Mango (MNGO) news

Bitget Hot Takes (October 30 - November 05)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. The latest Bitget Hot Takes can be found here. Central Themes • BGB rose to as high as US$0.48; last week’s high is this week’s low. • FED decision: interest rates unchanged; U.S. job report shows numbers lower than forecasted. • SBF convicted on all seven criminal charges. BGB: Last Week’s High Is This Week’s Low BGB ended this week with a 3.2% profit, although the actual number should definitely be higher. The token’s high of the previous week (October 23 - 29) is US$0.464878 and US$0.495611 for this week, whereas the respective weekly lows are US$0.421107 and US$0.462193. So you can see that last week’s high is indeed this week’s low, and the weekly low has made a jump of nearly 10% following the broader market rally. BGB volatility seems to plateau after prices reversed the trend last week from red to green, and it’s justified that we’re happy with this slowdown. On a side note, BGB volume as well as liquidity remain at really good levels. Because our volume-to-market cap chart shows the 7-day moving average volume, meaning each day’s number is the average of the last seven days’, a dip in liquidity as seen for BTC, ETH, and XRP means that their volume experienced some significant declines towards the end of the week. If you are new, hi there, BGB is the native token of Bitget. It’s currently one of the most searched for tokens on CoinGecko, and we invite you to learn about the perks that come with BGB to see why this wonderful token is so loved. BGB has hit its all-time high this year in June at US$0.513378 (and US$0.495611 as of last week) from a mere opening price of US$0.181712 on January 01, 2023. We have good reasons to retain our faith in its incredible performance: BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition BGB Sail: April Edition BGB Sail: March Edition BGB Sail: February Edition No Rate Hike; SBF Convicted Two pieces of good news to begin with: the FED decided to not change the interest rates in their latest meeting from October 31 to November 01 and the release of the U.S. job report on November 03. Whilst there is still the possibility that the FED will announce another rate hike in December, data is illustrating how market-crunching this series of rate hikes is, now for the labour market. After several months of ‘everything’s alrite, we still doing well’, the unemployment rate in the U.S. rose to 3.9% in October - highest since January 2022. The number of jobs added in October is only 150,000, the lowest since January 2022 and lower than economists’ prediction of 170,000. As a result, stock markets locked in the best week of 2023 so far, including crypto stocks. The talk of the town this week, however, is the SBF trial. Below are our recaps of each week: The First Two Weeks of FTX Trial: Friends to Foes, Secrets Exposed What Happened During The Third Week of the Sam Bankman-Fried Trial And now the verdict’s in. Guilty on all charges of fraud, conspiracy and money laundering, the fallen crypto mogul is facing up to 115 years in prison, but SBF has returned to prison - for now - and is waiting for a potential trial in March 2024, where he has the chance to reduce his sentence should he pled guilty. Funny, though, that very same prison has just welcomed another crypto criminal: Avraham Eisenberg, the fraudster behind Mango Markets’ US$116 million exploit back in June. His trial has been moved to March/April next year instead of December 04. The Latest Bitget News Two Bitget’s initial listings that went live last week are Memecoin (MEMECOIN) and Celestia (TIA), with the former’s prices multiplying by 24 times overnight and the latter achieving a 52.8% gain within 24 hours. These two are immediately added to our Bitget’s Zero-Fee Program, which is exclusively designed for Credit/Debit card holders. Check out the timeline and perks here: Buy MEMECOIN using credit/debit card with zero fees Buy TIA using credit/debit card with zero fees Bitget Spot Trading’s volume went down by 5.7%. If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget! Bitget Futures Markets’s average crypto OI saw a further expansion of 12.2%, average Bitcoin OI by 8.3% in the last 7 days, meaning Bitcoin dominance on the futures market decreased by another 3.1% to land at only 50.5%. Some notable perks for crypto lovers include: • Zero-fee crypto purchasing days for Bitget users who own a Credit/Debit card: The Bitget’s Zero-Fee Program is activated every Wednesday and every weekend! • New user exlusive: Buy crypto and get up to 50% rebate! • Spin and Raffle to share 200,000 USDT: The promotion will end on November 19, make sure to join before it’s too late! • For spot margin traders: Exclusive 30,000 USDT, airdrops and coupons are waiting for you! • Exclusive for new bot traders: 60,000 USDT prize pool for November plus loss protection on your first trade! Don’t miss out the opportunity to grow your holdings with Bitget Earn! Bitget Dual Investment now supports 8 new coins including MATIC, AVAX, LINK, TRB, BNB, ZRX, MKR, and STORJ, and Monday-Friday as the new subscription periods is introduced for Bitget Snowball and Bitget Smart Trend! Want to take it simply? Join us on the Bitget Wealthy Tuesday every week and earn up to 10% APR! Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign! New Events Join the Bitget Builders team — share a US$20,000 offline event budget and win "Apple Family "products Exclusive rewards! Start margin trading to share 30,000 USDT! Bitget Swap's new version goes live ! Participate in Bitget Swap to share 60,000 BGB! Deposit to List: Sexone (SEX) - Deposit and Share 0.00007295 SEX Rewards! Deposit to List: Sundae The Dog (SUNDAE) - Deposit and Share 2,755 SUNDAE Rewards! MovieBloc (MBL) will be listed on Bitget. Come and grab a share of $10,000 worth of MBL! November new user bot trading perks — share a 60,000 USDT prize pool and enjoy loss protection on your first trade Flow (FLOW) will be listed on Bitget. Come and grab a share of $10,000 worth of FLOW! New users only: Deposit and trade in CandyBomb to earn TIA! Join Bitget as an elite trader for rewards! Join the spot margin trading competition to win up to 5000 USDT in airdrops! New users can get up to 100 USDT! AI Coin Showdown: Predict the Future of FET, PHB, INJ, RNDR, AGIX, and ARKM for Big Rewards! Hot coins trading celebration 3: grab a share of 10,000 USDT and 10,000 BGB! Halloween copy trading referral — share 20,000 USDT and get a MacBook! Memecoin (MEMECOIN) will be listed on Bitget. Come and grab a share of $15,000 worth of MEMECOIN! Bitget's Diwali Fest: Unlock Crypto Riches! Good Reads Verdict's In: Sam Bankman-Fried's Testimony in the Final Weeks Leaves No Room for Doubt Earning with Ease: Cardano’s Staking Among the Best Staking Crypto Choices Best Staking Crypto: Why Algorand (ALGO) Tops the List Bitget Earn Programs: A Deep Dive into Leveraging Exchange Platforms Bitget's Passive Income Streams: Staking, Savings, and Beyond Simply create an account, and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (January 02 - January 08)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Central Themes • BGB saw minor gains, volume jumped by 7.5%. • Celsius ruling: Celsius’ terms of use turns Earn account holders into unsecured investors, meaning they will be the last in line to receive repayments. • Mt. Gox repayments timeline pushed back by two months to March 10, 2023. • Indonesia and Israel propose to treat cryptocurrencies as securities. BGB Saw Minor Gains BGB saw minor gains last week of 2.49%, almost the same as Bitcoin’s 2.48%, but falling behind Ethereum’s significant 5.70%. In terms of seven-day volume, BGB also recorded a 7.45% increase to USS$24.6 million. The 0.18-something level is supposed to be a good accumulation zone for BGB hunters, with the current 4H RSI and Accumulation/Distribution lines showing support for this suggestion. Check the previous months’ analysis of BGB price trend here: BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Not So Much Of A Good Start We began the week with news of an exploit to a Bitcoin developer, and ended the bumpy ride with Solana’s going offline. On late night January 1, 2023, Bitcoin core developer Luke Dashjr tweeted that his Pretty Good Privacy (PGP) key was compromised, resulting in a loss of ‘all’ assets stored. PGP is a long-used method for encrypting sensitive files and is actually unhackable, but the encrypted information, stored on a server, is vulnerable to exploitation if the server is attacked. Earlier in November 2022, Dashjr informed his followers of PGP download after his server was compromised. Then, less than two months after Sam Bankman-Fried ‘I’m sorry’, the community once again heard the word loud and clearly from DNP3, founder of The Goobers NFT, Gridcraft Network, CluCoin, among others. The guy publicly admitted that he has a gambling addiction and is now ‘completely broke’. Source: DNP3 via TwitLonger Phishing isn’t new, but even the expert fell for it. Nikhil Gopaani, COO of Nike-owned RTFKT, told the news to the Community X community. His wallet balance currently shows ca. US$0.12, which means at least US$175,000 NFT pieces (at floor price) of CloneX, RTFKT, Loot Pods and Crypto Kicks were stolen. Another victim of a phishing attack is a DeFi user who owned US$3.4 million of GMX. the native token of the decentralised perpetual exchange