“The outage began early Tuesday after “resource exhaustion” on the network brought blockchain validation to an hours-long halt. On-chain activity froze across Solana’s multibillion-dollar ecosystem of trading, staking and lending projects. It is the second time in two weeks that Solana’s mainnet cluster experienced “instability.”
The outage impacts everything built on Solana, but the issue is the underlying [layer 1].
A flood of transactions pushed the network past its limits early Tuesday. The activity triggered a forking that knocked multiple nodes offline. Engineers tried and failed to triage the problem. Engineers were rushing to push a patch to Solana node runners. Solana developers have decided to restart the network after over seven hours of downtime.
It is unclear what implications the Tuesday outage may have for Solana. One source in the developer community pointed out that some projects have time-sensitive operations, like liquidations and IDO launches. Those could become thorny the longer the network remains down.”
“The Ethereum Foundation (EF) and Ethereum Name Service (ENS) are backing a proposed system for secure sign-in using Ethereum from decentralized identity software firm Spruce. The firm aims to give users control of their own online identities, offering an alternative to handing over one’s personal data to the likes of Google, Apple and Facebook.
The Ethereum ecosystem already has tens of millions of monthly active wallet users signing with their cryptographic keys for financial transactions, community governance, and more. These secure wallets can also be used to sign in to Web2 services.
By standardizing this workflow, millions of Ethereum users will be able to use a digital identity that they fully control to seamlessly access the web.”
“CACEIS, which has €4.2 trillion ($4.96 trillion) in assets under custody and €2.2 trillion ($2.6 trillion) in assets under administration, is working with Swiss-based custody technology provider Metaco. Headquartered in Paris, CACEIS has a strong presence in Europe, especially Germany.
BNY Mellon set off a rush of bank activations when it emerged in May that it was working with custody tech firm Fireblocks to hold crypto on clients’ behalf.”
“The Consumer Price Index rose 5.3% over the past 12 months, below economists’ average prediction of a 5.4% increase. Core CPI rose 0.1% last month, lower than economists’ expectation of 0.3% and the slowest increase the U.S. has seen in six months.
The soft inflation report may encourage the U.S. central bank’s stimulus program, known as “quantitative easing,” to persist longer than expected. Many cryptocurrency investors speculate that QE could weaken the dollar, pushing up the value of bitcoin.
While August’s lower-than-expected numbers may be regarded as a positive sign for transitory inflation, they could also be a sign of increasing macroeconomic uncertainty as COVID-19 variants fill hospitals even in highly vaccinated countries.”
See Also: Bitcoin Bounces as China’s Evergrande Warns of Default (Recommended read re: Tether)
“EY will adopt Polygon’s scaling products to allow it to boost transaction volumes and to provide “predictable costs” and settlement for business customers. EY will also have an option to move transactions onto the public Ethereum network.
Polygon’s “commit chain” has been retrofitted by EY to create permissioned, private industry chains that take advantage of new models used to verify transactions. The company said its new “industry chains” would provide customers with the security of a closed system while retaining a close relationship with the public Ethereum mainnet.
Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster road map to integration on the public Ethereum mainnet.”
“The Ethereum Layer-2 protocol says it has created the underlying infrastructure for any business to build a game, marketplace or NFT application. Immutable provides a Layer-2 scaling solution for NFTs on Ethereum capable of processing 9,000 transactions per second with zero gas fees.
Immutable is the developer of NFT games Gods Unchained and Guild of Guardians, which it intends to scale using the new funds. The money will also go toward strengthening partnerships with gaming companies.”
“They haven’t yet registered with us, even though they have dozens of tokens that may be securities.
That is the most explicit Gensler has been about having crypto trading platforms register as a securities trading platform. In prepared remarks for the committee published Monday, he wrote that any exchange that has a security listed must register with the SEC.
Sen. Pat Toomey (R-Pa.) pushed Gensler on a lack of explicit guidance on how a cryptocurrency might qualify as a security under federal law.
Based on your public statements, it’s pretty clear that you believe that some are securities, but others are not. So I’m frustrated by the lack of helpful SEC public guidance, explaining how you make this distinction.”
“The pair of provisions intends to prevent individuals from reporting a tax loss by selling cryptocurrencies at a loss but immediately (meaning within 30 days) buying the same cryptocurrencies. The other provision intends to ensure taxpayers properly report capital gains, even if they purchase an offsetting position on their investments.
The wash sale rule in section 1091 prevents taxpayers from claiming tax losses while retaining an interest in the loss asset. The amendments made by this section apply to taxable years beginning after December 31, 2021.
These proposals anticipate raising $16 billion in tax revenue from the cryptocurrency sector. The overall House is expected to vote on the bill in two weeks.”
“Peer-to-peer digital asset marketplace Paxful has integrated the Lightning Network. According to a company statement, the global integration will serve over seven million Paxful users, allowing them to transfer bitcoin “in a matter of seconds with much lower fees.”
The value limit for each Lightning transaction will be capped at $750, for now.
Founded in 2015, Paxful doubled its size over the last 12 months, reaching a 400 employees team. In August, the Lightning Network surpassed 25,000 active nodes for the first time.”
“Chivo’s technical errors are “95% corrected,” he tweeted, with expectation that the software would be fully operational within the coming days.
We currently have more than half a million users.
El Salvador has a population of almost 6.5 million people.”
See Also: Bitcoin On-chain Data Bullish (Video)