Crypto news of the week!
Here are the Top three news of the week in the crypto market that you can't miss🤤!
SOLANA network goes down, yet, ONCE AGAIN📉!
The Solana network crashed again on the 1st of June (slaps😫). It was a four-and-a-half-hour-long crash. Too many crashes on SOLANA🥵. We have written about the previous crash in one of the previous posts, read it here!
So, this is what the folks at Solana had to say about the crash🗣:
“Validator operators successfully completed a cluster restart of Mainnet Beta at 9:00 PM UTC, following a roughly 4 and a half-hour outage after the network failed to reach consensus. Network operators an dapps will continue to restore client services over the next several hours.”
However, the guys at Solana tried to decrease the FUD by telling that all the funds are secure 🔐. But, obviously who wants to get REKT 😷, thus, $SOL prices tanked📉to below 14% around $38.5.
The cause of the crash is:
“UNKNOWN” 😬
But duplicate transactions seem the most probable reason for the fallout 🍂.
All said and done, let’s watch out 👀 and hope that there’s no such blackout in the future!
CARDANO and its much-awaited VASIL Hardfork 🍴
Cardano, is up with some new updates, and guess what🤔? All this is happening just before the most awaited Vasil-hard fork. $ADA to the moon 🚀.
In the Weekly Development Report by Cardano last week, there was a lot of info on the recent developments on the network and it had keenly mentioned👀: “The Vasil Hardfork” which is set to launch on the 29th of June.
So, the Cardano Vasil Hard Fork will be the next upgrade 🆙 on the Cardano roadmap 🗺, which will make the blockchain ⛓ more scalable and robust 💪!
Through previous upgrades like the Alonzo hard fork, the $ADA blockchain ⛓ had tried to improve the infrastructure of the network 👷♂️, and now it is Vasil🔥!
Also, other projects such as the Cardano Hydra L2 and Djed Stablecoin are in the works 👨💻.
If you are a techie and want to know the ins and outs of the developments wait🤐! Read the lead dev. Sooraj’s tweet:
$ETH2.0 MERGE updates and $950 million inflows🤷♂️
So, Ethereum, the world’s largest altcoin, has always been on the moon, right😎? Fair to say, the upcoming “Merge” is gonna have the most traction 🔥.
ETH 2.0 is doing a multi-shift wherein they are trying to move from the Proof of Work (PoW) mechanism to the Proof of Stake Mechanism (PoS). And this transition is gonna enhance the network’s scalability, efficiency, and speed⚡.
WTF is PoS, you ask🙋♂️?
So, Just like the way PoW blockchains rely on miners to validate transactions, the PoS consensus mechanism relies on “stakers” to validate transactions by running nodes.
Honestly, ETH did have an L.🥵in 2022. But according to the reports, the total value staked in $ETH2.0 deposit contracts are seeing new highs💹.
According to data from Glassnode, the total number of Ether ($ETH) locked 🔏in Ethereum’s Eth 2.0 has surpassed 12.764M as the upgrade is around the corner 🌍.
Source: Glassnode
In fact, at press time⌛, Ether balances on crypto-exchanges globally, had also increased by 550,459 ETH and since May there have been $950 million worth of inflows into the exchanges’ hot wallets🐋.
Source: CryptoQuant
So, could this be the sole reason for the correction, let’s have the benefit of doubt 🤔, while, you guys, what are you waiting for, go and DYOR 📊.
So, these were some of the most important news of the week that passed by. This is something new that we are experimenting on, so stay tuned and keep supporting :).
Namaste 🙏🙏
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