GMX. The GMX team is working with the anonymous victim to solve the problem. Wondering about rugpull(s)? Mutant Ape Planet and CryptoZoo NFT game are in the spotlight. Creator of the Mutant Ape Planet NFT collection is facing charges by the U.S. Department of Justice for ‘defrauding purchasers of more than US$2.9 million in cryptocurrency’. And Logan Paul has been denying claims that his GameFi project CryptoZoo is a scam, even though no updates on the development are available after May 2022. Some users of Solana-native NFT Marketplace Magin Eden accidentally bought fake y00ts and ABC NFTs due to a flaw in the project’s newly upgraded verification system. The bug has been fixed right away, and Magic Eden is offering refunds for affected users. Meanwhile, Solana RPC endpoints went offline again less than 24 hours ago, disconnecting various DApps and wallets from the network. The spreading contagion is causing more crypto firms to cut down their workforce, with the latest names calling for Silvergate (numbers undisclosed), Genesis (another 30%), Huobi (20%) and SuperRare (30%). The aftermath of FTX’s dismay didn’t stop there; it may very well have pushed authorities to adopt the predatory approach. The crypto regulatory in Indonesia and Israel will soon recognise crypto as a security rather than a commodity. The House of Representatives in Indonesia approved The Financial Sector Development and Reinforcement bill (P2SK) in December 2022, which leads to the establishment of a national crypto exchange and a shift in oversight from the commodities-focused Bappebti to the securities-focused Financial Services Agency (FSA), whereas Israel has published the ‘Proposal to amend the applicability of securities laws regarding digital assets’, which are open to receive public comments until February 12. In addition: • U.S. regulators are warning banks of ‘significant volatility and the exposure of vulnerabilities in the crypto-asset sector’; • Francois Villeroy de Galhau, governor of France’s central bank, is urging regulators to introduce an ‘obligatory licensing’ for digital assets service providers (DASPs); and • a job filing of the UK's National Crime Agency shows the agency is set to ‘proactively investigate UK Cyber incidents’ Of course the active regulatory presence regarding crypto-related topics can greatly benefit users in the space also. The community is delighted to see Mashinsky of Celsius sued by the New York State for ‘defrauding investor’ and the unapologetic Mango Market exploiter Avraham Eisenberg facing trial for ‘market manipulation and fraud’ and even ordered into detention pending trial because ‘no condition or combination of conditions of release will reasonably assure the defendant’s appearance as required’. Never before have we seen subpoenas served on Twitter - Three Arrows Capital founders are the first. Kyle Davies and Zhu Su are reported to not cooperate with liquidators, hence the unusual subpoena tweet. Talk about litigation, Gemini Earn investors filed a class action request against Genesis and DCG with the American Arbitration Association in hope to receive the out-of-court return of their digital assets. Roughly around the same time, DCG’s Silbert and Gemini’s Winklevoss took part in a Twitter beef concerning Gemini Earn repayments. Cameron Winklevoss accused Barry Silbert of ‘bad faith stall tactics’, and Silbert shot back that ‘DCG has never missed an interest payment to Genesis’. Both firms have been experiencing an endless chain of dire events since the collapse of FTX, for this week: • Grayscale Ethereum Trust saw -60% discounts; • DCG closed wealth management unit; • Gemini U.K. arm is 3 months late in filing its 2021 accounts with Companies House, the British agency responsible for the registration of all companies in the U.K. Also engaged in a back-and-forth were Vauld and Nexo. The latter sent the ultimate acquisition proposal to the former on December 26, 2022, only to be rejected by Vauld and its committee of creditors because of ‘uncertainty’ around Nexo’s solvency status. All that bad news can’t stop builders of the space doing their jobs. Security firm Debaub finds critical vulnerability in Uniswap smart contract, which was addressed and treated immediately by the Uniswap team. Its peer, Immunefi, on the other hand helped discover a vulnerability on the Polkadot ecosystem, thus preventing a potential hack of US$200 million on Moonbeam, Asta Network and Acala. The new DEX aggregator by on-chain data intelligence provider DefiLlama turns out to be a beast, beating Coinbase and MetaMask in terms of volume on its first day and has since secured its place in the Top 5 most used DEX aggregators by volume. Projects are focusing more on cross-chain