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One of the top-most competitors of Ethereum, Solana is looking to raise $450 million in an aim to become a go-to blockchain platform for decentralized finance applications. Solana plans to utilize the funds to scale further in line with its rising ambitions. As per Crunchbase, Solana has raised $21.8 million in funding previously. It’s last funding round took place in 2019, where Solana raised $20 million from Multicoin Capital, BlockTower Capital, and more.

There have been no official announcements by Solana. But multiple sources reported that Solana, indeed, is planning to raise a large amount to fund its ambitious plans. They did not disclose the exact amount of funding they are planning to raise. Instead, they gave an estimated range of amount that Solana is looking to raise from investors. Speaking at the condition of anonymity, the sources disclosed that the sum would be in the range of $300 million to $450 million.

As per the sources, Solana began exploring funding options in March, but they postponed it, as their plans evolved into something bigger. Reportedly, the reason behind Solana’s expanded scope of fundraising is high demand.

Sam Bankman-Fried, CEO of FTX Exchange, was seemingly impressed with Solana’s growth in recent times. While commenting on the news about Solana’s fund, he said:

“I’m excited and impressed to see the recent growth of Solana’s business. They’ve had industry-leading tech for a while, and it’s gratifying to see reality catching up.”

Is Solana in the Position to Replace Ethereum Anytime Soon?

The tag “Ethereum Killer” is not something new. Many upcoming blockchain platforms have been termed so, but the reality is that Ethereum is the de facto leader when it comes to third-party applications. In fact, Ethereum accounts for 96% of all DeFi transactions. This report makes it clear that Ethereum is in a class of its own. It is still miles ahead of its competitors, including Polkadot and Solana.

Yet, we cannot deny that Solana, indeed, is one of the leading blockchain platforms that has found traction in the DeFi space. The world of decentralized finance, though mostly limited to the financial sector, is expanding to media and gaming. The DeFi space touched a significant milestone in April this year when it crossed $100 billion in locked value.

The growth seems more impressive when we compare the locked value in DeFi in February 2020, when DeFi’s locked value stood at a meager $1 billion. Thus, there’s enough room in the DeFi space for more than one blockchain, and Solana has surely secured its place. Also, Solana does have its own set of advantages over Ethereum. There is no doubt there. Many third-party applications are building DApps on Solana because of cost-effective and faster transactions. After all, Solana supports 60,000 transactions per second.

On the other hand, Ethereum’s capacity is limited to 18 transactions per second, and Binance Smart Chain’s capacity is 300 transactions per second. Ethereum’s congestion issue is causing frustration among both DeFi users and projects. Its problems were exacerbated because of the explosive growth of NFTs, which added to the woes of Ethereum users and projects. The second reason behind Ethereum’s congested network is the crypto world’s increasing interest in Ethereum-based meme coins after Dogecoin posted 6000% gains this year.

There are no such problems with the Solana network as unlike Ethereum, Solana is using the Proof-of-Stake mechanism. The Proof-of-Stake mechanism makes transactions on the Solana network cheaper and faster, whereas, in recent times, Ethereum’s network congestion has made users shell out hundreds of dollars in gas fees. No doubt that will change once Ethereum 2.0 is finally complete, but it is still some months away from being fully implemented.

Ethereum is moving away from Proof-of-Work and adopting the Proof-of-Stake mechanism with Ethereum 2.0 upgrade, which is already in progress. With Ethereum 2.0 fully implemented, Ethereum transactions will become better, faster, and cheaper, which will aid Ethereum to retain its position in the blockchain space.

Metaplex

Solana is going all out to carve a market share for itself in the fast-growing crypto space, especially in the NFT & DeFi domain. It has been making it easier for developers to create some of the best DApps available in the crypto space since 2017, its founding year. Metaplex is the recent project of Solana that launched this week. It is dubbed as “Shopify for NFTs,” using which the Grammy awardee musicians can create an NFT store of their own.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Gold Rebounding After Negative Fed Reaction

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  • Policy Induced Tumble Impacts Gold
  • Recovery Starts as Bond Yields Dip
  • Jobless Claim Increase Provides Momentum

The price of gold slumped late in the week following the hawkish views that came from the 2-day Fed meeting. News of a double interest rate hike to come in 2023 but the upkeep of the tone that inflation will remain transitory, did not sit well with the gold market as it slumped more than 5% at some stages, and well of the highs set earlier in the year. Despite this, and slipping close to $1750, it has started a recovery of sorts. This has picked up pace today as US bond yields dip and the market digests the increase in jobless claims on the week. In other commodities news, the sell-off has also been felt across precious metals and beyond.

