Welcome to the 72nd edition of ‘The Digital Asset Digest’. Today, we look at why Solana went offline and what it will mean for the platform’s future, while we also discuss Ethereum’s dominance.
“By launching the platform Mynt, Brazil’s top financial institution – BTG Pactual – would enable its customers to trade bitcoin and ether.”
“Celo is soaring. The Layer 1 blockchain’s token is up 28.6% today, currently trading at $7.13.”
“There are now 1.6 million Salvadorans, roughly 25% of the population utilizing the Bitcoin (BTC) Chivo wallet, according to the President of El Salvador, Nayib Bukele, on Twitter.“
“German stock market operator Deutsche Boerse continues diving into the cryptocurrency derivatives by listing three new crypto exchange-traded notes (ETN) by VanEck.“
Source: The Block
“BitClout creator, who goes by the pseudonym Diamondhands, has today revealed his identity with the launch of a new blockchain network dubbed “Decentralized Social” (DeSo).“
INDUSTRY WIDE SNAPSHOT
Up 600% since May and increasingly looking like an Ethereum competitor, Solana has been one of the most successful crypto platforms of this year. However, the network was abruptly disrupted on Tuesday and was offline for roughly 17 hours before being revived.
So, what happened, and how does this impact the platform’s future? Here’s a closer look.
EXPLORING NEW IDEAS
In the digital world, disruption is swift. 13 years ago Bitcoin didn’t exist. Today it’s a $900 billion asset class and legal tender in at least one nation. Similarly, Ethereum didn’t exist 7 years ago. Now this network is worth $400 billion and is widely considered a “third-layer of the entire internet.” The world has changed in less than a decade, several times over.
But could today’s dominant players be under a similar threat? Could Ethereum be disrupted in the near-future? Several challengers have emerged in recent years that claim to offer crypto developers better features or a more convenient platform. The community must now consider if today’s dominant platforms are here to stay or a prime target for younger teams.
TOKEN OF THE WEEK
The rise of non-fungible tokens or NFTs has been one of the most striking trends in the digital assets sector in recent years. Collectors and speculators have spent billions of dollars to acquire fun, rare pieces of digital artwork that’s locked onto a decentralized ledger.
However, the traditional blockchain networks struggled to keep up with the popularity and demand for NFTs. Early on, some of the most successful NFT projects clogged the Ethereum network, leading some developers to seek alternatives. The Flow network and its associated FLOW token is now considered one of the best alternatives for creative developers. Here’s a closer look at the token of the week.
THIS WEEK’S DEEP READ
“In this article, BeInCrypto takes a look at on-chain indicators like the Stablecoin Supply Ratio (SSR) and the (USDT) supply on exchanges, in order to determine how much buying power stablecoins currently have over the entire bitcoin (BTC) supply.“
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