Originally published on: September 27, 2024
As optimism returns for crypto investors and altcoin holders, VanEck, a major asset management firm, foresees Solana’s price skyrocketing to $350 due to its superior scalability and throughput compared to other blockchains. This positive outlook is driven by Solana’s ability to process thousands of transactions per second (TPS), making it significantly faster and more cost-efficient than Ethereum.
According to a recent report, Solana’s daily active user count is 1,300% higher than Ethereum’s, and transaction fees on the Solana network are nearly 5 million percent cheaper. These advantages position Solana as a strong contender for payments and remittances, especially in the decentralized finance (DeFi) sector.
However, not all news in the crypto world is positive. Roman Storm, co-founder of Tornado Cash, is set to face a criminal trial for developing the code of the non-custodial cryptocurrency mixer after a judge dismissed his motion to dismiss the case. Storm’s legal battle highlights the challenges faced by developers in the DeFi and privacy-preserving technologies space.
In other developments, the United States Securities and Exchange Commission (SEC) is continuing to pursue changes to the definition of “exchange” and alternative trading systems. SEC Chair Gary Gensler addressed these issues at the US Treasury Market Conference, emphasizing the need for efficiency and resilience in the Treasury bond market.
Furthermore, Coinbase’s chief legal officer Paul Grewal addressed concerns regarding the user terms of service for its cbBTC Wrapped Bitcoin product, reassuring clients that they would be fully reimbursed in the event of any losses. The clarification comes amid ongoing scrutiny of crypto exchange policies and customer protection measures.
Despite some negative headlines, the overall crypto market has shown resilience, with losses from hacks and scams declining by 40% year-over-year in the third quarter of 2024, according to a report from Immunefi. This positive trend reflects increased security measures and risk mitigation strategies implemented by various platforms.
Looking ahead, the crypto market remains dynamic and full of opportunities, as evidenced by the recent gains in popular coins like Shiba Inu and Seitoken. Stay tuned for more updates and insights on the rapidly evolving DeFi space in the coming weeks.