communications, with Evmos adding auto-conversion for swaps between Ethereum and Cosmos tokens, OpenSea now supporting Arbitrum Nova and Trade Joe’s expanding its services to BNB Chain. After the New Year and the upcoming Lunar New Year, a major upgrade for Ethereum (Shanghai Upgrade) will most likely take place in March 2023, enabling withdrawals for staking validators. What’s next? EIP-4844 somewhere in Q3 2023. The Latest Bitget News Happy new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! The latest Proof-Of-Reserve snapshot has also been updated! Bitget commits to maximum transparency to bring back trust to the crypto industry. View the Dec 2022 Bitget Proof-Of-Reserve right now! Bitget Settled Futures, also known as delivery contracts, have launched on Bitget! Different from the never-expire perps, our currently available delivery contracts have a 3-month expiration and will be settled on December 30, 2022 and later on March 31, 2023. New contracts for June 30, 2023 are available for trading, allowing our users for a continuous observation of market activities. The comprehensive intro for delivery contracts and Bitget Settled Futures is available here. New Listings Spot Trading BONKUSDT GEARUSDT OASUSDTKAVAUSDT Futures Trading BTCUSD0331 BTCUSD0630 ETHUSD0331 ETHUSD0630 BATUSDT New Events Bitget Strategy Profit Competition, Earn BGB for Profit! Join Bitget Global Telegram Group (New), Win 5500 USDT VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Learn to Earn: Learn Copy Trading Take the Quiz to Get 20 BGB Hero Trader Awards 2022 is Live! Vote to Win Limited Edition NFTs! Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads The Crypto Burrito Volume I: Ethereum Merge QA On Take Profits And Stop Loss What Is Payment Settlement? Smart Trader Tool: Bitget Futures Grid Trading Introduction To Bitget Spot Grid Trading Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

BGB Sail: October Edition

Bitget Academy is delighted to announce the release of our new BGB Sail Series, which reflects on BGB performance each month alongside the market summary. BGB Sail: September Edition can be found here. Market Summary Bitcoin realised volatility, for the first time in two years, reached the lowest of 40%. Higher volatility and high risk always go hand in hand; we can see that, apparently, 2022 so far turned out to be much less volatile than last year. Bitcoin’s 20-day volatility also matched that of NASDAQ and was only a tad higher than that of the SP500 in October, also for the first time since 2020. Source: Glassnode Studio Source: Kaiko Analytics In addition, Bitcoin’s correlation with gold is increasing unstoppably, now nearly at 0.60. Maybe time for the ‘digital gold’ narrative again? Source: Bloomberg Be it true or not, the number of and value of BTCUSDT">Bitcoin perpetual contracts increased massively in October. Within the first four days of October, Bitcoin's open interest across exchanges has risen by at least 60,000 Bitcoin. Source: Arcane Research But other cryptocurrencies were hurting in the bear market. Crypto blue chip yields have been sliding since the dismay of May and seeing year’s lows in September and October. That’s definitely not good news for the industry. Source: Delphi Digital It’s not just that. Blockchain projects saw a dropping in capital injections for the second consecutive quarter, falling to the second lowest quarter of funding since 2021 at US$6,217,000,000. Source: The Block One contributor to the dread may very well be the hacks and attacks, which further smeared the industry name. The biggest exploits in October include the notorious US$586 million hack on BNB Chain, the US$2 million hack of QANplatform’s offline bridge, the US$2.3 million TempleDAO hack, the US$100 million hack of Mango Markets on Solana, the US$8.4 million hack of Moola Market, the 30,437 OHM hack and the exploit of Ethereum Alarm Clock's smart contract for 204 ETH. Analysis by Solidus Labs also shows that BNB Chain is home to the most scam projects, with 12.02% of the token contracts being a sham. Source: Solidus Labs Most important of the month is Elon Musk’s acquisition of Twitter, his plan to incentivise content-creating activities on the platform, and NFT-ise Twitter with the NFT Tweet Tiles pilot. BGB Performance in October BGB recorded a new all-time high of US$0.2176 on October 20, 2022, after September’s high of US$0.200031. Our newly established support levels are between US$0.17 and US$0.18, a huge move since the LUNA case. Source: CoinMarketCap BGB has been holding itself well amid the bears’ suffering. Period. Analysis of previous months is available here: BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition For different risk