Author Archives: decrypt.co

Solana Loses $1 Billion in USDT to Ethereum in Tether Chain Swap

The chain swap announcement comes as Solana faces difficulties. Stablecoin issuer Tether today announced a $1 billion chain swap to convert USDT it had on the Solana blockchain to the Ethereum blockchain.  The announcement comes as Solana, which just weeks ago ranked within the top 5 biggest cryptocurrencies by market cap, faces difficulties following the collapse of crypto exchange FTX.[Read more…]

Solana NFT Protocol Metaplex Announces Layoffs in Wake of FTX Collapse

While it had no financial exposure to the fallen exchange, Metaplex appears to be suffering from reputational damage spreading to Solana. Solana NFT protocol maker Metaplex announced on Thursday that it has undergone a company-wide round of layoffs, as the contagion induced by crypto exchange FTX’s collapse last week continues to spread across the Web3 ecosystem. [Read more…]

Binance Temporarily Suspends Deposits of USDC, USDT on Solana

Binance has announced that it temporarily suspended deposits of the stablecoins USDC and USDT on the Solana blockchain “until further notice.” It has since reopened deposits for USDT on Solana. USDT and USDC, created and managed by the companies Tether and Circle, are stablecoins pegged to the U.S. dollar, which exist on a wide variety of blockchains, including Solana and Ethereum. Binance didn’t provide any[Read more…]

Solana Plummets More Than 41% Over The Week Amid FTX Collapse

Solana emerged as the week’s worst-performing crypto asset as one of the project’s early backers FTX went insolvent. It’s been a choppy week for Solana.  The 15th-largest cryptocurrency by market capitalization has lost 41.2% of its value over the past week, according to data from Coingecko. SOL, Solana’s native token, dropped from $20.16 on November 9 to[Read more…]

Solana DeFi Projects Reopen Following $114M Mango Markets Hack

Tulip and UXD lost hefty sums after Mango Markets was hacked—but both protocols today said they retrieved the tokens. Two Solana-based DeFi protocols have reopened following the $114 million hack of lending protocol Mango Markets.  Yield aggregator Tulip and stablecoin provider UXD have recovered tokens from Mango Markets, which was hit with a major exploit earlier earlier this month, and can[Read more…]

Aptos Is Luring Away Solana NFT Traders and Creators—Will It Last?

Enthusiasm around the Solana NFT market has been in short supply lately on Crypto Twitter as marketplaces push back on honoring creator royalties. Trading volume is creeping down, and it might not just be due to bad bear market vibes: rival blockchain network Aptos also appears to be stealing the attention—and funds—of some Solana NFT traders. Aptos, the[Read more…]

Teleport Creators Raise $9M to Build Decentralized Uber Rival on Solana

DEC’s TRIP protocol can power an array of blockchain-powered ridesharing apps, starting with the firm’s own Teleport. The Uber of Web3? It’s not a new concept—Ethereum co-creator Vitalik Buterin theorized it years ago, and other startups have attempted to create a decentralized ridesharing service. But now the Decentralized Engineering Corporation (DEC) thinks it has the right model, and it[Read more…]

Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard

After Solana NFT marketplaces make paying royalties optional, Metaplex seeks to give creators a path to enforce them on-chain. Creator royalties have largely fallen out of favor in the Solana NFT space lately, as top marketplace Magic Eden made paying them optional last week after royalties-shunning rivals snatched away market share. Now Metaplex, the creator of Solana’s NFT standard, says it is developing[Read more…]

Solana Web3 Phone ‘One of the Moonshots’: Anatoly Yakovenko

Solana Labs founder Anatoly Yakovenko described its move into smartphone hardware as a ‘developer play’ to usher in a new Web3 paradigm. Solana Labs co-founder Anatoly Yakovenko took the stage last night at Disrupt, TechCrunch’s annual global startup conference, and hinted that Solana’s new smartphone Saga will offer a fresh alternative to the current business models used by[Read more…]

Helius Raises $3.1M to Make Solana App Building ‘Faster and Cheaper’

The infrastructure startup, hailing from former Coinbase and Amazon engineers, built a streamlined Solana development platform. Solana infrastructure startup Helius today announced that it raised a $3.1 million seed round co-led by Reciprocal Ventures and Chapter One, in an effort to provide the tools to help developers build Web3 applications in less time and for less money. Co-founded by engineers[Read more…]