With a Solana focus DevShop requests validators to update to the most recent version to assess and resolve congestion-related issues. SOL open interests wane in the face of problems.
The Solana ecosystem’s initiatives and tokens suffered a severe setback due to Solana network congestion. Anza, a devshop that specializes on Solana, has updated its software to address sporadic congestion problems and anticipates a healthy rebound for the Solana ecosystem.
Dogwifhat (WIF), BOME, MEW, and other Solana-based meme currencies plummeted when roughly 75% of the chain’s transactions failed or were delayed, setting off a market-wide selloff.
Updated Solana’s devshop Anza to address congestion problems
In a post on X, Anza, a Solana-focused devshop developing the Solana client Agave, announced that the v1.18.11 version has been released to devnet. The Solana chain’s persistent congestion problems will be resolved with the upgrade. Anza said that the main causes of network congestion are a QUIC implementation and the Agave validator client’s actions.
To begin assessing the impact of the suggested congestion remedies, the team has requested that Solana testnet validators update to the most recent version. This is a testnet, not mainnet, Agave update.
According to an Anza developer, “the congestion patch is tested a little before going on mainnet. I’ve been told that once it goes out on mainnet, it takes like 2 days to reach the supermajority of validators.”
Anza engineers will work closely with other key contributors to identify bottlenecks and take appropriate action to improve network performance as a whole.
Recent congestion, according to Austin Federa, head of strategy at the Solana Foundation, is caused by technical debt in Solana’s design and a software system that is unable to handle the present traffic.
Solana price to rebound?
Due to congestion problems, the price of Solana has dropped from $200 to $165, forcing users to migrate to Ethereum and other networks.
As of this writing, the price of SOL is trading below $175, down about 0.5% over the previous day. $170.39 is the 24-hour low, and $176.24 is the 24-hour high. In addition, there has been a 17% drop in trading volume over the past day, which suggests that traders are becoming less interested.
Furthermore, according to Coinglass statistics, Solana futures OI has decreased by 1% during the past day. This suggests that futures traders are not trading in large quantities during the expiration of crypto options. When trading volume is limited, the price of SOL may decline even lower.
Bitcoin Cash open interest folds 47% since halving as price slides
The bulk of the price reduction was on April 10, when there was a sharp three-hour drop of 7.51%.
In the seven days following its halving, Bitcoin Cash (BCH) Open Interest (OI) and price have crashed, wiping out any temporary boost in momentum before the April 4 event.
According to CoinGlass statistics, as of April 12, the OI for Bitcoin Cash was $378.3 million, a significant 47% decrease from its peak of $708.5 million before the BCH split.
The price of BCH dropped by 13% in tandem with the decrease in OI.
Its price fell most of the time on April 10, when it fell sharply by 7.51% in three hours following four days of close trading between $676 and $691.
The pattern completely reverses the week following the 2020 halving event—the first halving ever. At the time, OI increased 10% to $73.86 million, while Bitcoin Cash experienced an increase of 4.7%.
Bitcoin Cash was only a little over 3 years old at the time. The use cases of Bitcoin Cash, particularly its cheaper transaction processing fees and lower energy needs for validating new blocks, have generated discussion, nonetheless.
Conflicts between the Bitcoin (BTC) and Bitcoin Cash groups have been observed once more.
Early adopter of Bitcoin Roger Ver was invited to return to the community on March 18, by Blockstream CEO Adam Back, in a post on X. A couple of years prior, he had departed for the Bitcoin Cash group.
“Join the f*cking party @rogerkver it’s just warming up. you know you want to. you don’t have to go it alone, be the prodigal son and return.”
Roger Ver, sometimes referred to as “Bitcoin Jesus,” is a fervent supporter of Bitcoin Cash and believes it more closely resembles Satoshi Nakamoto’s original intent for the cryptocurrency.
Because Bitcoin Cash has reduced transaction costs, Ver contends that it is in a better position to function as a currency and a store of wealth.
In the meanwhile, a lot of investors are buying Bitcoin, hoping for a spike as the halving draws nearer next week.
As of the time of publishing, the open interest (OI) for Bitcoin is $34.89 billion, over fifteen times greater than it was eight days before to the May 2020 halving.
The Notcoin founder talks about the next coin launch
The Notcoin project team is getting ready for the NOT token’s listing by compiling the findings of the mining phase.
Co-founder of Notcoin and Open Builders Sasha Plotvinov states that the group is now coordinating user token branding “so as not to destroy the ecosystem.”
“After listing, the fun begins. Notcoin will enter the free market, and people will dispose of it as they wish.”
With regard to audience size, Open Builders intends to launch a trading bot that is anticipated to grow to be among the most well-liked on Telegram.
The Notcoin team also plans to introduce companion games with a single counter for gaming achievements and experience, that are comparable in structure and referral system.
The NOT token is expected to be live on April 20. Given that the new coin was created as a result of a viral game on Telegram, the buzz around Notcoin is strongly tied to the Telegram messenger.
Notcoin became the fastest-growing web3 game a week after its introduction, with an audience of over four million users, according to the TON Foundation.
The announcement that the TON Society has teamed with the artificial intelligence business HumanCode caused the price of Toncoin (TON) to surge to an all-time high on April 9 for the second time in a week.
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