appetites With the launch of Bitget’s new DeFi product series, BGB becomes strictly a necessity. The more BGB you own, the more you can earn. If you are a risk-averse user, why not try BGB Earn? Mind you, interest rates may be on the rise, but a strong US-Dollar is hurting all other fiat currencies. For example, the Euro (EUR) has lost ca. 15.9% from January to September, the British pound (GBP) 21.8%, the Japanese Yen (JPY) 26%, etc. Even the Swiss Franc (CHF) has been weakened by roughly 7.6%, whereas the BGB net value increased by 20%! Given that BGB Earn offers a 6% APR, the only question is just how many times your asset value could grow if you are a BGB holder? An alternative is putting your BGB to work via Bitget Launchpool. An estimated 107,500 USDT in staking rewards has been distributed to participants of 9 pools. BGB is a default choice for staking tokens, which is to create lucrative opportunities for BGB holders. A lower APY for staking BGB is, however, justified, given that BGB value skyrocketed, as shown in the chart above. Bitget-Verse It’s KCGI time! Bitget’s biannual trading competition is back just in time for the World Cup 2022 in Qatar. To prep you for the event, we have listed ITAUSDT on Bitget Spot Trading and FOOTBALLUSDT on Bitget Futures Trading! Spot Futures Activities Futures activities, represented by the aggregated volume of all contracts, saw an increase of a whopping 68%, again confirming the interest of ‘degen scalpers.’ Bitcoin dominated the futures markets, standing at 67.8% (on average) of the total open interest for October. To assist investors with trading in the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well! Bitget ABCs Program has come to an end, with more than 80 new pairs listed on Bitget Spot Trading and 25 more to be listed after the completion of their mainnet integration. We thank you for your passion and support along the way! Now it’s time to look back at our achievements together with the roundup here. Bitget Insights New for us, new for you: Bitget Insights is officially launched! Bitget Insights is a feature that allows high-quality traders to share their professional opinions publicly to not only help their fellow traders but also earn more followers on Bitget Copy Trade. For a limited time, Bitget Insights is open for all users - the best will secure the right to permanent publishing and access to juicy rewards! Check out our exclusive Bitget Insights campaigns, including Everyday Bitget Insights AMA and Bitget Insights Global Launch Event. Bitget KCGI The biggest event of the year is back! In the last series, the best performers of 4,754 participants shared a total of 10 BTC (around US$300,000 in June) and achieved stardom thanks to Bitget’s extensive media coverage. Guess what the upcoming theme is? It’s World Cup’s time! We are proud to bring you the most exciting trading event, together with Lionel Messi. Sign up right now and start trading to have more winning chances! Begin Strategy Trading With Bitget Strategy Plaza As Bitget continues to revolutionise the social trading landscape for all things crypto, we are delighted to now introduce Bitget Strategy Plaza. Together with our One-Click Copy Trading and newly launched Bitget Insights, Bitget Strategy Plaza will offer investors and traders more flexibility in the way they interact with one another whilst fine-tuning their approach to the cryptocurrency market. If you’re new to the world of Strategy Trading, you can learn more about it over at our guidelines below: Bitget Strategy Plaza Introduction Bitget Strategy Plaza: How-To Guide for Users Bitget Strategy Plaza: How-To Guide for Strategists Join us now on these bountiful events: KCGI Special: Register to Win an iPhone 14 Pro Max and Bonuses! Triple Gifts! Contact VIP to Get 400 USDT, 45% Trading Fee Rebate, Plus a 60-Days VIP+1 Trial! GET $5 FREE on your First Trade, Available to All! Invite a Friend to Share $10, No Limit on Rewards! Bitget Insights Global Launch Event: Win Messi-Signed Gifts Share 100,000 BGB Join Bitget KCGI Internal AMA, Win USD $2,100 in BGB Bitget x ATAS Promotion: Share $40,000 in Trading Bonuses! New Traders Special: Join Bitget and Earn 40 USDT! High-Interest Earn in Limited Time and Amount, With VIP Privileges and BGB Packages! Follow Bitget Academy for more insights: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (October 10 - October 16)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • BGB is least affected by the negative market sentiment. • Chainalysis: ‘October is the biggest month in the biggest year ever for hacking activity’. • Tether says no more commercial papers. • Google and BNY Mellon discover the digital space. BGB Least Affected By The Negativity