FTX CEO Proposes Building SushiSwap on Solana and Serum

FTX CEO Proposes Building SushiSwap on Solana and Serum

A proposal has been made to build the DEX SushiSwap on Solana and Serum, codenamed Bonsai. With Sushi emerging as “having one of the most vibrant and influential communities” and “the sky’s the limit” for it, the proposal states it’s important to keep growing.

“The purpose of this proposal is to lay out an efficient and effective method for SushiSwap to evolve and build out its leading platform on Solana and Serum,” it reads, adding, “To reinforce perceptions of SushiSwap as a DeFi leader and innovator.”

As per the proposal shared by Sam Bankman-Fried, CEO of FTX, who is also building the DEX Serum on Solana, on Twitter, the team has been farming, staking, and investing in DeFi for the past eight months and Sushi from its beginning.

Now, they want to bring SushiSwap on Solana to provide the community additional liquidity, fast transactions, and significantly low fees on Serum.

The Layout

In the light of the cost of the Ethereum network making DeFi out of the reach of smaller users, they built Raydium. Having been worked on since last year, the AMM was launched just over this weekend.

The proposal also talks about the Raydium roadmap, which involves completing the development of liquidity pools and staking, launching mainnet along with the website and platform launch in Q1.

This AMM will work as a bridge for SushiSwap, and the protocol is already able to support Sushi’s liquidity pools for the Serum orderbook.

As a first step, Raydium will work alongside the DEX and then deploy on its testament. The next step would be the deployment of Bonsai pools and staking on the mainnet.

As an incentive, the double yield is also proposed for the first Decentralized Franchise Pool. The additional rewards will be in the form of a native RAY token, which means Sushiswap stakers on Raydium would get SUSHI rewards plus free yield from RAY.

The new project, Bonsai, is anticipated to launch on testnet within Q1 of 2021.

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Author: AnTy

First Tether (USDT) Minted on Solana; Stablecoin USDC Launched on Stellar

First Tether (USDT) Minted on Solana; Stablecoin USDC Launched on Stellar

Stablecoin issues Tether first announced during the summer of 2020 that it had launched its USDT coin on Layer 1 blockchain Solana, which claims to be faster and cheaper than Ethereum.

Now, the first USDT has been finally minted on the Solana blockchain, as announced by Paolo Ardoino on Twitter late on Tuesday.

Tether, the dominant stablecoin in the market with a market cap of more than $27 billion, is supported on a number of blockchains, including Ethereum, Tron, EOS, Omni, OMG Network, Algorand, Liquid, and others, with support to be added for more blockchains as well.

Solana has seen growing adoption with crypto exchange FTX launching its DEX Serum on it a few months back. FTX chief executive Sam Bankman-Fried called Solana “awesome” at the time and said it is “10,000 times faster and 1,000,000 times cheaper than Ethereum.”

Another popular stablecoin USDC, with a market cap of about $6 billion, also supports Solana blockchain, and on Tuesday, it announced support for Stellar as well.

Stellar blockchain is now fully integrated across all the Circle products. This will help bring USDC to “billions of people around the world” and swap and exchange instantly for Brazilian Real, Argentinian Peso, Nigerian Naira, Euro, and South African Rand. Jeremy Allaire, co-founder & CEO of Circle said,

“Not only will this unlock new on-chain FX markets, but it will help people across the world, including in emerging markets, to access the power of digital dollars, and have seamless convertibility with local stablecoins.”

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Author: AnTy

The Graph Now Exploring Support for Bitcoin, Polkadot, Solana, BSC & Other Layer 1 Blockchains

The Graph Now Exploring Support for Bitcoin, Polkadot, Solana, BSC & Other Layer 1 Blockchains

After successfully launching its mainnet on Ethereum blockchain, The Graph protocol for indexing and querying data is now exploring providing support for additional Layer 1 blockchains.

Blockchain interoperability is a pain point for developers. Amidst the growing DeFi and NFT spaces, applications need to interact with many protocols and chains, reads the official announcement while noting over 7,000 subgraphs are deployed to date. The team said,

“Additional Layer 1 integrations will dramatically increase the number of subgraphs and the ability for dApps to work in a multi-blockchain environment to give users optionality and the best Web3 experience.”

The blockchains under consideration include Bitcoin, Polkadot, NEAR, Cosmos, Solana, Avalanche, Binance Smart Chain, and Celo to support Web3 development and make it easy for developers to access on-chain data and build decentralized applications.

