Solana Co-founder Talks About Altcoin Challenges, Polygon’s Blockchain To Undergo Hard Fork While Snowfall Protocol Alerts Investors About Scammers
Top crypto projects, including Polygon (MATIC) and Solana (SOL), have been working hard to complete advanced solutions brought by new projects like Snowfall Protocol (SNW). Investors have also become keener on which crypto projects they must invest in 2023.
Anatoly Yakovenko shares Solana’s (SOL) challenges and needed solutions while the price reaches $22.05
The Solana (SOL) community has been reviewing the challenges they face while trading on the platform. The co-founder of Solana (SOL) openly shared the drawbacks of altcoin. He discussed some of the major issues of Solana (SOL), like constant outages, certain levels of centralization, firm market corrections, etc.
He also mentioned that these issues have frustrated Solana (SOL) investors, which might lead them to withdraw their investments soon. However, he also pointed out that Solana (SOL) has recently implemented a 2nd validator built by Jump. It indicates that Solana (SOL) users will not face any issues if bugs attack one of the validators. Solana (SOL) also became the world’s 2nd altcoin that has more than one validator that works independently.
The promising solutions of Solana (SOL) platform have impacted its price positively. Solana (SOL) is selling with a live price of $22.14, which is a 34.21% increase within a day.
Polygon (MATIC) proposes a hard fork; the price goes 6.02% up
Polygon (MATIC) community will soon vote on its PoS blockchain’s hard fork proposal.
If the Polygon (MATIC) community approves it, the software upgrade will happen in January.
The Polygon (MATIC) hard fork will target two major issues that the project often faces: Reorgs or chain reorganization and gas fee spikes. Thus, Polygon (MATIC) hard fork will adjust the gas fee structure of the platform and reduce the fee during high chain activities. Additionally, the Polygon (MATIC) hard fork will assure proper transaction verification within a short time when the network experiences reorg.
The Polygon (MATIC) hard fork may boost the token price and offer better rewards to Polygon (MATIC) community members and validators. Polygon (MATIC) currently has a live price of $0.9718, which is 6.02% up in the past 24 hours.
Snowfall Protocol (SNW) calls out scammers to protect its investors’ money
Snowfall Protocol (SNW) has performed extremely well in its presale phases, which have attracted both investors and scammers. Snowfall Protocol (SNW) noticed a few fake websites that are trying to sell duplicate Snowfall Protocol (SNW) tokens.
Snowfall Protocol (SNW) Twitter handled immediately pointed this out through a detailed post. The post shared the original address for Snowfall Protocol (SNW) to help new investors recognize real Snowfall Protocol (SNW) tokens.
The post also mentioned that the official launch date for Snowfall Protocol (SNW) is very close, and the crypto project is available on the Binance Smart Chain network.
Snowfall Protocol (SNW) token has a current price of $0.191, which is predicted to grow by 5000% soon. So, buy in the Snowfall Protocol (SNW) presale from its official website and earn multiplied returns later.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
|Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.|
It was in the last month that the Polygon Governance Team had invited the community on their platform to discuss the changes in the Polygon PoS chain. Now the latest updates come with the network planning to launch its hard fork by next week confirmed through Polygon’s official blog post.
As per the post, the hard fork is expected to be launched on January 17 which aims to limit the increasing gas fee along with address chain reorganization which is called as reorgs.
Polygon Hard Fork Aims To Reduce Gas Fee
Polygon, which runs on a proof-of-stake mechanism, has comparatively lower gas fee than Ethereum. However, Polygon network often experiences a reduced network speed when the activity over the network increases. Firstly, as mentioned above the hard fork intends to reduce gas fee surges which happens when the network experiences increased activity on the chain.
Next is the address chain reorganization which takes place when a validator node receives information which creates a new version of blockchain. Even though this new version is temporary, it creates difficulty in verifying the success of a transaction
To solve the reorgs issue Polygon aims to bring down the time it takes to finalize a block in order to verify successful transactions. For this the network uses sprint length which reduces block to 64 to 16 where a block producer can create block in just 32 seconds when compared to earlier 128 seconds.
Hence, all the nod operators on the Polygon network will have to upgrade their nodes before January 17. However, Polygon’s MATIC holders are not required to make any move.
Ethereum’s price appeared to be pretty strong in the times when the crypto markets remained sluggish. Despite a couple of bullish jumps, ETH price continues to remain under the bearish influence and also displays the possibility to remain bearish for a long time. Apart from the current descending trend, mass Ethereum selling may also kick off soon which may strengthen the bearish group over the space.
