Mediaboss Marketing

Mon 13 May 2024 3 min of reading by Ariela R.

In the ever-evolving world of cryptocurrencies, the order of platform supremacy seems established. But the emergence of new players is challenging this current order. This is the case for Solana (SOL), which has just overtaken Ethereum (ETH) in terms of DEX volume.

Launched in 2020, the cryptocurrency platform Solana stands out for its transaction speed and low fees. This makes it particularly attractive to DeFi users. This crypto blockchain has experienced exponential growth in recent months, attracting many investors and developers.

According to recent data, DEX trading volume on Solana has reached $1.3 billion. For the first time, this volume exceeds that of Ethereum, which is at $1.29 billion. This remarkable performance marks a turning point in the competition between the two crypto platforms. It indicates the potential of Solana to emerge as a promising alternative to Ethereum.

In addition to the DEX trading volume of Solana, its transaction fees have also increased. These have reached 50% of the fees generated on the Ethereum crypto network lately. Analysts also predict that soon, transaction fees on the Solana network could surpass those of Ethereum.

Speaking of increases, the price of SOL has also seen a rise of over 6% in 24 hours. This situation propels Solana to the rank of the most performing altcoins in the crypto market.

Solanas surpassing of Ethereum in DEX trading volume is a strong signal of its potential to become a major player in the DeFi space. Its speed, negligible fees, rapidly expanding ecosystem, and innovative technology make Solana an attractive alternative for users and developers.

Although Ethereum maintains its dominance in terms of market capitalization, Solana is now positioning itself as a serious contender, ready to shake up the established crypto order.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rdaction web depuis maintenant 7 ans. Je n'ai dcouvert le trading et la cryptomonnaie que depuis quelques annes. Mais c'est un univers qui m'intresse beaucoup. Et les sujets traits au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Read more:

Crypto: Ethereum dethroned by Solana in terms of decentralized exchange volume - Cointribune EN

Ethereum co-founder Vitalik Buterin published a new Ethereum Improvement Proposal (EIP) on Tuesday that aims to reconcile core developers disparate approaches to account abstraction in upcoming hard forks.

The proposal, EIP-7702, is a successor to EIP-3074 which was considered a Candidate For Inclusion (CFI) in Ethereums next upgrade known as Prague-Electra or Pectra.

But 3074s road to CFI status was bumpy, with substantial time spent debating the EIP across multiple All-Core Dev calls since January.

Read more: Gnosis Chain premieres Ethereums Dencun hard fork

Developers have sought to provide tangible improvements to end users in the next hard fork, while keeping open various paths towards the endgame of account abstraction.

When looking at what could conceivably be moved into production first, 3074 was judged as most realistic.

But it wasnt without its critics. For instance, Ansgar Dietrichs at the Ethereum Foundation called it relatively heavy-handed on the Jan. 18 ACD call, and more recently expressed reservations as well.

Buterin wrote the new proposal in 22 minutes, according to ZeroDev wallet CEO Derek Chiang, although the published proposal also credits Dietrichs alongside Sam Wilson and Matt Garnett.

A new transaction type allows EOAs to operate as smart contract wallets temporarily. At the end of a transaction, they revert to a normal account.

This approach promises to simplify the developers tasks by allowing the use of existing contract code and interaction patterns.

This EIP is designed to be very forward-compatible with endgame account abstraction, without over-enshrining any fine-grained details of ERC-4337 or RIP-7560, the authors wrote.

Read more: Ethereum devs debate future of account abstraction

Unlike 3074, the new proposal aims to replicate its functionalities without adding new opcodes. By assuming a smart contracts code temporarily, EOA can perform complex operations like batch transactions, making use of transaction sponsorship, and constrained sub-key operations a security feature employing secondary keys (sub-keys) that have limited or specific permissions within a single transaction.

Further down the roadmap, a wallet-centric approach to account abstraction is expected to become the norm. The new EIP is designed to be quite compatible with EIP-4337, rolled out in March 2023, making use of existing wallet code and transaction frameworks to minimize disruption and duplication of effort.

Read more: Ethereum Improvement Proposals to watch in 2024

7702 has rallied support from 3074 proponents like core developers Garnett and Andrew Ashkhmin, as well as important dapp developers including Uniswaps Hayden Adams.

Opposition to the previously included improvement had grown in recent months, as more developers became aware it was on a path to become part of the next Ethereum upgrade.

Ethereums governance operates on principles of consensus-building, where points of contention are meticulously debated in public, both on group calls and online forums, until a clear course of action emerges.

Independent development teams then agree on shared specifications, which are coded into new versions of their respective Ethereum clients.

Ultimately, operators of thousands of validators must concur to install the new software versions at sufficient scale to successfully initiate a hard fork at an agreed upon date.

