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Solana’s New Gas Fees Won’t Make the Network ‘Expensive,’ Says Co-Founder




Solana NFT Platform Fractal Aims to Simplify Web3 Gaming With Google Sign-In

In brief

  • Solana is rolling out a new fee prioritization model alongside other network upgrades aimed at stability.
  • The model will charge an additional fee during times of congestion, but only for the in-demand apps and services.

Solana is on the verge of introducing a new fee prioritization model, which is designed to help mitigate the impact of in-demand apps and services alongside other new tech upgrades. But unlike with Ethereum, Solana co-founder Anatoly Yakovenko claims, the model won’t punish users with high fees across the entire network.

Solana Labs revealed first details on the new fee implementation last month in a postmortem report, following the network crash blamed on bots (or users’ automated programs) overwhelming an NFT mint. Per the report, the new model will take a “neighborhood fees” approach that does not impact the wider network.

On Wednesday night, Yakovenko wrote a Twitter thread explaining how that new fee prioritization approach works, following the initial rollout of the v1.10.25 Solana network update. In an interview today with Decrypt, he further shared perspective on how the upgrade can help stabilize the network.

In his thead, Yakovenko used the analogy of there being “one light switch” that “everyone wants to flip at the same time.” Ultimately, the “highest bidder gets to flip the switch.” In other words, when applied to a blockchain network with validators acting in their self-interest, the person who pays the highest gas fee—the amount paid to the networkhas their transaction pushed to the front of the line.

On Ethereum, such gas fees can prove to be incredibly expensive, ranging into the hundreds or even thousands of dollars—as seen in the recent Otherside virtual land drop from the makers of the Bored Ape Yacht Club. Worse yet, a single hot NFT drop or token launch can impact the entire network, making every Ethereum transaction more expensive in the process.

That’s not the case with Solana’s new model, according to Yakovenko. He wrote that each decentralized app (dapp) works as a single switch in his analogy. “A specific NFT auction, or specific Serum market, or Orca AMM pool is one switch,” he wrote. The fees are used to prioritize transactions within a certain app or protocol, not the entire network.

As a result, surging fees for one app should not have any impact on the wider Solana network. Collectors trying to snag NFTs in an in-demand mint, or launch, will see elevated feespotentially leading to the sort of “gas wars” collectors have experienced on Ethereumbut people transacting elsewhere on the Solana network should not see any fee impact as a result.

How it works

In conversation with Decrypt today, Yakovenko explained that Solana’s architecture enables that capability because it can specify which part of the network state it’s interacting with—so it can pick certain accounts to write to. An NFT launch using Metaplex’s Candy Machine mint contract would be one account, then, among many that might be active on Solana.

Network validators will be able to add a certain number of transactions for a particular writable account in each block, as prioritized by the additional fees paid by users. But then Yakovenko said that they will have “plenty of resources to add transactions” from other accounts elsewhere on the network—without any impact on fees from a particularly in-demand app or service.

“You should see these buckets being filled in order of highest-paid bucket,” he told Decrypt, “but then as soon as one is saturated, the rest are filled as well.”

Solana’s base transaction fee is tiny, typically a fraction of a penny worth of SOL. What users may pay under this new model is considered an additional fee, which Yakovenko said will be a user-specified rate based on compute units needed to complete the transaction’s instructions.

How much will users potentially pay an additional fees? That’s unclear for now. A Solana Labs representative said that no estimate could be provided, as it is demand-driven. Whether fees end up being “expensive” compared to Solana’s base fee or other networks remains to be seen, but demand for certain apps shouldn’t impact everyone using the network at a given time.

As mentioned, the fee prioritization model is part of the Solana mainnet beta v1.10.25 network update. But it’s not the only new technological addition, and the full set is designed to help steady the Solana network following three notable periods of downtime since last fall.

Another key piece of the puzzle is QUIC, a Google-developed protocol that will replace Solana’s existing, “raw UDP” (user datagram protocol), said Yakovenko. QUIC includes flow control capabilities, “where you can force bots and senders to back off and slow down,” he added.

That’s key to keeping the network upright and working, as we saw on April 30. On that date, bots sent several million transactions per second to try to game a hot NFT launch on Solana and crowd out legitimate users. It added up to about 100 gigabits of data per second, said Yakovenko, overwhelming the validators’ devices.

“That rate was high enough to where it could overwhelm the network and stress test parts of the system that maybe have not seen that amount of traffic before,” said Yakovenko.

With QUIC, the bots are “basically throttled at the source,” he added, effectively diminishing the impact of such demanding actors. Metaplex previously implemented a so-called “bot tax” that is specific to NFT mints using its Candy Machine protocol, but QUIC’s impact should be more widely felt across the Solana network.

Stability in sight?

In addition to QUIC and the fee prioritization model, the other addition is stake-weighted quality of service, a feature that considers the amount of SOL staked (or held) within the network by any node running the Solana client. If a node holds 0.5% of the total stake, then it should be able to send at least 0.5% of data packets to the lead validator during times of congestion.

It’s another element designed to avoid overwhelming network congestion coming from bots or other malicious sources. With that model, unstaked connections will “get dropped faster than staked ones,” said Yakovenko, while connections with a network stake will be throttled to the point where they’re not blocking other staked users from participating in the network.

All told, the technological updates implemented in the v1.10.25 update are designed as a one-two-three punch to improve Solana’s network stability. Solana was most recently down for about four hours on June 1 due to a bug, following the seven-hour downtime in April and last September’s 17-hour halt due to overwhelming traffic from a DeFi token launch.

Validators are currently in the process of adopting the update, and then once 95% of the decentralized network has updated, validators can start “switching on the features,” Yakovenko said. It may require further iteration, he added, and ultimately it may be a couple weeks before users begin encountering the added fees.

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet




Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.

In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.

According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:

“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”

Tulip Protocol Seeks To Take Advantage Of Solana

Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.

Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.

According to Senx, Co-Founder of Tulip Protocol:

 “We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.” 

Allowing Stakers To Benefit From Higher APYs

Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.

Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.

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Is your SOL safe? What we know about the Solana hack




On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.

To kick things off, we broke down the latest news in the markets this week:

Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?

Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?

Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.

After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

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Web3-Based ZepetoX to Build on Solana




Web3-Based ZepetoX to Build on Solana

Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.

ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.

As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.

“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.

“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.

Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.

“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”

“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.

In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.

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About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.



News Via KISS PR Crypto Press Release Distribution Media Contact

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