The ETH price began with a fresh decline as it faced a rejection below $1300 which flashed huge bearish signals. The price which is now trading below $1290 at 100-hr SMA, broke below a major bullish trend line having as the support. Further, the price settled below 0.618 FIB levels from the upward wave to hit $1240 from the highs around $1349.
The next major resistance for the ETH price could be around $1350, beyond which it may rise to test $1400. Moreover, extended gains may further rise towards $1480. On the contrary, if the ETH fails to surge beyond $1300, it is expected to drop toward $1260 or lower. In such case, the next major support levels could be around $1240, below which the price could gain bearish momentum towards $1200 support.
More Bearish Pressure Incoming for Ethereum (ETH) Price
Ethereum platform recently underwent a network upgrade, where-in it switched from Proof-of-Work to Proof-of-Stake without halting the platform. This transformation required the validators to stake ETH on ETH 2.0 platform. Interestingly, the total amount of ETH staked on the platform surpassed the required amount and is marking new highs every new day.
Presently, the ETH 2.0 contract address holds nearly 12% of the entire supply which is getting shrunk with every transaction due to the burn mechanism. This may further lead to a huge drop in the exchange reserves while TVL could keep on rising high which is an alarming situation when the Shanghai Hard Fork is fast approaching.
As per a popular crypto analytical platform, the supply that has begun to decline since the Merge could change the supply & demand dynamics. This could induce significant volatility that may trigger a mass selling post the Shanghai Hard Fork!
With the recent hike in the FED rates, the crypto markets have been impacted slightly as the DXY index witnessed a slight drop but continues to hover within the crucial zones. With this, the Bitcoin price underwent a notable drop below $19,000. But the raising market sentiments around the upcoming Cardano’s Vasil Hard Fork could have uplifted the broader markets to some extent.
In such a scenario some of the Cardano-based altcoins are gearing up to rise high immediately after the Vasil Hard Fork.
Ardana is a decentralized stablecoin hub for the Cardano network which offers an on-chain asset-backed stablecoin & a decentralized stable-asset DEX. it is considered the best-priced solution for stablecoin-to-stablecoin trading as the platform is powering Cardano & building multi-chain bridges.
The native token of Ardana DANA is trading at $0.1834 with a minor drop of 2.24% compared to the previous trading day.
It is a side protocol in the protocol that empowers several blockchains including Cardano to interconnect & create a path for long-term scaling. It enables the non-EVM cryptos to achieve mass adoption by empowering the EVM-based sidechains. The project is expected to extend its services to other blockchains including Algorand, Terra & Solana.
However, the native token of the platform is yet to be released which is expected to uplift the ecosystem to new highs.
MELD is a non-custodial protocol Defi protocol used for lending and borrowing. One can borrow fiat against crypto and avail yield on the crypto collateral. The native token is used for the governance of the protocol. MELD aims to reduce 99% of the fees compared to that of the Ethereum-based solutions by capitalizing on Cardano’s transaction efficiency.
The token MELD is trading presently at $0.01943 with a jump of 4% in the past 24 hours with a circulating supply of 2.23 billion.
Sundae Swap (SUNDAE)
Sundae Swap is a decentralized exchange protocol for the Cardano Network that enables ADA & exchanges to everyone. One can easily swap, stake, lend borrow in a truly decentralized way. The platform holds immense backing from the community and the native token is supported by platform-supported wallets like Daedalus, Yoroi & Adalite Wallets.
The native token SUNDAE is currently trading at $$0.02656 with a drop of 1.68% compared to the previous day.
Was this writing helpful?
The crypto market witnessed two major events in 2022- the Ethereum Merge and Cardano’s Vasil Hardfork. On September 15, Ethereum successfully completed its merge which transformed the network from proof-of-work (PoW) to proof-of-stake (PoS). Now, all eyes are on Cardano’s upgrade which is focused on sustainability.
Meanwhile, a well-known crypto analyst and trader is of the opinion that Cardano’s (ADA) price action and the project’s fundamentals have a lot of differences.
In his latest strategy session, analyst Michael van de Poppe informs his 165,000 Youtube followers that with Cardano’s Vasil hard fork, there come huge opportunities. The Vasil hard-fork is expected to be launched on September 22nd which will raise the network’s scalability.
Massive Opportunity With Vasil Hard Fork
He explains that though most of the market participants are expecting to see a downfall after the upgrade, the scenario will be the opposite. As per the analyst, for Cardano, the price level near $0.32 and $0.40 is the area to keep an eye on as the currency shouldn’t lose this range. This is the price area that will act as support in the next trade cycle.