The next such upgrade, Pectra, is tentatively scheduled for Q4 2024.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

See original here:

Vitalik rallies support for temporary smart wallets on Ethereum - Blockworks

Four years ago, Solana made its ambitious debut in the volatile world of cryptocurrency, boldly labeling itself as an Ethereum killer. Back then, only the more seasoned players treated this declaration with any seriousness. After all, was it not just the audacious proclamation of a newcomer who not even ranked amongst the top twenty crypto coins? But in a surprising twist of fate, Solana now sits proudly as the second-largest layer 1 solution.

A fascinating analysis by researcher Dan Smith of Blockworks posits that Solanas growth shows no sign of slowing down. His detailed modelling suggests that it will soon overtake Ethereum in terms of crypto transaction fees, a development that bodes well for fresh ERC-20 coins like Raboo that are built on the Ethereum network.

Ethereum still holds vast sway, lodged firmly in the number two position amongst leading cryptocurrencies. Devised by the visionary Vitalik Buterin, Ethereum reimagined the potential of Bitcoin with the creation of the game-changer, a smart contract. Within less than a decade, Ethereum has accrued a market capitalization of $360 billion, an undeniable proof of its commanding presence. But toppling it from its position is a monumental undertaking, akin to moving a mountain.

Nonetheless, Ethereum reveals a critical chink in its impressive armor. Its costly and sluggish. With staggering transaction fees, Ethereum undoubtedly holds value, but its practical application as a transaction token remains dubious. While its smart contract platform stands as a gold standard, utilizing Ethereum for trading becomes a sullen, costly chore, a severe deterrent for potential investors.

In contrast, Solana, with its confident promise to eclipse Ethereum, exploded onto the scene in 2020. Bolstered by fierce competition from formidable tokens such as Monero and Cardano, it entered the big leagues, swiftly scaling to the enviable top 20 position within a year. Powered by its nimble and efficient smart contract platform, Solana outperformed Ethereum in terms of speed, but more critically, its crypto transaction fees were dirt-cheap. In under three years, Solana rose to prominence as a top 5 coin, a juggernaut only surpassed by Ethereum.

The tides are swiftly turning in Solanas favor; it stands on the brink of overtaking Ethereum in terms of transaction fees, buttressing its claim even further as the Ethereum Killer. With growth that significantly outpaces Ethereum, the question on everyones lips is: can it rightfully claim the number two spot before this decade concludes?

The rise of Raboo, a fresh meme-fi crypto coin, to a hypothetical top 20 position has drawn much interest. But Raboo isnt just another meme coin hoping for easy stardom. It boasts a comprehensive crypto product offering that promises to disrupt the financial landscape. With inbuilt staking and rewards mechanisms, Raboo places itself firmly within the DeFi camp. It also harbors an ambitious plan to delve into the lucrative NFT market, targeting inroad into the buzzing gaming industry.

Tailoring its secret weapon the ability to leverage AI for forward propulsion, Raboo amassed beyond $1 million in liquidity in the early stages of presale. The path it has set for itself to become a top 20 crypto before the advent of 2030 cultivates an enticing investment spotlight.

The brewing rivalry between Ethereum and Solana paints a riveting yet lucrative tableau. Yet, for those looking for exponential growth, Raboo, currently in presale with Raboo (RABT) tokens at $0.0042, awaits on the cusp of a predicted 100x surge once it traverses into the open markets. The stakes have never been higher, and the race never more electrifying. Indeed, the next decade in the world of cryptocurrency promises intriguing jolts and seismic shifts.

Excerpt from:

Solana Surges Towards Unseating Ethereum Amid Crypto Rivalry - West Island Blog

DeFi on Ethereum is often clunky and unintuitive, with few safeguards for new entrants.

One highly anticipated improvement is Account Abstraction a new way for Ethereum wallets to handle transactions.

Still, theres a hitch.

Account Abstraction is incompatible with existing wallets, which is slowing its adoption.

A recent proposal from Ethereum co-founder Vitalik Buterin may change that. Called EIP-7702, the proposal creates a route for existing wallets to use Account Abstraction which was previously difficult to achieve.

Its still a very early proposal, so we need to evaluate all the rough edges, Ethereum core developer Marius van der Wijden told DL News.

EIP-7702 adds a new transaction type that allows existing wallets to emulate the functions of Account Abstraction wallets, Van der Wijden said.

If successful, the proposal will unlock new transaction types, prevent users from losing access to their funds through email recovery, and even facilitate new use cases for the top smart contract network.

Join the community to get our latest stories and updates

Van der Wijden said EIP-7702 will probably be included in Ethereums next major upgrade dubbed Pectra scheduled for the fourth quarter of 2024.

Account Abstraction has been around for a while.

In March 2023, a previous update introduced an Ethereum feature called ERC-4337, which allowed developers to start building Account Abstraction wallets.

A lack of support for Account Abstraction, coupled with no easy way for users to switch over to the new wallet type, has slowed adoption.

At the same time, another proposal, called EIP-3074, introduced a change that would allow those with non-Account Abstraction wallets to delegate their control to smart contracts, allowing users to access Account Abstraction features.

While EIP-3074 could aid Account Abstraction adoption, many developers criticised it because it puts users funds at increased risk.

The answer may be Buterins EIP-7702 proposal.