After the U.S. CPI for September was out on October 12 (last Tuesday), the market has been rather depressed as more aggressive moves from the Federal Reserve (FED) are expected in the next months. That led to many cryptocurrencies’ negative cumulative returns, including BTC, ETH, BNB, and BGB. The thing is, the first three have been trading at a loss since the beginning of last week, while BGB was able to enjoy four green days - until the CPI sentiment kicked in, but the doom didn’t last too long. Sunday was good news for BGB as the daily return helped cut down the weekly losses to only 0.28% compared to Bitcoin’s 1.78%, Ethereum’s 3.05%, and Binance Coin’s 2.68%. Once again, BGB proved itself to be remarkably resilient to the market's unfavourable conditions. Take a look at our BGB reports for the last months for further analysis: BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition The U.S. September CPI Is Out The U.S. employment data released the week before was unanticipatedly positive, meaning the FED can already very well move on with their rising interest rates plan. On top of that, we saw another inflated month with 0.4% MoM growth and 8.2% YoY growth in the U.S. Consumer Price Index (CPI) - a statistic that will most likely motivate FED to remain hawkish. Bitcoin’s weekly low hit US$18,193.75 on October 13 before soaring to US$19,946.54 on the next day. And this weekend had been extremely quiet for the global spot market as well as Bitcoin market: - Global spot volume on Saturday (October 15) ranged between US$67 billion and US$8 billion and closed the week at US$2.8 million in volume at 0:00 UTC on Sunday (October 16). - Bitcoin had been trading within a tight range over the weekend: less than US$110 on Saturday and less than US$200 on Sunday. Source: TradingView In a pro-crypto move, Google will soon offer crypto payments for cloud services via Coinbase. And we can already access Ethereum wallet balance by entering, for example, the wallet address of Ethereum’s co-founder Vitalik Buterin, into the Google search bar as below: Source: Google Search BNY Mellon is the oldest bank in America with US$47 trillion in assets under custody and/or administration and US$1.9 trillion in assets under management. It’s also the world’s largest custodian bank and has now started a crypto custody service as well as other crypto services such as fund manager-grade bookkeeping services. Even news of Google and BNY Mellon stepping into crypto did not benefit the largest cryptocurrency’s prices. The bear market has been hard for Bitcoin miners, especially after Bitcoin lost its US$20,000 mark in September. Now it’s become even harder as Bitcoin mining difficulty recorded a new all-time high of 35.6 trillion on October 10. Source: BTC.com That day, both Riot Blockchain, Inc. and Marathon Digital Holdings, Inc. saw their stocks (RIOT and MARA, respectively) shedding 2.74% and 2.62% of their value. RIOT price then continued to slide down for most of the week, resulting in a negative return of 3.40% while MARA ended up 12.64% higher than the previous week. Other losers of the week include ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), Grayscale Ethereum Trust (ETHE), and Cathie Wood’s ARK Next Generation Internet ETF (ARKW). Cathie also published an Open Letter to the FED last Monday, saying it is risking ‘a deflationary bust’. The European Union is one step ahead of regulating crypt The MiCA bill was signed off by the European Parliament Committee on Economic and Monetary Affairs, which requires crypto projects to publish a white paper, stablecoin issuers to meet capital requirements and limit their stablecoin supply, mining firms to disclose their energy consumption and classifies NFT as securities. Meanwhile, the U.S. Securities and Exchange Commission (SEC) rejected WisdomTree’s latest spot Bitcoin ETF proposal and is investigating Yuga Labs, creator of the Bored Apes because of ‘unregistered offerings’ (Source: Bloomberg). Panic took effect, causing a selloff of Yuga Labs’ Mutant Ape Yacht Club and Bored Ape Yacht Club. For Portuguese investors, please keep in mind that your crypto holdings of less than one year are about to be taxed according to the country’s proposed budget plan for 2023. Hack After Hack Chainalysis has dubbed this October ‘the biggest month in the biggest year ever for hacking activity’, and we still have half of the month to go. The second week opened with a US$2 million hack of QANplatform’s offline bridge, followed by an exploit in the smart contract of Rabby Wallet’s Rabby Swap. Two more projects that fell prey to malicious attackers were TempleDAO (US$2.3 million) on Ethereum and Mango Markets on Solana (US$100 million). Even FTX was also