Already many Ethereum projects have built subgraphs to retrieve data, including Uniswap, Aave, Synthetix, ENS, and DAostack. Eva Beylin, Director at The Graph Foundation, said,

“After launching mainnet, we are looking to accelerate the upward trajectory of the Web3 ecosystem. That means ensuring that no matter which Layer 1 blockchain you are building on, you can build a subgraph and easily access data from across chains. We think this is a key part of unlocking that next wave of innovation on the decentralized internet.”

The community is currently conducting due diligence on Layer 1’s infrastructure, and they are expected to be onboarded in the coming months.

However, Ethereum will remain the standard, and GRT an ERC20 token, said the team.

The Graph Network’s native $889 million market cap GRT token is currently trading at $0.713 and enjoying an uptrend. It is also up over 101% YTD.

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Author: AnTy

HUMAN Protocol Moves to Solana Blockchain In Search Of Scalability And Speed

HUMAN Protocol Moves to Solana Blockchain In Search Of Scalability And Speed

  • Hybrid labor protocol, HUMAN protocol, is moving to Solana blockchain.
  • The partnership aims to provide scalable and secure decentralized labor pools.

HUMAN Protocol is a hybrid framework that helps in machine learning techniques by providing a marketplace for humans to contribute their reasoning, mental skills, and knowledge. These activities include labeling tasks, voicing tasks, and identifying photos, videos, and sounds to improve machines’ intelligence.

The company is partnering with Solana blockchain, an open-source and scalable blockchain, to build a decentralized labor pool to complete these tasks. Growing demand for the protocol and scalability constraints has seen HUMAN Protocol turn to Solana to settle the large number of transactions on-chain, settle labor pools efficiently and make payments instantly.

The Solana Foundation team is working on deploying the decentralized labor pools on a functional marketplace. HUMAN Protocol developers work on easing the onboarding process for developers and users on the platform. Lonnie Rae, Head of Operations at HUMAN Protocol Foundation, said in a statement on the partnership. Rae added,

“Building on Solana should enable us to scale our decentralized labor pools significantly for better operating performance across the HUMAN platform,”

“We’re so excited to see what we can build together.”

Solana currently provides over 700,000 transactions per second (TPS) – way above the transaction speeds of Bitcoin at 5-7 TPS, ETH 1.0 (15-20 TPS), and ETH 2.0 (100,000 TPS) – which provides a stable option for the HUMAN Protocol, the statement further reads.

HUMAN Protocol is gradually taking over the global CAPTCHA market, which has previously been monopolized by Google’s reCAPTCHA module. hCAPTCHA, built using HUMAN Protocol tech, currently captures over 15% of the market share and disburses the vast information to an open marketplace for anyone to train their machines. This democratizes the access to data important to machine learning, reducing the power Google holds.

“In my mind, they’re creating a global brain formed through billions of interactions in a decentralized marketplace,” Raj Gokal, COO at Solana said. “This is the rare combination of vision, execution, and ambition that Solana was built for.”

HUMAN Protocol now joins a vast list of projects leveraging Solana’s blockchain to optimize speed and utilize the scalability properties it offers. Following the integration of Circle’s USDC stablecoin on Solana, one of the largest blockchain-based music streaming platforms, Audius, integrated on the blockchain, and Velas, a self-optimization blockchain platform, also joined the blockchain to increase transaction speed.

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Author: Lujan Odera

Solana Launches SOLAR Bridge; Bringing Arweave’s Decentralized Storage to Its Blockchain

The Solana blockchain is taking little time to expand as it recovers from a significant downtime earlier this week. In its latest development effort, the blockchain announced a partnership with decentralized data storage protocol Arweave.

Data Storage for High-Performance Blockchains

Solana announced a partnership with decentralized data storage protocol Arweave to launch the SOLAR Bridge. The bridge signifies a major milestone for Solana, making it the first blockchain platform to transfer and store transaction history on Arweave’s dedicated network.

Solana is a high-performing blockchain that processes substantial amounts of data. The partnership with Arweave takes the burden of designing an in-house data storage infrastructure off Solana.

With the SOLAR Bridge, Solana’s node validators will validate transactions and store them on Arweave. As such, there won’t be a need to validate one transaction twice.

Solana handles one newly-produced block every 400 milliseconds, with its network already passing 50 million cumulative blocks since it started operations in March 2020.

The company added that its blockchain could handle more than twice the number of blocks produced by the Bitcoin, Ethereum, Polkadot, Cosmos, and Algorand blockchains combined.