Van de Poppe further claims that there is no proper encouragement for the Vasil hard fork and the hype isn’t that level that will push the currency upwards. Hence, he believes that the upgrade will attract huge opportunities if the hard fork is introduced on a positive note which is expected to be similar to that of the Ethereum merge.
He then asserts that if the upgrade is successful, Cardano’s (ADA) price will see a positive move towards $1.00 after the event.
Was this writing helpful?
The crypto space is expected to manifest extreme action in the upcoming days, as 2 of the most important events are close to reaching their destination. While Ethereum Merger is scheduled between September 13 & 15, Vasil hard Fork will be accomplished on September 22, 2022. Therefore, the two most awaited events are expected to turn the tables for the entire crypto space which may assist the Q4 to begin with a bullish note.
Will ETH Price Hit $2000 Ahead of the Merger?
It is now only a few blocks left to be mined before the Ethereum platforms undergo a complete transition from Proof-of-Work to Proof-of-Stake. After nearly 8 years of the roadmap, the platform is now very closer to creating history within the crypto space.
The initial transition is the gateway that opens the possibilities for a more scalable & efficient network. The investors appear to be pretty confident of the ETH price rally after the Merger as the volume of loans to ETH has spiked enormously. The total amount of coins borrowed exceeded $1 billion.
While the Merger is to be accomplished this week, the ETH price is also expected to coil up significantly. Currently, the asset is trading at $1755, within a significant bullish trend. Therefore, the price is expected to coil up and break the immediate barrier at $1800 and eventually reach close to $2000 soon.
Cardano’s VASIL Hard Fork Incoming, Why ADA Price Consolidating?
In a recent update, the Cardano platform is fast approaching its destiny that resides within the Vasil Hard Fork, scheduled on September 22, 2022. Presently, more than 94% of the mainnet blocks have been created by the final Vasil node candidate(1.35.3).
On the other hand, the exchanges like Binance, MEXC, BitTrue, Gate.io, BTC Turk, OKX, Whitebit, etc have indicated their readiness for the upcoming event. Additionally, 50% of the top Cardano dApps have the tested status in preproduction, while the others remain in testing. Nearly 1093 projects are building on Cardano, while more than 3000 scripts have been rolled out on Plutus.
Therefore, with the raising market sentiments and development activity, the Cardano (ADA) price is also set to rise high in the coming days.
Was this writing helpful?
A popular crypto analyst and trader claim that Cardano (ADA) is expected to rally after the upcoming Vasil hard fork upgrade is completed.
The analyst, Benjamin Cowen informs his 767,000 followers on YouTube that though Cardano (ADA), a smart contract platform is currently struggling for a bull run, ADA might hit $0.60.
He goes on to say that if Cardano (ADA) manages to push the price between $0.52 and $0.60, that will be a major milestone for ADA. This is because right now the world’s first cryptocurrency, Bitcoin along with other cryptocurrencies is stuck in bear control while the dollar is surging.
After such an extremely bullish prediction towards Cardano, Benjamin claims to be closely observing ADA/ETH price action.
Furthermore, the strategist asserts that if he plans to purchase any altcoin such as ADA, then he should perceive that the purchased altcoin should outperform Bitcoin and Ethereum. He also quotes that if ADA/ETH is below the said range, then he will be more positive that the altcoin will outpace the first two cryptocurrencies.
Moreover, Cowen believes that Ethereum’s upcoming merge which transforms the current proof-of-work (PoW) to proof-of-stake (PoS) will be a positive incident for ADA price action as well.
He says that the ETH merger might push ADA towards $0.60, so it’s important to watch ADA price near $0.50 and $0.60 area which will be a significant resistance range.
At the time of reporting, Cardano is trading at $0.509 after a surge of 3.29% over the last 24hrs.
Was this writing helpful?
September, despite being bearish is coming out to be the most important month for the entire crypto space. Two of the most powerful crypto asset are preparing for their most awaited network upgrade. After the announcement of the Ethereum Merger, the Cardano community was eagerly waiting for the Vasil Hard Fork’s date.
In the latest update, the IOHK rolled out the date for the Vasil Hard Fork, and since then the ADA price is trading stronger.
As the founder, Charles Hoskinson has earlier hinted on the Hard fork to be in September, now it’s confirmed to be on September 22, a week after the Ethereum Merger.
Will ADA Price Now Rise Above $1?
Ever since the date for the hard fork is rolled out, ADA price is flashing huge bullish signals. After it sliced above the crucial 50-day MA levels, Cardano seems to be poised to surpass $0.5 this weekend.
From the above chart, it is quite evident that the asset was self-assured of ranging towards the north and for that reason, it maintained its trend within an ascending triangle. The price attempted to breach through the triangle but failed. However, the ADA bulls appear to have uplifted the price above the triangle, manifesting a bullish trend ahead.