Rate Hike Slams Gold Market

One of the key reasons behind the quick slump in gold prices on hearing the news from the meeting is that the precious metal does not play well in periods of higher interest rates. The non-yielding asset tends to be less favored when other types of assets can provide an improving yield. Should the inflation worry remain, and the Fed stick with their plans for a double rate hike in 2023, then many trading gold will certainly expect prices to fall further.

The other factor, beyond the general uncertainty of the whole situation that is playing out at the moment for gold in clearer view, is the rising US Dollar. This strengthening Dollar typically reduces demand for gold and therefore can result in price drops as seen.

Bond Yields Provide Recovery Potential 

Despite the fall-off in price that was evident through the middle of the week, gold prices managed to gain some ground again from lower levels in the previous trading session. This has seen them pick up around 1% to sit just below the $1800 in the early trading today.

Part of the reason behind this would seem to be US Treasury Yields. Both the 10-Year and 30-Year yields have drifted significantly lower despite the increase in inflation expectations. This stands by the thinking that any inflationary pressure that is felt can pass through quickly and be a transitory concern.

Increasing Jobless Claims Signal Further Respite

Another factor that has contributed to an upward recovery in gold prices today, along with silver which has dipped but not as strongly, is the US employment figures that were released yesterday. These weekly numbers came in at their highest point of the month with 412,000 initial claims. This is above both the number for the previous week and analyst expectations.

Given this confluence of data then, it may well be possible to see gold run up above the $1800 mark again prior to the end of this week. In the longer term though, it looks likely that prices could fall lower particularly if the Fed sticks by its plans for a 2023 increase of rates and inflationary concern continues.

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Fx Analysis

Investing in 1inch Network (1INCH) – Everything You Need to Know

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What is 1inch Network (1INCH)?

The 1inch Network (1INCH) functions as a multi-chain DEX aggregator and DeFi ecosystem. The protocol integrates a proprietary aggregation system that is able to scan multiple DEXs (decentralized exchanges) in search of the best prices and rates. As such, the network and its token have seen considerable adoption since launch.

What Problems Does the 1inch Network (1INCH) Solve?

There are a lot of problems that 1inch helps to rectify. For one, the protocol tackles the lack of liquidity in the DeFi sector. The DeFi market is still very compartmentalized. This structure means that many projects never gain access to deep liquidity. By incorporating a multi-chain aggregator, the 1inch Network provides deep liquidity to the market.

1inch Homepage

1inch Homepage

Slippage

Slippage is another major concern that the 1inch Network tackles head-on. Slippage is the difference between the expected price of a trade and the price at which the trade is executed. It’s a major issue for most DEXs due to the structure of the liquidity pools. 1inch Network users enjoy minimal slippage because the protocol is very responsive. It can scan multiple DEXs and provide low slippage to users.

Benefits of the 1inch Network (1INCH)

Anyone will be able to enter the DeFi sector using the 1inch Network’s intuitive dashboard. This online interface will remove all the technical barriers associated with DeFi functionalities and allow you to track your investments in real-time from anywhere globally. The dashboard is currently under construction with its launch slated for this year.

Best Trade Rates

The 1inch Aggregation Protocol can check prices across multiple decentralized exchanges (DEXs). The protocol supports DEXs across the Ethereum, Binance Smart Chain, and Polygon blockchains. In this way, 1inch Network users always receive the best rate for a swap.

1inch - Homepage

1inch – Homepage

Low Fees

1inch introduced an Ethereum Gas Fee-pegged token called Chi to provide users with lower fees. In comparison to Ethereum’s fees, 1inch Network users pay around 40% less on average.

Secure

The technical structure of the 1inch Protocol provides a high degree of security to users as well. For example, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking the loss of funds, The protocol integrates security checks during every transaction to prevent any losses.

More Features

1inch offers more features than the competition. Most DEXs are basic in their functionality. However, 1inch recently underwent a V2 upgrade that saw the network add a variety of advanced features such as Limit Orders. The upgrade also integrated an OTC swap feature for large orders.

How Does the 1inch Network Work?

The 1inch DEX Aggregation Protocol is the primary service provided by the network. The algorithm finds the cheapest way to place trades using all the different exchanges and liquidity protocols that can facilitate the trade. The protocol can further lower fees and rates by splitting the transaction up. The network supports splitting a single trade across 21 exchanges to achieve the best rate possible.

Liquidity Protocol

The Liquidity Protocol is another key DeFi feature available to users. This system enables decentralized token swaps. Notably, the main way to earn 1INCH tokens is by providing liquidity to 1inch’s liquidity protocol.

Governance

1inch token holders gain the right to put forth proposals to a community vote. The network’s governance mechanism determines the weight of your vote based on the amount of 1inch you hold in a network wallet or have staked. The system employs a decentralized autonomous organization (DAO) protocol to provide truly decentralized management to the network.

