Solana Weekly Recap | Aug 1st – Aug 7th, 2022.
This weekly recap on Solana Eco is for informational purposes, not investment advice. Take a look at some of the updates from the last week with News Coincu.
NETWORK GROWTH
Total Value Locked
Total Value Locked Solana a Slight decline since last week with $2.04B(Down -34,3%) with $2.74B to $2.04B. Solana is in fifth place.
Total stablecoin supply
The total supply of stablecoins is currently $6.05B as of Aug 7th, 2022. In Which, USDC is the stablecoins with the largest market share with $4.18B accounting for 69.04%. Then USDT with Dominance of 29.94% with $1.81B. The rest is a small part of other algorithmic stablecoins
HIGHLIGHT EVENTS
Seed-phrase leak from crypto Slope Wallet prompts Solana hack
The massive Solana wallet hack had occurred after centralized servers stored unencrypted seed phrases sent by Slope Wallet’s mobile app, making them visible to anyone with access to the server.
- According to Solana-based wallet Slope, about 15% of all the affected 9,223 wallets can be traced back to this vulnerability. Investigators are also looking into how the rest of the wallets are affected.
- A seed phrase is a group of words that allow access to a cryptocurrency wallet.
- OtterSec also found over 5,300 addresses with private keys exposed but have not been breached, and that more than 2,000 addresses have tokens. Private keys are strings of 256 alphanumeric characters that also allow access to crypto wallets.
- Over the past two days, almost US$6 million in cryptocurrency has been drained and sent to four hacker addresses, according to blockchain explorer Solscan.
- Slope Wallet has notified law enforcement agencies of a potential criminal investigation into the attacker.
More information: CLICK HERE
DEFI LEGO
Lending/Borrowing
Solend announced the launch of their AMM isolated pool
The announcement on the Solend Blog and Twitter on March 25 was accompanied by important information highlighting the fact that the Stable Pool was backed by five reserves: USDC, USDT, UXD, USDH, and PAI. In addition, with Loan to Value (LTV) currently set at 95%, users can open up positions at up to 20x leverage.
More information: CLICK HERE
Liquidity
Frakt Introduces Long Term Loans Backed by Blue Chip NFTs on Solana
The FRAKT lending protocol is a peer-to-pool based, decentralized NFT liquidity system built on the Solana blockchain. Depositors can earn a yield on their Solana (SOL) holdings by providing liquidity to lending pools. Borrowers can pledge their blue chip NFTs as collateral for $Sol loans.
More information: CLICK HERE
Tools
Solscan introduced their new feature – Domain Nam Service Search is now live on their platform
#Solscan search engine game is on Users can now search the address based on the registered Bonfida name service
More information: CLICK HERE
NFT/GAMING
Marketplace
Magic Eden Expands to Ethereum
The integration marks the company’s latest push for the top spot in the growing kingdom of NFT marketplaces. Magic Eden is the current kingpin of Solana digital collectibles, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.
Magic Eden will begin rolling out Ethereum NFT support across its platform in August, including its launchpad (used to create new NFT projects), its new list tool that lets projects create an ‘allowlist’ of users for NFT mints, and its drop calendar that highlights notable upcoming NFT collectible launches.
More information: CLICK HERE
VERDICT
The above are some significant new developments in the Solana ecosystem that occurred in the past week. There are still worthwhile initiatives in the works, but there haven’t been many substantial changes. Keep a look out for the announcement next week.
Find more information about: Solana
Website: https://solana.com/
Whitepaper: https://solana.com/solana-whitepaper.pdf
Twitter: https://twitter.com/solana
Telegram: https://t.me/solana
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Issac
Coincu Ventures
Author
Uncategorized
Solana Weekly Recap | Aug 1st – Aug 7th, 2022.
This weekly recap on Solana Eco is for informational purposes, not investment advice. Take a look at some of the updates from the last week with News Coincu.
NETWORK GROWTH
Total Value Locked
Total Value Locked Solana a Slight decline since last week with $2.04B(Down -34,3%) with $2.74B to $2.04B. Solana is in fifth place.
Total stablecoin supply
The total supply of stablecoins is currently $6.05B as of Aug 7th, 2022. In Which, USDC is the stablecoins with the largest market share with $4.18B accounting for 69.04%. Then USDT with Dominance of 29.94% with $1.81B. The rest is a small part of other algorithmic stablecoins
HIGHLIGHT EVENTS
Seed-phrase leak from crypto Slope Wallet prompts Solana hack
The massive Solana wallet hack had occurred after centralized servers stored unencrypted seed phrases sent by Slope Wallet’s mobile app, making them visible to anyone with access to the server.
- According to Solana-based wallet Slope, about 15% of all the affected 9,223 wallets can be traced back to this vulnerability. Investigators are also looking into how the rest of the wallets are affected.
- A seed phrase is a group of words that allow access to a cryptocurrency wallet.
- OtterSec also found over 5,300 addresses with private keys exposed but have not been breached, and that more than 2,000 addresses have tokens. Private keys are strings of 256 alphanumeric characters that also allow access to crypto wallets.
- Over the past two days, almost US$6 million in cryptocurrency has been drained and sent to four hacker addresses, according to blockchain explorer Solscan.
- Slope Wallet has notified law enforcement agencies of a potential criminal investigation into the attacker.
More information: CLICK HERE
DEFI LEGO
Lending/Borrowing
Solend announced the launch of their AMM isolated pool
The announcement on the Solend Blog and Twitter on March 25 was accompanied by important information highlighting the fact that the Stable Pool was backed by five reserves: USDC, USDT, UXD, USDH, and PAI. In addition, with Loan to Value (LTV) currently set at 95%, users can open up positions at up to 20x leverage.
More information: CLICK HERE
Liquidity
Frakt Introduces Long Term Loans Backed by Blue Chip NFTs on Solana
The FRAKT lending protocol is a peer-to-pool based, decentralized NFT liquidity system built on the Solana blockchain. Depositors can earn a yield on their Solana (SOL) holdings by providing liquidity to lending pools. Borrowers can pledge their blue chip NFTs as collateral for $Sol loans.
More information: CLICK HERE
Tools
Solscan introduced their new feature – Domain Nam Service Search is now live on their platform
#Solscan search engine game is on Users can now search the address based on the registered Bonfida name service
More information: CLICK HERE
NFT/GAMING
Marketplace
Magic Eden Expands to Ethereum
The integration marks the company’s latest push for the top spot in the growing kingdom of NFT marketplaces. Magic Eden is the current kingpin of Solana digital collectibles, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.
Magic Eden will begin rolling out Ethereum NFT support across its platform in August, including its launchpad (used to create new NFT projects), its new list tool that lets projects create an ‘allowlist’ of users for NFT mints, and its drop calendar that highlights notable upcoming NFT collectible launches.
More information: CLICK HERE
VERDICT
The above are some significant new developments in the Solana ecosystem that occurred in the past week. There are still worthwhile initiatives in the works, but there haven’t been many substantial changes. Keep a look out for the announcement next week.
Find more information about: Solana
Website: https://solana.com/
Whitepaper: https://solana.com/solana-whitepaper.pdf
Twitter: https://twitter.com/solana
Telegram: https://t.me/solana
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Issac
Coincu Ventures
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