DeFi applications and to make sure the flow of “greater multiples of new capital” is not stopped by congestion and high gas fees as they keep money on the sidelines, Solana has joined hands with Certus One. Stating,

“Wormhole enables DeFi platforms to leverage Solana for high speed, low-cost transactions, while still allowing for settlement on another base chain.”

This bidirectional cross-chain bridge on Solana, which is just the first of many, connects ETH and ERC 20 tokens to SPL tokens, Solana token standard. When it comes out in a month, DeFi projects can move tokenized assets across blockchains running into constant issues.

Wormhole uses decentralIzed cross-chain oracles called guardians, operated by a set of node operators including Solana validators and other stakeholders who certify token lockups and burns on one chain to mint new tokens on others.

And with this, Solana Foundation is hosting a virtual hackathon, starting October 28, for the community to get together, use Wormhole and bring ideas to create highly scalable and cost-efficient web3 applications.

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Author: AnTy

The US Department of Defense (DoD) Issues Contract to SIMBA Chain For R&D Data Storage

The US Department of Defense (DoD) is looking to secure and store their R&D data on a blockchain-based system and has outsourced the contract for developing the same to the SIMBA Chain in the form of a Business Innovation Research contract.

In an announcement made on 12th May, the US Department of Defense awarded a $20,000 contract to SIMBA to develop a proof-of-concept based blockchain system for 4.5 million research and design documents and over 4,000 users managed by the DoD.

This isn’t the first time the US government has shown interest in blockchain-based systems. In fact, the US government has been actively involved in research, development, and utilization of various blockchain use cases in their departments. Earlier, SIMBA Chain was also tasked with developing a system to help the US Navy secure its communications.

[Related: SIMBA Chain also Partnered with US Air Force in 2019, and again with the US Navy back in 2018 to track Aircraft parts]

The ongoing R&D storage project is being dubbed as ALAMEDA for Authenticity Ledger for Auditable Military Enclaved Data Access and is expected to be completed by June, following with trials would then begin for a period of 5 months.

If the project passes the test phase and proves to be a success then another grant of $1 million could be awarded for SBIR Phase II contract. The phase II would focus on commercialization and creating a Github like interface to control and manage documents within projects.

What Would Phase II Bring to the Table?

Phase II’s primary focus would be sharing documents and datasets while ensuring authenticity and integrity. SIMBA would be using its Chain’s cloud-based Smart Contract as a Service (SCaaS) platform to develop and deploy different DApps for iOS, Android, and other platforms without the need for any third-party interference.

Joel Neidig, CEO of SIMBA Chain commented on the latest partnership stating the need for a secure and decentralized data storing and monitoring system in this day and age where a ton of sensitive data is exchanged via mobile phones. He explained:

“The DOD, defence contractors, and enterprise-level businesses have benefited from mobile devices and how easy it has become to access and exchange date.

However, the enhanced flow of information represents a significant security risk. Hence the need for sophisticated blockchain solutions that authenticate and document users, eliminate the third party bad actors, and otherwise allow secure direct connections between trusted sources.”

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Author: Rebecca Asseh

Chiliz and Decentralized Oracle Powerhouse Chainlink Partner on Real-Time Sports NFTs

The leading sports and blockchain-based fan engagement digital currency Chiliz (CHZ) has integrated Chainlink, the secure decentralized network from Oracle that enables the auto-execution of smart contracts based on real-world events and data.

With this integration, Chiliz will get to mint Non-Fungible Tokens (NFTs) in real time for partners on Socios.com, after using data provided by Chainlink. Furthermore, Chiliz will introduce and support a CHZ/USD Chainlink Price Reference Contract to provide the most accurate on-chain prices for conversions between $CHZ and USD.

FC Barcelona and Juventus Among Partners

The platform already has FC Barcelona, Paris Saint-Germain, Juventus, A.S. Roma, Atlético de Madrid, Galatasaray, CA Independiente and the back-to-back OG champions of Dota 2 esports as partners. Chiliz is thinking to partner up with 50 IPs in the sports, entertainment and esports industries till the end of this year. The latest integration makes it possible for Chiliz to create dynamic and real-world sporting events responsive NFTs while minting collectible tokens with limited availability. For example, it can mint a certain number of tokens when Lionel Messi breaks another goal-scoring record.

Chiliz, a New Player for Branded Collectibles

At the beginning of last month, Chiliz made its entrance into the branded collectibles world, after announcing its partnership with Enjin, in order to mint Ethereum (ETH) -based collectibles for Socios.com. About the latest Chainlink integration, Chiliz and Socios.com’s co-founder and CEO, Alexandre Dreyfus, had this to say:

“NFTs will be key to expanding the utility of $CHZ in 2020 and beyond. The Chainlink integration enables us to be responsive to real world sporting events in real time, allowing us to mint limited availability NFTs to commemorate moments that can’t be predicted or recreated, giving these tokens real collectors value.”

Chainlink Makes a Move into Sporting

It’s the first time Chainlink integrates with a sporting platform. Until now, it has been busy with all sort of blockchain projects that provide accurate and secure feeds, not to mention that it has most recently become a standard protocol for decentralized finance (DeFi) apps. What it surprised with is its integration with other sectors, such as the ones of gaming, sporting and insurance.

