Hello Crypto Millionaires, welcome back to your weekly dose of Altcoins at a Glance. We know that time should be maximized for making and enjoying gains, so we have summarized the latest and most important news about the altcoin space.
For this issue, we have possible SEC appeal vs Ripple, DEFI hack, hamster betting using crypto, Solana upgrade, and a possible lowering of ETH gas fees.
Let’s jump in.
Threat to Altcoins Brewing, as The SEC Mulls Appealing XRP Ruling
- Ripple Labs won in the case versus the SEC, but the agency is hinting that it might appeal the court ruling.
- According to a Bloomberg report, the SEC stated that Judge Analisa Torres erred in her decision regarding the SEC vs Ripple Lab SEC. The court ruled that XRP when sold to exchanges is not considered security.
- The government regulator argues that it is harmful to investors if XRP is not registered as a security.
Eth’s Vision for Lowering Gas Fees and Its Impact on Altcoins
- Ethereum gas fees can possibility get cheaper by a 100x.
- ETH founder Vitalik Buterin disclosed plans to lessen gas fees in the Ethereum Community Conference.
- Improvements like account abstraction extensions or “paymasters” can allow users to pay transactions using the coins they are trying to transfer.
- Signature aggregation can also help reduce gas and data. Signature aggregation is a technique that combines several signature, without sacrificing individual verification.
- This can be seen as good for altcoins since second-layer protocols transact in ETH to communicate with the layer one chain. However, it also puts into light the value of layer-2 protocols, since most users utilize them for the cheap transaction fees.
1700 ETH Hacked from Conic Finance
- Conic Finance, a DeFi protocol that lets users deposit tokens into its liquidity pools, was hacked and lost 1,700 ETH (worth over $3.2 million) to a “re-entrancy attack”.
- Hackers exploited a vulnerability in the Ethereum omnipool and sent the stolen funds to one address. Conic Finance has already disabled deposits to that pool.
- Conic Finance allows users to deposit tokens into its omnipools to earn rewards.
- The team behind Conic Finance claims that a fix to that affected contract has been deployed and promised a detailed post-mortem should be expected.
Are Altcoins Disappointing Lately? Try Hamster Racing
- Some see meme coins as a big gamble, but some enterprising crypto enthusiasts have found that betting on hamsters using BUSD might be fun and lucrative at the same time.
- Real-life hamsters are now being utilized as competitive racers in the hamsters.gg site.
- Players need to connect with a wallet like Metamask. Bets are placed using Binance USD or BUSD.
- The races are streamed live via Twitch.
Solana Releases Network Performance Report – No Outage for the Last 5 Months
- Solana releases v1.14 and has not suffered any downtime since its implementation last Feb 25.
- The upgrade was proposed after an outage that happened during a previous network upgrade.
- The new upgrade will let the chain handle higher traffic and demand.
- All blockchains are faced with the same trilemma. So far nobody has created a blockchain that can perfectly handle security, scalability, and decentralization. One criterion will always take a backseat to the others.
Thank you reading Altcoins at a Glance. See you again next week.
Featured Image from Pixabay
