This article outlines a comparison between Solana and Ethereum's transaction mechanisms. Solana's advantages include a minimal transaction fee and quick execution time. However, Solana's fee mechanics are insufficient for scalability, unlike Ethereum's dynamic transaction fees which are efficient and resourceful. Despite Solana's continuous block building and multi-threaded scheduler, weak inclusion guarantees and less reliable prioritization make substantial network improvements necessary.
Wednesday, March 13, 2024Avi Eisenberg, a crypto trader who manipulated Solana's Mango Markets in October 2022, was convicted of commodities fraud and manipulation by a U.S. federal jury. Eisenberg manipulated the DEX using collateral pumping to borrow $110 million from Mango without repaying it. His legal team argued that his actions were completely legal by the rules of the smart contracts, but the prosecution successfully asserted that he acted with fraudulent intentions.
Solana has captured innovation and memecoins, Bitcoin is entering an NFT and DeFi run like Ethereum in 2021, and Base is the main innovation hub for Ethereum.
A Solana developer suffered third-degree burns during a livestream stunt where he doused himself in isopropyl alcohol and was hit by fireworks to promote his meme coin, TruthOrDare (DARE). The incident, which highlights the extreme lengths to which some go for cryptocurrency clout, resulted in significant injuries and hospitalization, raising concerns about the dangerous trends in live streaming for financial gain.
Solana's daily stablecoin volume has dropped sharply from $74B to ~$7B since June 10. This was largely influenced by two sources: MEV Bot 7rhxnL, and Phoenix DEX, which accounted for ~$1 trillion in total transfer volume last month. This decline aligns with the Solana Foundation's removal of delegations for validators involved in manipulative trading practices, impacting the operations of MEV Bot 7rhxnL, which immediately reduced its stablecoin activity.
Solana's approach to minimizing MEV is to maximize competition between block producers, which involves having multiple leaders users can choose from for transaction inclusion. This post details the technical aspects of configuring several leaders, including block transmission, merging concurrent blocks, and managing transaction ordering. The proposal for multiple leaders aims to create a global permissionless price discovery engine competitive with CEXs.
The SEC plans to amend its lawsuit against Binance, delaying the decision on whether cryptocurrencies like Solana (SOL), Cardano (ADA), and Polygon (MATIC) are considered securities. This move temporarily postpones a court ruling on these specific allegations but does not dismiss them outright.
Solana passed Ethereum in monthly DEX trading volume for the first time in July 2024, even though it has only 1/5th of Ethereum's market cap.
A critical security vulnerability in Solana was addressed through a coordinated and confidential patching process, with 70% of the network's stake patched before public disclosure. The Solana Foundation, Anza, Jito, and other core contributors reached out to validators personally and through various communication platforms, ensuring a rapid and secure update. This swift response showcases the dedication and effectiveness of the Solana community and engineering teams in maintaining network security.
Robinhood Wallet has added support for Solana so users can self custody their tokens.