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Author: Oana Ularu

US Navy Awards $9.5M To SIMBA Chain To Secure Messages On Blockchain Tech For The DoD

  • SIMBA Chain awarded a $10 million contract to develop a secure decentralized messaging solution for the U.S. Navy.
  • This is the first and largest SBIR phase III fully dedicated to Blockchain Solutions.

SIMBA Chain was awarded a 5 year Small Business Innovation Research (SBIR) Phase III contract, at close to $10 million, by the Naval Air Warfare Center. The SBIR phase III contract is non-competitive and carries a non-compete clause, as announced by the U.S. Navy Blockchain solutions firm.

Secure Decentralized messaging solution

They have been tasked to develop a secure decentralized messaging solution for the Naval Forces. The platform is to be used to service the Navy’s crucial communication capabilities over its land and sea assets. The project is set to improve communications among its stakeholders while providing a secure environment under which they would share confidential materials.

To be developed on the Microsoft Azure cloud platform as Simba chain CEO, Joel Neidig, stated;

“We plan to deliver a ‘bulletproof’ platform that meets all objectives.”

He also expressed his excitement at the opportunity to work with the DOD who he congratulated for prioritizing the platform that would be essential for their operations. He also promised that the platform would be deployed this year with a series of updates over the course of the next 4 years.

“This is a win not just for SIMBA and our partners, but also for the DoD, which has pursued with single-minded focus, a solution to conduct sensitive, mission-critical operations in a manner that is immutable and non-refutable. We plan to deliver a ‘bulletproof’ platform that meets all objectives.”

Previous DOD partnerships

This is notably not the first time that Simba Chain has worked with the DoD. In August last year, they were contracted by United States Air Force (USAF) to secure their supply chain. They set out to develop a tamper-proof Blockchain prototype for tracking additive manufacturing components over the course of their lifecycle. Last September they also worked with the US Navy on tracking Aircraft parts using blockchain technology. They’ve also worked on the current platform DOD is using during the building and testing phase in an earlier SBIR contract.

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Author: Lujan Odera

Crypto Warning: Imposter Trezor Bitcoin Wallet Website Targets Users By Using URL Typos

While the developers of trezors argue that Trezor wallet is a safe and secure way to keep your cryptocurrencies from cyber attacks and hackers, the question now arises is it still safe?

A Redditor has apparently spotted an imposter website for Bitcoin hardware wallet Trezor. Imposter scams have become quite common and can vary in the forms that they take place in. Scammers pretend to be someone you trust, and by way of an email or call convince you to send them money.

Such is the case, a Reddit user discovered an imposter website which is trying to steal people’s bitcoin through the trezor wallet. Castorfromtheva – Reddit user, on Oct 4th posted concerning issues regarding the website, that they performed a test on the site to confirm its authenticity, turns out that it wasn’t true. He states –

“I just made a little ‘typo’ test and entered ‘tezor[dot]io’ where I obviously left out the ‘r’. I was instantly redirected to a site called https://trezor[dot]run/start/ which is not the original trezor site (the correct size is http://trezor.io respectively https://trezor.io/start/).”

The Reddit user further explains that when you put a typo error in the URL it would so direct the user to the Trezor scam website probably installing a compromised computer code.

Bitcoin engineer and self-proclaimed BTC maximalist Jameson Lopp took to Twitter

James Lopp, a self-proclaimed BTC extremist also a Bitcoin engineer took to his Twitter account and tweeted –

raising an alert regarding this to pretend website online.

On May 23 as reported by Cointelegrah, there was an app who appeared to be the Trezor wallet. Some scammers were noticed for adding fake cryptocurrencies to their Google Play store. While the app had no Trezor branding, it appeared to have a conventional login display asking users for their credentials.

A warning was passed by the company to its users in Nov 2018 of dummy versions being made of its wallet. Company representatives said they witnessed Trezor dummy’s being released over the past years but this fake Trezor software produced by an unknown seller comes as a shock.

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Author: Sritanshu Sinha

U.S Air Force (USAF) Partners with SIMBA Chain and Constellation Network Inc.

The United States Air Force (USAF) is dwelling into blockchain to secure its supply chain data and to streamline its Small Business Innovation Research (SBIR) plans. The partnership is between USAF and SIMBA Chain (supply chain project) and Constellation Network Inc. (SBIR plan).

The U.S Air Force, USAF, welcomes blockchain technologies to streamline its supply chain management on the battlefield and in their country. The USAF Blockchain Approach for Supply Chain Additive Manufacturing Parts (BASECAMP) will leverage SIMBA Chain’s blockchain to ensure the complex supply chain is secure and available across the platform.

The platform is on Microsoft Azure and offers the military a secure, distributed and surveillance free channel to build supply chain dApps. SIMBA Chain provides “a simplification layer for blockchain developers to implement complex, security-focused solutions” hence the selection by USAF.