a victim of its user’s subsidy abuse plan: This particular user took a minting free ride of US$70,000 in XEN, while FTX had to pay more than 100 ETH for transaction fees. In an attempt to provide better bridge security, Cosmos and Osmosis developers ‘have been auditing IBC’, discovered a ‘critical security vulnerability’, and are working on it. A detailed analysis of the BNB Chain bridge hack is available here. The Latest Bitget News Do you know that you can earn up to 12% on your USDT deposit with Bitget Savings? Check out the tiered products here: Bitget Savings launches APR Tier for USDT Flexible Savings! To help investors overcome the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well! Bitget Launchpool Expect the last batches of VINU rewards and NEBL rewards to be deposited in your account today! What are the next tokens you want to be available on Bitget Launchpool? Let us know! New Listings Spot Trading XENUSDT LEVERUSDT LITUSDT LOKAUSDT LOOMUSDT KOKUSDT KEYUSDT Futures Trading JASMYUSDT STGUSDT LUNCUSDT ONEUSDT New Events Exclusive Benefit For New Users Bitget $80 Global P2P Carnival Bitget x Banxa: Buy Crypto With Zero Payment Fees Bitget VIP Referral Program Sign Up and Trade to Win an iPhone 14 Pro Max Plus Bonuses! Deposit and Claim up to 100 BGB Rewards! Get Mystery Boxes worth up to 1 BTC - Invite and Trade Now Good Reads Introduction To Spot Trading Managing Risks In Crypto Spot Trading What Is A Trailing Stoploss? BTC On-chain Analysis: The End Of Bear Market? Swing Trading Versus Day Trading Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Solana (SOL) Introduction

In this article, we will discover about Solana (SOL) - a decentralized blockchain built to enable scalable, user-friendly apps for the world. What is Solana (SOL)? Solana is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. Solana’s open-source software network coordinates decentralized computers across the globe into a fully unified, user-owned, and operated cloud platform. Solana supports high-speed and low-cost transactions on a single-layer blockchain alleviating the need for additional scaling solutions that other networks typically require. Founded in 2017 by Anatoly Yakovenko from Solana Labs, the Solana blockchain adopts a new method of verifying transactions. Bitcoin, Ethereum, and many other projects suffer from scalability and speed issues. Using a method known as Proof of History (PoH), the Solana blockchain can handle thousands of transactions per second. How does Solana (SOL) work? Solana is a third-generation, Proof of Stake blockchain. It has implemented a unique way of creating a trustless system for determining the time of a transaction called Proof of History. Keeping track of the order of transactions is hugely vital for cryptocurrencies. Bitcoin does this by bundling transactions into blocks with a single timestamp. Each node has to validate these blocks in consensus with other nodes. This process adds a significant waiting time for nodes to confirm a block across the network. Solana instead takes a different approach. Let’s take a closer look. Transaction flow through the Solana network: Source: Cointelegraph Solana’s core innovation: Proof of History While the Solana blockchain contains a number of innovations that power its greater scalability compared to other blockchains at present, the big breakthrough at the heart of the Solana blockchain is a consensus mechanism known as ‘proof-of-history’ (PoH). Conventionally, the primary means of reaching consensus on blockchains has been known as ‘proof-of-work’ (PoW), where members of the network (miners) expend effort solving arbitrary mathematical puzzles to process and validate transactions on the blockchain. This is the consensus mechanism utilized in Bitcoin and Ethereum (historically), and has been criticized for being energy inefficient, expensive, and not scalable. In response to the challenges of PoW, many blockchains have moved to a new consensus mechanism known as proof-of-stake (PoS), which requires users to lock up cryptocurrency assets to become validators in the network. These validators are responsible for the same actions as miners in the PoW mechanism, with the added advantage of greater energy efficiency (since less computational power is required) and lower barriers to entry, with reduced hardware requirements necessary for validators to participate in the network. Notably, Ethereum is moving to PoS as part of its move to Eth2. While both PoW and PoS rely on sequential production of blocks that require confirmation across their respective networks before moving forward (i.e., different nodes need to interact with each other to establish time and order of events), Solana’s PoH breaks this