The ADA price, a year ago in September 2021 also manifested an independent rally to reach the ATH above $3, while the entire crypto space traded sideways. Presently, the asset seems to be preparing for a similar rally and eventually rising price above $1 before the Cardano Vasil Hard Fork.
Was this writing helpful?
It’s official now! The commission-free investment app Robinhood has now listed Cardano (ADA0 along with a few other cryptocurrencies after a huge demand. ADA holders can now buy and sell their Cardano holdings without any additional commission or fees.
At the moment, Cardano, the eighth largest cryptocurrency by market cap is trading at $0.44 with a pull off by 1.36% over the last 24hrs.
The listing was confirmed through Twitter by Robinhood today as the platform received massive demand to list Cardano (ADA). However, the users have to wait before starting their trade as the service is yet to start.
The Cardano community is now more optimistic on Cardano as a result of the listing of Cardano (ADA) shortly before the long awaited Vasil hard fork. Cardano’s creator, Charles Hoskinson, has previously asserted that the Vasil hard fork will probably take place in September.
Recently, the platform had listed Compound (COMP), Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), and Chainlink (LINK) and in July Robinhood had also supported Avalanche (AVAX) and Stellar (XLM).
Additionally, along with ADA, the financial service company offered assistance for deposit and withdrawal of MATIC tokens on Polygon blockchain. This service will allow 37,000 dApps on Polygon to operate lending, borrowing and swapping.
The Cardano (ADA) is expected to reach around $0.55 with Vasil hard fork around the corner. The 1.35.3 node’s SPOs are responsible for 85% of mainnet block manufacturing, according to data from PoolTool. For the Vasil hard fork, a target of 75% was set. Exchanges and dApps, however, take time to respond.
Was this writing helpful?
Cardano’s (ADA) Blockchain is all set for the Vasil Hard Fork to upgrade in September. This is supposed to radically change the network’s protocol regarding transaction fees, speed, and a decentralized App.
According to a popular crypto analyst, Cardano (ADA) may outperform Bitcoin (BTC) in the short term as traders may think of hedging against Ethereum’s (ETH) upcoming merger event.
The Coin Bureau host told his 2.1 million YouTube subscribers that he views ETH competitors as hedges against the Merge if the update doesn’t go as planned.
“One of the ways I’ve personally been hedging myself against something going wrong with Ethereum’s merge is to hold competing smart contract cryptocurrencies as a part of my portfolio, and this includes Cardano’s ADA,” he mentioned.
The Youtuber continued by saying that Cardano seems all geared up to see gains against the top digital asset by market cap.
“ADA seems to be overdue for an appreciation against BTC on the weekly chart. This is because ADA has historically fallen against ETH for around eight weeks before seeing a multi-week rally. As you can see, ADA has been falling against ETH for about eight weeks and is showing signs of a reversal”
The host went on to predict that Cardano (ADA) could see a 50% gain soon.
“Note that [appreciating against BTC] does not necessarily translate to a higher price for ADA in fiat terms, but ADA’s daily and weekly price action in fiat terms suggest it could see a 50% gain in the coming weeks.
But I must stress that this ultimately depends on whether the crypto market sees a short-term recovery. I should also note that Cardano’s Vasil hard fork will expose the project to the same sorts of issues Ethereum could experience during its upgrade.
This is probably why other Ethereum competitors such as Solana appear to be on the brink of a bigger breakout against both ETH and the USD.”
ADA is floating at $0.4487 at the time of writing, with a trading volume of $424,904,899.
The Cardano (ADA) Upgrade
Currently, Cardano (ADA) is the eighth largest cryptocurrency by market capitalization. Cardano’s Blockchain is all set for the Vasil Hard Fork to upgrade in September.
The Vasil Hard Fork upgrade will supposedly improve the network’s performance and Cardano’s Plutus smart contract programming language, which aims to support the creation of decentralized applications (dApps). About a week ago, Charles Hoskinson from Cardano tweeted about the progress of the Vasil Hard Fork upgrade.
The Cardano Upgrade is expected to bring in a host of changes in terms of transaction fees, scalability of the Decentralised App, and the speed of transactions.
Sharing his views on the same, the Coin Bureau host said that ADA counteracts as a hedge against the Ethereum Merge mainly because Cardano itself is also going to make this Vasil Hard Fork Upgradation in September.
“It would be an admittedly strategic move if Cardano improved its scalability around the time Ethereum transitions to proof-of-stake. This is because it would put Cardano in a perfect position to acquire users and investors if The Merge fails or simply fails to meet the expectations of ETH holders.”