Solana is Fully Embracing Its Name as an Ethereum-Killer!

Solana's rapid price and development growth proves that Ethereum now faces some serious competition.

You say Thursday. I say it’s Friday eve!

Here's what we've got for you today:

🥊 Solana is Emerging as Ethereum’s Most Serious Competitor

📉 BTC Options Market Braces for $10.1 Billion Crash on December 29th

🥞 PancakeSwap Developers Launch Proposal to Reduce CAKE Token Supply by 300 Million Tokens

✏️ Vitalik Buterin Proposes to Make Ethereum PoS “Lighter and Simpler”

Solana recently experienced a remarkable resurgence, with SOL surpassing $100 for the first time since early 2022. With a market cap of around $45 billion, SOL now holds the fifth spot among cryptocurrencies.

Unfortunately, not everyone in the cryptocurrency industry is very excited about Solana’s recent successes. Max Keiser recently raised concerns about Solana (SOL), suggesting a potential "rug pull." However, this characterization may not accurately reflect the situation, as a rug pull typically involves malicious actions by developers or insiders, which does not seem to be the case with Solana. The current correction in Solana's price seems more in line with regular market cycles, where rapid growth is often followed by profit-taking and consolidation phases.

Buy options currently have a distinct upper hand, but bearish investors are seeking opportunities to minimize their losses by driving Bitcoin's price below the $42,000 mark.

As the deadline for options expiry looms, the battle between bullish and bearish traders is intensifying, and its outcome is expected to significantly influence Bitcoin's short-term price trajectory. The stakes are particularly high amidst anticipation of a spot Bitcoin ETF approval in January and an evolving regulatory landscape. Notably, the U.S. Securities and Exchange Commission (SEC) has shifted its approach, engaging in constructive dialogue with ETF hopefuls instead of outright rejections. This change has fostered hopes for potential ETF approval in January, contributing to the belief that bears may struggle to push Bitcoin's price below $40,000 before the year-end options expiry.

The developers aim to realign the token supply with the existing circulating supply of 388 million by reducing it from 750 million to 450 million.

In an official announcement made on Dec. 28, PancakeSwap disclosed a voting proposal for a reduction in token supply, which is set to last for a 24-hour period. Should the proposal receive approval, the reduction will be implemented on Jan. 4, 2024. Developers underscored that this reduction is intended to align with CAKE's ongoing deflationary strategy and expedite its evolution towards ultrasound CAKE.

On Dec. 28, Vitalik Buterin suggested an approach to decrease the number of signatures needed from validators to maintain the Ethereum network's operation, thereby alleviating the overall load on the system.

Rather than persisting with an escalating number of signatures per slot, Buterin proposed a more moderate solution, reducing the signatures to around 8,192 from the current 28,000. This adjustment aims to achieve major technical simplification, enhance quantum resistance, and maintain a substantial total of slashable ETH at approximately 1-2 million ETH. Slashing serves as a mechanism to enforce positive validator behavior. Buterin presented three potential approaches to implement this, including reliance on decentralized staking pools, a two-tiered system with "heavy" and "light" staking, and a rotational participation model involving accountable committees.


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