Solana Foundation published a report dedicated to energy consumption on its blockchain. It says that one transaction on Solana consumes less energy than two searches on Google and 24 times less energy than charging a phone.
The report includes various measurements stating that a single transaction on Solana uses 0.00051 kWh, or 1,836 Joules, of energy. An average search on Google uses 0.0003 kWh or 1,080 Joules of energy.
Overall, the entire Solana network consumes an estimated 3,186,000 kWh per year which is comparable to the average electricity usage of 986 households in the US.
Neon Labs received $40 million in a round of private token sale. According to The Block, the company, which develops Ethereum virtual machine (EVM) on Solana, will spend the newfound capital to expand its staff.
Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures, and IDEO CoLab Ventures also participated in the round, which was led by Jump Capital.
Neon Labs’ EVM is currently only available on testnet and devnet, with no exact protocol release details on mainnet yet. However, protocols such as Aave and Sushiswap are already showing interest in the project, calling it a game-changer
Solana’s native token, SOL, hit its new all-time-high today climbing above $232 for the first time since genesis. According to CoinGecko, SOL gained 12% in price in the last 24 hours and is currently trading at $227.
In doing so, Solana managed to overpass Cardano’s ADA, which is another asset known as “Ethereum killer”, and to cement its position as the fifth largest cryptocurrency by market cap.
In turn, the ADA token is up 8.3% since yesterday and is trading at $2.12 while holding sixth position by market cap. Clearly, both tokens reacted to the continuous surge of Ethereum which surpassed its October’s ATH today with the price at $4,634.
Cryptocurrency exchange Okcoin has reported a 450% increase in the number of institutional investors on the platform in the period between September 2020 and September 2021.
According to the data from Okcoin’s latest report released on October 26, institutions were also responsible for a 124% increase in trading volume over the same period. Over half of all purchases on Okcoin made by institutional customers in September were altcoins.
The report also indicates that institutional investors have turned to ‘younger assets’ in 2021 such as Avalanche’s AVAX, Solana’s token SOL, or Miami city coin MIA.
Okcoin exchange was founded in 2013 and currently serves customers in over 185 countries. The exchange defines its institutional clientele as “asset managers, venture capital and hedge funds, retail brokers, payment processors, and other entities around the globe.”
The problem of blockchain scalability is old, but nevertheless burning. Ethereum has been claiming for years that it could solve it with sharding, and it sort of has, but with some side effects. Meanwhile, other blockchains use side-chain or off-chain computing as a way to reduce the load on the network and these methods lead to improvements in the traditional linear blockchain structure, however the greater complexity leads to imminent technical problems. In addition, there is often a need to reconcile different branches, leading to reduced involvement of the entire network and therefore – jeopardizing decentralization.
Solana is a (relatively) new blockchain platform that aims to solve the scalability problem using several unique innovations. The blockchain, which name refers to a sunny beach in California, where its creator Anatoly Yakovenko used to spend his time before releasing the whitepaper in 2017, celebrated its mainnet beta one year anniversary in March 2021. And while the latest fundraising round led by Andreessen Horowitz and Polychain Capital brought Solana additional $314,159,265, which in turn the team promised to spend mostly on the expansion of the blockchain, most recently, the assistant to all marketers, California-based Neon Labs launched Ethereum Virtual Machine on Solana, thus inviting the diverse range of Ethereum-native projects to the network.
The Solana team has introduced the Proof of History consensus and Tower BFT to the world. In this article we will focus on these two novelties that allegedly help the network grow and still be quick, secure and decentralized.
Blockchain developer Neon Labs has created a compatibility bridge between Ethereum and Solana, Ethereum Virtual Machine (EVM) called Neon.
It allows to run Ethereum smart contracts directly on Solana blockchain. This opens a lot of opportunities for cross-chain development. Basically, Neon grants Ethereum’s native decentralized apps access to Solana’s speed and low fees.
For now, Neon has deployed on testnet, the launch on mainnet is expected later this quarter. During the testnet period EVM will support such popular dApps as Uniswap, SushiSwap, MakerDAO, and 0x.
As DeFiTeller reported, last month Solana raised $450 million to build up its ecosystem.
Power Ledger, an Australian-based blockchain known for its environmental-friendly policy, has announced it will migrate from Ethereum to Solana, explaining it is much faster and able to support higher transaction throughput.
The announcement from Power Ledger also noted that Solana’s design is less energy-intensive, as it’s using Proof-of-History (POH) and Proof-of-Stake (POS) consensus mechanisms instead of Proof-of-Work (POW).
The blockchain’s native tokens, POWR, will remain on Ethereum to be used for existing clients. Power Ledger Energy Blockchain also promised to provide delegated staking to POWR holders.
Cryptocurrency exchange aggregator OpenOcean, developed to connect DeFi and CeFi exchanges on one platform, has integrated Polygon.
Before expanding to Polygon, OpenOcean asked its users over which network to add with over 44,000 votes cast in favor of Polygon. Now aggregator promises traders will be able to make trades on the network at the best prices with low slippage.
To promote trading on Polygon, OpenOcean will offer 100,000 of its native OOE tokens in the coming weeks. In a blog post, OpenOcean also promised its next move will be the release of cross-chain aggregations, to make possible trades across different chains.
Currently, OpenOcean is connected to major public chains such as Ethereum, Solana, Binance Smart Chain, TRON, and more. As DeFiTeller reported, last week aggregator gained support from Huobi Ventures.
The second largest USDC stablecoin plans to come to the fore by expanding to 8-10 additional blockchains. Now it is available in four blockchains, while the market leader is Tether, which currently has eight blockchains.
USDC was launched on the basis of Ethereum in 2018 and in the second half of 2020 appeared in the blockchains Algorand, Stellar и Solana. Now the holders expect the availability of the stablecoin in Avalanche, Cello, Flo, Hedera, Nervos, Polka Dot, Stacks, Tezor and Tron networks.
According to the latest reports, this will be the largest stablecoin expansion with a market cap at $25B at the moment.