Solana Soars: Cathie Wood's Praise Fuels 17% Rally!

READING TIME: 4 mins 46 secs

Diving deep into today's web3 currents:

๐Ÿš€ Solana Hits Yearly Highs After Cathie Wood's Endorsement

๐ŸŒ Singapore's Whitepaper Paves the Way for Digital Asset Interoperability

๐Ÿ”’Poloniex Hacker Loses $2.6M in GLM Tokens to Contract Error

๐Ÿ“ˆ SEC Postpones Decision on Hashdex and Grayscale's Bitcoin ETF Applications

Solana (SOL) has experienced a significant surge, reaching new yearly highs with a 17% increase, following ARK Invest CEO Cathie Wood's endorsement of its efficiency and cost-effectiveness compared to Ethereum.

Despite a broader market uptrend, SOL has notably outperformed other major cryptocurrencies, achieving a 197% increase in the last month. Concurrently, FTX Derivatives Exchange has initiated on-chain transfers of SOL to Kraken, part of its liquidation strategy following bankruptcy, leading to a 5% drop in Solanaโ€™s price. Nevertheless, Solana maintains strong trading volume and has shown resilience by retesting pre-bankruptcy price levels amid market uncertainties.

Singapore, in collaboration with major financial institutions and crypto innovators, has released a whitepaper titled "Interlinking Networks," a groundbreaking initiative for digital asset interoperability.

Spearheaded by the Monetary Authority of Singapore (MAS) and involving industry giants like JPMorgan, HSBC, Standard Chartered, Swift, Chainlink, LayerZero, and Ava Labs, this initiative aims to enable the seamless exchange of digital assets across independent financial networks. The proposed Interlinked Network Model (INM) outlined in the whitepaper seeks to facilitate transactions between different financial institutions without the constraint of network exclusivity, addressing key issues such as governance, security, and scalability. Additionally, MAS's introduction of the Global Layer One infrastructure, in partnership with JPMorgan and BNY Mellon, further highlights Singapore's dedication to leading the digital asset revolution.

The November 10 attack on Poloniex resulted in a significant loss of nearly $132 million, marking it as one of the largest private key compromises of 2023, according to a recent analysis by the Web3 cybersecurity team.

In a notable error, the hacker accidentally transferred over 10.5 million GLM tokens, worth approximately $2.6 million, to the Golem Network Token contract address, potentially rendering them inaccessible. The hacker had initially converted most of the stolen 317 ERC-20 tokens into ETH. CertiK's investigation revealed that the stolen funds had been moved through numerous wallets on Tron and Ethereum, but the Bitcoin wallet remained unaffected. Poloniex has since announced the near-complete restoration of the compromised wallet and plans to enhance security with an impending top-tier audit.

The U.S. Securities and Exchange Commission (SEC) has delayed decisions on applications by Hashdex and Grayscale for their respective bitcoin-related exchange-traded funds (ETFs).

Hashdex seeks to convert its bitcoin futures ETF into a spot bitcoin ETF, while Grayscale aims to launch a new futures-based ether ETF. Both applications, originally facing a decision deadline of November 17, have been extended by the SEC. This postponement occurs amidst ongoing anticipation for the approval of a spot bitcoin ETF, which the SEC has historically rejected due to concerns over market manipulation and surveillance issues. Additionally, Franklin Templeton, another Bitcoin ETF applicant, also faces a November 17 decision deadline.

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