With entities wanting to intercept the manufacturing data in military bases, SIMBA Chain offers the Air Force a secure platform against anyone wanting to obtain or modify the data. According to a PR release on Newswire, SIMBA Chain will start off its partnership with the Air Force creating a

“prototype demonstrating a blockchain approach for the registration and tracking of Additive Manufacturing (AM) components during their entire lifecycle.”

Constellation Network Inc. signs contract with USAF

The Air Force is heavily investing in the industry 4.0 as seen by its latest partnership with Constellation Inc. The contract signed between the two parties is expected to enhance the overall experience and the pool of potential applicants to the SBIR I project.

The VP of Business Development at Constellation, Benjamin Diggles looks forward to an excellent partnership with the “right match” to accomplish their goals. He said,

“The USAF has a multitude of data sources like drones, planes, and satellites that need to be secured. Clean and consolidated data that can be queried instantly is a big need within the defense apparatus.”

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Author: Lujan Odera

Germany’s Mechanical and Plant Engineering Firm Dürr Gets €750 Million Loan on the Blockchain

Dürr, a German mechanical and plant engineering company, has recently been able to secure a $750 million EUR loan. According to the company, the loan is “eco-friendly” and has a close link to the company’s performance in eco-friendliness.

This loan was made using the blockchain platform and a syndicated loan digital platform. The idea was created because of the current climate crisis that the world is living in and with the necessity of focusing more on sustainability.

According to the deal, the company got $200 million EUR right now and it needs to keep up with its sustainability rating in order to receive the rest of the loan. The rating takes some factors such as water consumption and how the company harms nature into account. The official score will be given by a local agency called Ecovadis.

By using the Targens platform, Dürr was able to connect with a group of 13 banks that loaned the money. They were from several countries in Europe, Asia and from the United States.

According to Dürr’s Chief Financial Officer (CFO) Carlo Crossetto, the digitized process makes the process considerably easier and faster than it used to be. The banks can lend the money remotely and the company only needs to follow the rules in order to get the rest of the money.

He affirmed that these blockchain platforms are set to be very important for the future of finance. Also, they can represent some progress in the sustainability area as well as they have mechanisms that can promote eco-friendliness with financial incentives.

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Author: Gabriel Machado

VirgoCX Exchange Review: Safe to Use Crypto Trading Platform?

VirgoCX Exchange Review: Safe to Use Crypto Trading Platform?

VirgoCX is a secure, reliable, and liquid cryptocurrency exchange platform that deals in buying, selling, and trading digital assets such as Bitcoin, Ethereum, stablecoins, and more.

The Toronto-based fiat-to-crypto exchange offers the best-in-class trading experience to a global network of both retail and institutional investors. The platform is currently open to Canadians who are 18 years and above. The global platform will be available to the public in the fourth quarter of 2019 to serve international clients.

The platform seeks to redefine crypto trading by offering the following benefits:

  • Cost-effective: competitive trading and transaction costs
  • Liquid: It offers high liquidity whenever you want it. Users get optimal execution prices
  • Secure: the platform employs time-tested strategy to protect users against internal and external threats.
  • Easy to use: the platform comes with an intuitive and user-friendly interface.
  • Reliable: Users enjoy 24/7 continuous trading with rapid fiat deposits and withdrawals.

VirgoCX Features

Stablecoin Trading Center

On VirgoCX, users can buy, sell, or trade all major stablecoins such as Tether (USDT), Gemini Dollar (GUSD), Paxos Standard (PAX), USD Coin (USDC), and more.

Fully Regulated Service

VirgoCX is fully compliant with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) rules and regulations. The platform provides users with full transparency.

Industry-Leading Technology

Powered by VirgoTrade, the platform’s proprietary trade engine ensures a highly efficient trading experience and allows for advanced API connectivity.

Impeccable Security

The platform leverages multi-signature cold wallet technology and 90% of the assets will be stored in the cold wallet. Besides, fiat funds are held in trusted financial institutions in the US and Canada.

Efficient Fiat Payment

VirgoCX’s stable and long-lasting relationships with reputable payment partners make domestic or international fiat deposits and withdrawals fast and errorless.

24/7 Multi-Language Support

The platform has a reliable customer support staff, available 24/7 across the globe.

Account Security

VirgoCX strives to ensure that each account is as safe as possible. Therefore, all users are advised to enable Google Authenticator.

Steps to Set Up Google Authenticator

Step 1: To set up 2FA, you have to download the “Google Authenticator app.” Users can download the app from the Apple store or Google Play Store.

Step 2: When you have the “Google Authenticator” ready, log in to your account, click “Account Settings” from the left dashboard, and then click “Security.” You will find the “Google Authenticator” at the bottom. Simply click on “Enable” and follow the instructions to set up the 2FA.

Step 3:  Open the Google Authenticator app, scan the QR code, and it will generate a 6-digit code or “token.” Enter the code to confirm. This code is updated every 30 seconds. The Google Authentication Key is used only when you are not able to scan the QR code.

Please note that it is a good practice to keep a copy of Google Authenticator key at a safe place in case the Google Authenticator is lost and you will be able to recover the Google Authenticator using the key.

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Author: Bitcoin Exchange Guide News Team