sequential mechanism via the concept of a historical record. Proof of History Infographic / Image Credit: Solana Labs In simple terms, the Solana network essentially chains messages together to create a proof of the relative order and time of each message in the historical record. This ‘cryptographic timestamp’ establishes the relative order and time of each message in the historical record, which allows Solana validators to verify these proofs in any order, creating superior throughput and efficiency in the network. This core innovation powers the ability of the Solana network to handle 50,000 transactions per second with 400 millisecond block times, which is currently unparalleled in the blockchain. What is The Native Token of The Solana Network? SOL is the native token of the Solana network and represents a piece of ownership in the ecosystem. SOL was launched in March 2020 and has strived to become one of the top 10 cryptocurrencies entering the space by means of total market capitalization. The SOL token is utilized for (i) powering Decentralized Applications (dApps), (ii) making payments, (iii) paying network fees, (iv) providing network security via staking, and (v) facilitating network governance. SOL token operation scheme is similar to that used in the Ethereum blockchain. Even though they function similarly, Solana token holders stake the token in order to validate transactions through the PoS consensus mechanism. Furthermore, the Solana token is used to receive rewards and pay transaction fees while also SOL enabling users to participate in governance. SOL uses the SPL protocol. SPL is the token standard of the Solana blockchain, similar to ERC20 on Ethereum. The SOL token has two main use cases: Paying for transaction fees incurred when using the network or smart contracts. Staking tokens as part of the Proof of Stake consensus mechanism. DApps building on Solana is also creating new SOL use cases. For example, Chainvote is creating a (decentralized finance) Defi voting app for corporate governance using SOL tokens to vote. Solana’s price saw an almost 30 times increase in the first two quarters of 2021, making it a popular pick with investors and speculators. Solana Ecosystem Overview / Image Credit: @Solanians_ (Twitter) Rapid Growth With White Space for Further Mainstream Adoption As Solana has increasingly demonstrated its value proposition to developers, the number of protocols running on it has grown significantly, with a total of 302 at the time of writing (compared to 47 in May last year). However, this still lags behind other blockchains such as Ethereum, which has over 3,000 decentralized applications in its network. Popular decentralized applications (Dapps) on Solana include Raydium (leading decentralized exchange in Solana), Mango Markets (cross- margin trading and lending), and SolFarm (yield aggregation). Solana Ecosystem Overview / Image Credit: @Solanians_ (Twitter) The popularity of new segments such as play-to-earn and NFTs in the cryptocurrency space offers a large white space opportunity for Solana, given the large user bases and high transaction volumes involved. While the Ethereum network is in the process of upgrading, many users continue to be frustrated by high gas fees and network congestion, particularly at times of ‘peak’ usage, such as during limited NFT releases and NFT gaming events. As more developers join the ecosystem and build new protocols on Solana, it will be exciting to see how the network develops in comparison with its more mature peers such as Ethereum and BSC. Solana is also one of the most popular Layer 1 blockchains now that is enjoying an L1 Defi Summer 2.0. How to Buy SOL Tokens? In 2020, Solana raised its fourth private sale (dubbed a Strategic Sale) and held a public auction sale hosted by CoinList, which brought in another ~$4 million combined. The remaining tokens from the initial SOL supply will go to Solana Labs team members, the Solana Foundation (to help fund development and balance validator voting power), and a "community reserve" (also managed by the Solana Foundation) to fund community initiatives and application developers. The initial distribution of SOL tokens is as follows: 15.86% to Seed Round investors 2.63 to Founding Sale investors 5.07% to Validator Sale investors 1.84% to Strategic Sale investors 1.6% to Public Auction Sale investors 12.5% to team members 12.5% to the Solana Foundation 38% to the Community reserve fund (managed by the Solana Foundation) Are you looking for a reliable exchange to buy sol from? You can buy and trade Solana (SOL) on Bitget exchange. You can establish an account with this exchange, and then fund the account with fiat by credit card, Apple Pay, and Google pay.