This is not difficult to comprehend. Data storage is critical for a network that handles historical data for users. Solana’s growth as a decentralized solution hinges on how it safely and securely stores data.

The blockchain now seeks to leverage Arweave’s decentralized and immutable network to ensure permanent and reliable data storage. Solana stated,

“It’s important to note that Arweave is not expensive; it’s more costly to store data short-term — this is because when you store data on Arweave, it’s permanent. Ledger transition data and indexing from the Solana network will be entirely stored on Arweave with future development efforts to support richer indexes.”

Improving its Current Blockchain Infrastructure

The development comes following a massive network outage that affected the blockchain recently. Over the weekend, Solana confirmed that an issue had originated on its Mainnet Beta cluster, causing it to stop producing blocks after the 53,180,900th block suddenly.

The break essentially put a hold on the blockchain’s ability to confirm transactions, with the outage lasting for about six hours. It was eventually fixed after 200 network validators forced a restart sequence. The forced restart allowed the blockchain to resume operations optimally.

With some data moving to a separate network, Solana is hoping to free up space on its blockchain and possibly prevent issues like these in the future. The SOLAR bridge is also the second development coming to the blockchain in recent months.

In October, Solana announced Wormhole, a decentralized bridge supporting ERC-20 tokens that allow users to transfer value between different blockchains quickly. Wormhole works based on the action of “guardians,” which were selected from the current Solana validators. Guardians will read data from both blockchains, verifying that the bridge operates optimally.

When two-thirds of the validators sign that a transaction is correct, both sides’ smart contracts will trigger the transfer by minting and burning the appropriate tokens.

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Author: Jimmy Aki

Blockchain-Based Music Streaming Platform, Audius, Moves to Solana Due to Ethereum Scaling Issues

Audius, a blockchain-based music streaming platform, announces its switch to Solana blockchain from its POA Network. This is due to the high gas costs and scalability issues on the Ethereum blockchain. However, the native token – AUDIO – the platform’s governance and staking systems will continue running on Ethereum.

Audius content management system (CMS) will be moving its operations to Solana blockchain over the course of the next year. According to the post, the music streaming platform aims to leverage Solana’s scalable and “virtually costless” blockchain to solve the congestion problems and high fees previously experienced on its host network, POA.

Audius has witnessed remarkable growth in the past few months – recording over 800,000 monthly users and 150,000+ songs streaming on the site posted so far. However, the growing demand for Audius streaming audio content is facing a challenge due to Ethereum’s scalability and latency problems.

According to the statement, over the past week, the Audius site faced a heavy load of issues, “resulting in longer wait times searching, streaming, and indexing” of its music catalog. Despite the move to the POA network, Audius surge in users has clogged the network – at times, taking up to 90-95% of the network space – with an all-time high registered this weekend.

Move to Solana

With the hot DeFi market reaching yearly highs, Ethereum has faced sower transaction times and higher gas fees forcing developers to search for better options elsewhere such as Solana. The platform claims a low latency platform and high throughput of over 50,000 transactions per second (TPS) – all while charging a percent ($0.00001) per transaction.

Furthermore, the launch of Solana’s “Wormhole,” a secure, trustless bridge connecting to Ethereum, will cater to the rapid growth of finance dApps and protocols, creating multiple enhancement in sourcing capital – solving the challenge of high gas fees and congestion.

While the exact amount and arrangement are yet to be disclosed, the CEO of Audius, Roneil Rumburg, stated the partnership involved “technical support and incentives.” He said,

“There’s an agreement between the two teams that involve technical support, deliverables for support, and incentives. … Solana will help Audius have the best user experience possible.”

Audius has raised over $9 million in successive rounds to build a decentralized Spotify and Soundcloud-like platform where artists will receive roughly 85% compensation for their content.

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Author: Lujan Odera

Serum Blockchain Launches New Automated Market Maker, To Challenge Ethereum’s High Fees

Project Serum announces its own automatic market maker (AMM), the Serum Swap, based on the Solana blockchain. This is a direct challenge to the Ethereum blockchain, which has witnessed a lag in transactions and high gas fees as the DeFi application growth exploded in the past few months.

The new Serum Swap AMM will work similarly to other decentralized AMMs in that you can join a liquidity pool and trade cryptocurrencies on the platform seamlessly.

Serum is a platform launched by Sam Bankman-Fried, CEO of FTX Exchange as a competitor to Ethereum – providing a faster and cheaper platform to complete your decentralized finance, DeFi, trades. While Ethereum promises up to 15 transactions per second, the Solana-based Serum Swap “takes about 1 second” to settle a trade or pool addition/removal, and the gas fees at a low of roughly $0.00002 per trade.

