🦎🚀 Not your keys, not your chain? 🔑

Friday, November 8, 2024

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What's on your shopping list, Geckos?

As BTC hits a new all-time high, old and new altcoins seem to have awakened from their temporary slumber.

In today's news:

Who really controls the network? ⛓️
Nope, we're not going back 👎

Read on!

24h Hot Searches Worldwide 🔥

Notcoin (-4.1%)
Grass (+24.5%)
Swell (+33.0%)
Cardano (+15.4%)
Drift Protocol (+89.0%)
Solidus Ai Tech (+9.5%)
Solana (+5.6%)

Top NFT Collections' Dominance 2022

In 2022, Autoglyphs, Chromie Squiggle, and Fidenza grew their combined market share from 7.9% to 13.8%.

The increased dominance of art NFTs came as then-popular PFPs, such as Doodles and Cool Cats, saw their floor price and dominance decline.

Who really controls the network? ⛓️

The DEGEN team seems to be in a sticky situation with its roll-up provider, Conduit, over custody of its Layer-3 network.

According to a recent article published by the DEGEN team, Conduit still holds the keys to the rollup and has refused to transfer ownership or upgrade the network.

As the team elaborated, Conduit released an unannounced upgrade in May, which caused the network to suffer a 54-hour downtime that resulted in users losing over $160K in funds.

They further claimed that after Conduit was notified about the team's decision to migrate to another service provider, Degen's network sequencer fees were confiscated and historical data erased.

On the other hand, Conduit stated they have fully supported the migration of DEGEN and have been providing free services to the network since the incident earlier in May.

Conduit founder Andrew Huang also stated that the firm has yet to receive an address to which the keys to the DEGEN network can be transferred.

In any case, the recent publication by the team has had a negative effect on the price of the network's native DEGEN token, causing it to fall by 11.3% from $0.009 to $0.008 today.

Getting started on Solana or want to see wallet alternatives for the chain? Check out this video on the top 5 Solana wallets you can try.

Watch now

Nope, we're not going back 👎

The governance proposal to revert the branding of lending protocol Sky back to Maker has been rejected.

The on-chain vote to decide the protocol's future ended with 79% of voters opting to keep the Sky brand, with over 63K MKR tokens pledged.

However, the outcome was mostly decided by 4 large entities, who made up the majority of the votes with just over 62,500 tokens.

Since the conclusion of the vote, the price of MKR has dropped by 7.0% from $1,578 to $1,468 as of the time of writing.

Learn about Nubit, a protocol designed to be a data availability layer for the Bitcoin ecosystem and how to take part in the Nubit Alpha Testnet.

Learn more

In Other News...

The Exchange Listing Effect. Drift Protocol's DRIFT token is up 95% following its listing on South Korea's largest crypto exchange, Upbit.
Crypto CEO Kidnapped $720K Ransom Paid. WonderFi CEO Dean Skurka was abducted in Toronto, with a $720K ransom demanded and paid. Thankfully, he was released unharmed.
Eclipse, the First Solana-based Ethereum Layer 2 Launches Mainnet. Eclipse is the first Layer 2 blockchain to use the Solana Virtual Machine (SVM) for transaction execution. Before launch, the team raised $65M.
Bitcoin Reserves?! Wyoming Senator Cynthia Lummis claims that she will help build a Bitcoin reserve. It is unclear if this is official.

Here are the top trending coins for this week!

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