EIP-7702 aligns the two previous routes to Account Abstraction EIP-3074 and ERC-4337 into one unified Account Abstraction roadmap, Alex Jupiter, a senior product manager at MetaMask, told DL News.

The result is a streamlined way for existing wallets to use all the features of Account Abstraction without the risks of EIP-3074.

On the surface, Account Abstraction wallets function the same as existing wallets. But under the hood, they have the ability to use smart contracts to manage funds, allowing for a host of new features that could help increase DeFi adoption.

The most obvious improvement is the ability to program transactions, allowing blockchains to replicate services banks and other money-transmitting services offer, such as scheduling payments.

Payments provider Visa has previously highlighted the potential of Account Abstraction for automatic payments.

The ability to sponsor transactions is another appealing feature that Account Abstraction unlocks. Sponsoring transactions means allowing another party such as a wallet provider, DeFi protocol, or blockchain to pay for a users transaction fees.

Programming transactions can also help make using DeFi on Ethereum more intuitive.

Currently, when users want to swap tokens on a decentralised exchange, or send tokens to a different blockchain via a crypto bridge, they must sign multiple transactions at different stages of the process.

With Account Abstraction, everything can be bundled into a single transaction, allowing for a smoother experience.

Account Abstraction should also make using DeFi safer.

When a user creates an Ethereum wallet they receive a private key, usually abstracted to a sequence of words called a recovery phrase.

This key is the only way a user can access their funds. If the key is lost, stolen, or if a users wallet is accidentally uninstalled or the wallet account is deleted, the funds it controls could be lost forever.

With Account Abstraction, it is possible to implement a recovery process in which a user can designate multiple trusted individuals as recovery agents. This can consist of an email address or other forms of identification, such as Google Authenticator for two-factor authentication.

The process is similar to creating and securing an account in the web2 world, but it is executed through a decentralised network.

Tim Craig is a DeFi Correspondent at DL News. Got a tip? Email him at tim@dlnews.com.

Here is the original post:

Vitalik Buterin has a new proposal to make Ethereum wallets easier to use but obstacles remain - DLNews

Grayscale Investments will focus on converting its Ethereum trust the worlds largest to spot exchange-traded products, CEO Michael Sonnenshein said on Wednesday.

At Grayscale we decided to focus our energy on our spot products. Thats really core to our DNA, he said during an event in London that was hosted by the Financial Times.

On Tuesday, media reported that the crypto-native asset manager had withdrawn its application to the Securities and Exchange Commission to provide an Ether futures ETF.

It had filed the application in October.

Sonnenshein said the asset manager was withdrawing the application because a number of futures products are already available for investors.

As DL News has reported, VanEcks EFUT and ProShares EETH dominate the brutally competitive Ethereum ETF field, accounting for over 90% of total trading volume at launch.

Sometimes we will file for a product. That doesnt necessarily mean its going to come to market, Sonnenshein said

Grayscale paved the way for the approval of Bitcoin spot ETFs by winning a legal case against the SEC that allowed it to convert its Bitcoin Trust to an ETF.

Join the community to get our latest stories and updates

The SEC granted Grayscales application plus 10 others from various asset managers, including BlackRock and Fidelity Investments in January

Since the wild success of these funds, which have seen almost $12 billion in net inflows, attention has turned to the approval of spot Ethereum products.

Grayscale, along with BlackRock, VanEck, ARK Invest, Fidelity, Invesco, and Hashdex, has applied to convert its Ethereum trust to a spot ETF.

The industry will know what the SEC is thinking when the regulator makes a decision on the first application, VanEcks, on May 23.

Grayscale has also filed to provide a mini trust a smaller fund seeded with assets from the larger trust.

Craig Salm, chief legal officer at Grayscale, has said the Grayscale Ethereum Mini Trust aims to complement the rest of the firms Ethereum-based line of products to support a range of investors.

The mini trust would launch as a lower-fee alternative spot Ethereum ETF and is designed for investors interested in optimising their Ethereum ETF investment for a buy-and-hold strategy in their brokerage or retirement account, for example, Salm said.

Analysts arent bullish on the chances of the SEC approving any of the applications for spot Ether products.

For one, Ethereums regulatory status isnt clearly defined. SEC chair Gary Gensler has been evasive about whether Ethereum is a security.

Plus, Gensler suffered political blowback from anti-crypto politicians in the Biden administration after the SEC approved spot Bitcoin ETFs though, arguably, the agency had no choice after it lost in court to Grayscale.

On Wednesday, Sonnenshein said while it was difficult to know what the SEC is thinking on Ethereum, Grayscale is optimistic that the SEC will do the right thing by investors.

He added that Grayscale Ethereum Trust is already an SEC reporting company. We file 10-Ks and 10-Qs [disclosures to the SEC], and weve always been a business that pushes our regulators to allow crypto to be brought further and further into the regulatory perimeter.

Reach out to the author at joanna@dlnews.com.

See the original post here:

Grayscale will focus energies on spot Ethereum products, CEO says - DLNews