At launch, SBF Almeda, as Sam is known on Twitter, announced the Serum Swap platform would offer users over 1 million SRM tokens, native to Serum, to incentivize saving and trading on the AMM. Liquidity providers and traders on the platform will receive these airdropped SRM tokens as additional rewards for their kick-starting actions until November 25 – representing a 600% APY.

Serum continues its fight in the DeFi space with the Swap launch following the recent addition of Circle’s USDC stablecoin – a widely used asset in the ecosystem – and the launch of the Solana-Ethereum bridge, named “Wormhole.” The bridge aims at offering DApps on Ethereum, a direct channel to a scalable and low fee transaction platform.

The platform charges a taker’s fee of 0.3% payable in SRM – 0.25% goes to the liquidity providers (LPs), 0.04% goes to an SRM buy/burn depending on profits and losses made 0.01% goes to the GUI hoster.

While Ethereum’s Uniswap remains the largest swap and AMM in DeFi, with over $2.87 billion in locked value (TVL), a jam and fee raise experienced in the last bullish run could see several investors switch to cheaper and faster platforms.

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Author: Lujan Odera

Coinbase and Circle Consortium’s USDC Stablecoin is Now Integrated on Solana Blockchain

The Center announced today Solana blockchain as an official Chain for its USDC stablecoin.

As an expansion of the “fully-reserved and regulated digital dollar stablecoin,” the Coinbase and Circle consortium went with the new blockchain on which crypto derivatives platform FTX’s DEX Serum is built.

“We are excited about the new use cases that USDC on Solana will be able to serve, further growing the cryptoeconomy” said Alesia Haas, Chief Financial Officer at Coinbase.

“We look forward to supporting USDC on Solana for both our retail and institutional customers in the future.”

With this collaboration, USDC aims to take advantage of Solana’s significant scalability, speed with 50,000 TPS, and “extremely” low fees.

Circle also announced a separate partnership with Solana and Sam Bankman-Fried’s FTX, and Alameda Research also announced immediate support for USDC on Solana.

“Solana has quickly emerged as a compelling new blockchain platform focused on the critical scaling issues facing the broader DeFi ecosystem,” said Jeremy Allaire, Chairman, and CEO of Circle.

Allair took to Twitter to further share his excitement about this collaboration, which he says is a “pivotal moment in the use of public chains.”

This brings forth a clear path to a global scale payment utility on-chain along with an infrastructure for the hot decentralized infrastructure (DeFi) that can transform capital markets, especially at a time when Ethereum is hitting its limits, Allaire said.

As part of the partnership, Circle is sponsoring the Solana Hackathon and a $200K prize to be paid in USDC-SPL.

In recent news, USDC stablecoin also became available on Algorand (ALGO) as well as Stellar (XLM), while Tether (USDT) recently rolled out on Solana.

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Author: AnTy

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

Solana (SOL) Added to Coinbase Custody; Cue in the Institutions

Solana has announced a partnership with Coinbase Custody, a registered fiduciary under the New York State Banking Law.

Over the past few weeks, the Solana Foundation has been working with the Coinbase team to integrate the Solana blockchain.

“This partnership closely aligns with our mission to bring speed and security to decentralized finance,” said Solana team.

Now, in addition to non-custodial wallet SolFlare and TrustWallet, investors get another option to store SOL in the offline cold storage system of Coinbase Custody.

With this move, Solana will be attracting institutional attention as Coinbase custody offers a comprehensive set of insurance policies for larger institutions to safely and more securely custody SOLs.

Additionally, Coinbase Custody, which also provides its services to Grayscale, offers staking and governance, “which are equally crucial for the long-term health of the network.”

Solana recently gained spotlight after derivatives exchange FTX launched its decentralized derivatives platform on it. FTX CEO Sam Bankman-Fried described Solana as a “fully decentralized blockchain,” which is “fast as fuck” and doesn’t need a trusted centralized sidechain.

Solana can “process 10,000 times as much as Ethereum; and it’s 1,000,000 times cheaper,” said Bankman-Fried at that time.

On the back of Coinbase Custody news, SOL jumped 26% but has since dropped 6% to now trade at $3.42.

For now, SOL is only available on Binance and FTX, but after this partnership, it might get listed on Coinbase as well. Solana has announced several partnerships so far in 2020, including Chainlink, KIN, and Terra Stablecoin.

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Author: AnTy