Farming Pools

Farming is another cool DeFi feature that 1inch Network users gain access to. Many investors prefer farming over staking because there are no required lockup periods or early withdrawal penalties. In this way, you can access your tokens if you need them without fear of losing rewards due to penalties.

1inch Stats

1inch Stats

Developer Portal

The 1inch Network was built from the ground up to serve as an underlying technology for Dapp developers. Developers can suggest new integrations or solutions that can be built on the 1inch API. Dapp creators can find answers to questions and other helpful information to bring their concepts to life in the Developer Portal.

1inch

1inch is the main governance token for the network. It was launched in December 2020. Today, the token is very popular. It’s available on several major cryptocurrency exchanges. Some of the biggest daily trading volumes occur on Binance, KuCoin, Huobi Global, FTX, and OKEx.

Chi Gas

Chi Gas is a network token used to power 1inch transactions. It’s pegged to the Ethereum network’s gas price. However, it’s only minted when the gas price is low and burnt when it is high. This strategy provides significant savings to all users.

1inch Wallet

The 1inch Wallet is a multi-chain platform that provides an easy-to-navigate interface and secure transaction capabilities. This versatile wallet was built from the ground up to streamline interacting with 1inch’s features.

History of the 1inch Network (1INCH)

1inch first went public during the 2019 ETHNewYork hackathon. The project is the brainchild of Sergej Kunz and Anton Bukov. Since its launch, the platform has attracted investor attention. Notably, the firm secured $15 million in funding from well-known companies in the tech sector including Binance Labs, Galaxy Digital, and Pantera Capital.

1inch Network (1INCH) - Twitter

1inch Network (1INCH) – Twitter

In November 2020, 1inch launched its biggest update yet. The V2 update added more functionality and responsiveness to the platform. It also enabled the system to conduct more complex trades to keep prices low. The aggregator can now use techniques like rerouting money earmarked as collateral for loans on decentralized lending protocols Aave and Compound.

How to Buy 1inch Network (1INCH)

1inch Network (1INCH) is available on the following exchanges:

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing 1INCH here. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Kucoin – This is the best option for USA residents.

1inch Network – Saving DeFi Users on Fees and More

1inch serves a vital role in the DeFi sector today. The platform enables regular users to secure passive incomes, save on trades, and find the best rates possible. In addition, the developers continually upgrade the network to incorporate new features and services. For these reasons, 1inch is set to remain a premier option for DeFi users moving forward.

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Fx Analysis

Forex Market Strength Continues With ECB at Odds on Inflation

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  • Dollar Continues to Rebound Stronger
  • ECB Policymakers Divided
  • Markets Dip Following Strong Start

The USD forex market has continued to rebound strongly into this week. This has further increased pressure on other major forex currencies particularly the Euro and Sterling. The Euro has also been struggling under the weight of disagreement between key policymakers at the ECB over how the group should approach the key inflation issues facing not only the European bloc but those in the US and around the world. The Dollar Index is also flexing its muscle moving up close to the 92 mark as Sterling and other majors lack momentum. Markets on Wall Street had a quiet start to the day after a very positive start to the week yesterday.

Dollar Demand Persists in Pushing Higher

Forex brokers noted a continuing strong demand for the Dollar through yesterday and into the trading session today as US Treasury rates moved higher and Fed Chief Jerome Powell reiterated his caution over rising inflation and the fact that the country continues to battle against the COVID-19 crisis despite a positive return to form for the economy. These pre-released remarks yesterday ensured the Dollar held firm in its position of strength.

Powell is set to address the House Select Subcommittee on Coronavirus Crisis shortly with those forex trading the Dollar and other currencies keeping an eye on his tone and whether it will support the rather hawkish turn of last week from the Fed. This will remain the key driver for the Greenback today with possible reverberations to carry through the week.

ECB Divided on Inflation Issue 

While the Fed in the US remains fairly uniform in their view, that is not the case currently in Europe where the ECB policymakers are decidedly divided on the concerns caused by inflationary pressure, and how they should be dealt with.

With the Euro under pressure from a strong Dollar and showcasing all the hallmarks of a strong inflationary presence as can also be seen in the US, there would appear to be some discord as to how the banks’ approach to inflation should be delivered. This follows their meeting last week where it was generally agreed that it could be tolerated if inflation were to move beyond the 2% goal. By how much, and for how long though, remains unclear.

Wall Street Quiet After Dow Roars

An extremely strong start to the week on Wall Street, particularly from the Dow Jones which rebounded more than 500 points from a dip last week on the news from the Fed meeting and proposed interest rate hikes. This was its best day since March while the other major indices posted more modest gains.

The early trading today has been much flatter with traders presumably awaiting any news or indication from Jerome Powell’s testimony. One of the biggest gainers so far today is Reddit favorite GameStop with a jump following the conclusion of their most recent, billion-dollar share sale.

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