🔌Solana Fails To Go One Year Between Major Outages
A major Solana incident resulted in the network failing to make it one year since its last outage. The network is live again after completing a restart following five hours of downtime.
The SEC has expanded its definition of a securities "dealer" that could implicate many large DeFi liquidity providers. The new dealer definition applies to any market maker commanding more than $50M in securities assets.
In other news, GHO is finally trading at $1, MetaMask has integrated with Robinhood, Hedera is teaming up with the Saudi Ministry of Investment Association, and Farcaster's success has ignited a boom in memecoins on Base.
Plus, Dymension is live on mainnet after completing a $300M airdrop.
✍️ In today’s newsletter:
- Solana restarts after five-hour outage
- SEC targets DeFi LPs
- GHO achieves dollar-parity
- MetaMask's Robinhood integration
- Hedera launches Saudi venture studio
- Farcaster ignites memecoin frenzy
- Dymension's mainnet launch
🎙️The Defiant Podcast & Interviews:
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Solana Blockchain is Live After 5-Hour Outage
TLDR The Solana network was forced to restart after suffering a five-hour outage on Nov. 6. The price of SOL has posted a partial recovery after shedding 3% amid the incident.
SO WHAT Solana has been notoriously prone to outages in recent years, frequently encountering issues similarly requiring network resets in the past. The latest incident indicates Solana is yet to overcome the issue, despite enjoying close to a year of uninterrupted operation.
SEC Expands Definition For ‘Securities Dealer’ To Include DeFi Market Makers
TLDR The U.S. Securities and Exchange Commission has voted to introduce rule changes expanding its definition for securities brokers. Any liquidity providers commanding more than $50M worth of securities assets, including those operating on decentralized exchanges, must comply and register with the SEC.
SO WHAT The new rule has attracted criticism from web3 industry advocates and even dissenting SEC commissioners, with critics highlighting the SEC's failure to deliver clear guidelines for what makes a digital asset a security.
Aave’s GHO Stablecoin Finally Achieves Parity With USD
TLDR Aave's GHO stablecoin has finally achieved parity with USD roughly six months after launching. The milestone follows active initiatives from Aave to restore the token's peg in recent months.
SO WHAT GHO's price steadily trended downwards following its July 2023 launch, with opportunistic traders taking advantage of favorable borrow rates available to Staked AAVE holders to arbitrage yield. The token tagged a low of $0.96 in late October, prompting action of Aave's Liquidity Committee.
MetaMask Adds Robinhood Integration
TLDR MetaMask, the popular web3 wallet from Consensys, announced an integration with Robinhood, the popular commission-free trading app boasting more than 10M active users.
SO WHAT The deal allows Robinhood users to transfer funds to MetaMask directly, simplifying to the process of onboarding to the non-custodial wallet.
READ MORE: MetaMask Adds Robinhood Integration
Nibiru Chain, an innovative L1 blockchain, secured $12 million in funding to support ecosystem growth. Known for its blazing-fast transaction speeds and robust smart contract security, Nibiru Chain is the go-to blockchain for developers, by developers.
The community has grown quickly since Nibiru Chain came out of stealth in 2022, and the excitement continues to grow as Nibiru Chain kicks off their Gamified Engagement Airdrop today! Earn rewards simply by exploring Nibiru Chain. Accumulate Nibi Points by creating or engaging with Nibiru’s content on X, and redeem them for future qualifications.
The hype is real! Participate in the Gamified Engagement Airdrop, and follow Nibiru Chain on socials for the latest ecosystem updates.
Hedera Teams Up With Saudi Investment Ministry On $250M Venture Studio
TLDR Hedera is partnering with the Saudi Investment Ministry Association to launch a $250M venture studio supporting local tech firms. Start-ups must operate in Saudi Arabia within emerging tech sectors including blockchain, AI, and quantum computing and use Hedera's hashgraph to qualify for investment.
SO WHAT The news comes as an increasing number of web3 firms are expanding their operations into the Middle East region.
Farcaster Frenzy Sparks Base Memecoin Mania
TLDR Surging adoption of the decentralized social platform, Farcaster, is giving rise to bubbling memecoin activity on Base. DEGEN, a token airdropped to active Farcaster users, rallied by more than 1,000 over the past week, paving the way for FRAME and GUAC to post impressive gains as well.
SO WHAT Base's memecoin bonanza is attracting attention away from Solana, which recently hosted its own memecoin bull market. Leading meme tokens BONK and WIF are both down by double-digits this past week.
READ MORE: Farcaster Frenzy Sparks Base Memecoin Mania
Dymension Launches Mainnet With $300M Airdrop
TLDR Dymension, a Cosmos-based modular blockchain platform, is now live on mainnet following an airdrop that distributed $300M worth of its native DYM token to active participants in the Ethereum L2s, Cosmos, Celestia, and Solana ecosystems.
SO WHAT Dymension aims to foster an ecosystem of "RollApps," modular blockchains that tap into Dymension's security and liquidity.