In the midst of a protracted crypto sale, not many projects have had the courage to attempt a significant launch. But when the New Year draws near, many people want to start again.
Community-driven tokens are one investing trend that might endure in 2023, continuing in the victorious footsteps of initiatives like Dogecoin (DOGE) and Shiba Inu (SHIB). Big Eyes Coin is one initiative in particular that has generated a lot of buzzes and is considered the "next big player" in the cryptocurrency sector (BIG). Find out what makes Big Eyes unique as the meme currency prepares for its eagerly awaited launch.
But it also sparked a brand-new development called meme tokens. Meme coins are essentially digital currencies that draw their inspiration from humour, memes, and online satire. Meme coins have gained enormous popularity despite typically having little practical use, initially being headed by Dogecoin (DOGE).
There have been hundreds of meme coins created in recent years, some of which are even inspired by imitators or parodies, however, it is sometimes unclear exactly what renders these coins so popular. Despite this, they continue to play a sizable role in the cryptocurrency industry, supporting significant communities.
Knowing about the Big Eyes coin
Big Eyes is indeed a community-driven token that will go live with the intention of enhancing the global cryptocurrency environment, particularly decentralized finance (DeFi), NFTs, and the multiverse. The initiative, which will function as a decentralized app, is constructed on the Ethereum blockchain. Big Eyes is now in phase seven of its presale and has so far raised over $11 million, showing reveals how popular this meme cryptocurrency has been with investors. The NFT-capable ERC-20 communal token touts a number of qualities that might make this a potentially viable venture in an effort to establish itself as a major participant in the cryptocurrency market.
Big Eyes' declared objective is to advance the cryptocurrency market despite veering away from these other meme cryptocurrencies such as Shiba Inu or Dogecoin. Putting DeFi or NFT use cases as well as practical value in the coin is one approach to do this. The BIG tokens would be utilized throughout the project's whole environment, and in order to maintain the coin's worth, a two-year first liquidity pooling will be established.
The initiative is to educate audiences on the use and possibilities of the cryptocurrency business, and more particularly DeFi since decentralized finance is still a subject that is mostly unfamiliar to most individuals. The group behind the initiative has also made it clear that rather than allowing cryptocurrency wealth to become concentrated in the possessions of the wealthiest individuals, it will emphasize promoting an equitable system of it.
Big Eyes is built solely on a token economy that is focused on the neighbourhood. In contrast to past cryptocurrency debuts, where a sizable portion of tokens is often kept for early backers and the planning committee. In this manner, the project can give its cryptocurrencies more trust and legitimacy.
The Big Eyes Coin (BIG) community seeks to provide consumers with complete security, and Solidity Financial has thoroughly examined its smart contract. Additionally, the ecosystem has anti-rug features designed to give DeFi customers constant peace of mind regarding the security of the crypto holdings.
This meme token's intention to donate a large amount to charity, especially groups that work to conserve ocean animals from the negative consequences of pollutants and overfishing, is another appealing feature. The crypto fans who are also conscious of the beneficial impact the sector may have in supporting worthy organizations will undoubtedly find this to be appealing.
Crypto VC funding for the week of October 24 to 30 topped $1.24 billion, led by Kalshi’s $1 billion Series G and HIVE Digital’s $129 million AI infrastructure.
Bitcoin below $80,000 was the story on October 29 after the Federal Reserve held rates with two hawkish dissents and a Samsung-led tech selloff spread.
Investigators link the record $6.3 billion Binance hack to North Korea’s TraderTraitor unit as the exchange freezes $3 billion and pledges to cover all user.
Solana is a highly functional open source project that leverages the permissionless feature of blockchain technology to create decentralised finance (DeFi) solutions. While the project's concept and first development began in 2017, the Solana Foundation, based in Geneva, Switzerland, formally launched Solana in March 2020.
The Solana protocol is designed to make it easier to develop decentralised applications (DApps). It seeks to boost scalability by merging a proof-of-history (PoH) consensus with the underlying proof-of-stake (PoS) consensus of the blockchain. Solana's innovative hybrid consensus process has grabbed the interest of both retail and institutional traders. The Solana Foundation is dedicated to increasing the availability of decentralised money.
What distinguishes Solana?
Anatoly Yakovenko's proof-of-history (PoH) consensus is one of the critical breakthroughs Solana brings to the table. This idea provides for higher protocol scaling, which improves usefulness. Solana is well-known in the cryptocurrency field for the blockchain's lightning-fast processing speeds. The hybrid protocol developed by Solana considerably reduces transaction and smart contract validation times. Because of its lightning-fast processing rates, Solana has also grabbed the interest of institutions. The Solana protocol is intended for both casual and corporate users.
Solana assures customers that they will not be surprised by increasing fees and taxes. The protocol is meant to have minimal transaction costs while ensuring scalability and quick processing. Solana is ranked number 7 in the CoinMarketCap rating as of September 2021, when combined with the lengthy professional skills developers Anatoly Yakovenko and Greg Fitzgerald offer to the project. This followed a spectacular bull run in which the price of Solana increased by approximately 700% from mid-July 2021.
Following the release of the Degenerate Ape NFT collection, SOL reached an all-time high (ATH) of more than $60, and it has been steadily rising since, owing largely to increased developer activity on the Solana ecosystem, increased institutional interest, a growing DeFi ecosystem, and the rise of the Solana NFTs and gaming vertical.
Solana achieved an all-time high of $216 on September 9, 2021.
Solana has garnered a lot of attention for its speed and performance, and it has even been mentioned as a competitor to Ethereum and the dominating smart contract platform. However, the network has experienced repeated outages, undercutting its pricing and ambitions to become the "Visa of cryptocurrency." Furthermore, its ecosystem has been accused of unfair tokenomics that favours venture capitalists. Despite the fact that we are in a bear market, institutions are interested in Solana. It has regularly generated positive flows, making it the institutions' preferred bad market companion. SOL inflows totaled $0.4 million, as previously reported.
The next week, the figure improved much further. SOL reported a $0.7 million positive flow in mid-December. All other crypto asset-related instruments [excluding short bitcoin products], as stated below, saw negative flows. Deribit, the world's largest options exchange, said on Monday that it will no longer provide Solana inverse products. This implies that following the impending December 30, 2022 expiry, no new Solana inverse options or futures will be listed on the market. Deribit's Twitter thread did not elaborate on the cause for the deletion. People in the neighbourhood, on the other hand, ascribed the same to perhaps low demand.
Recovery of Futures OI Notes
Aside from inverse Solana products, the Open Interest for conventional Solana futures contracts has recently increased. The same may be said about fresh money entering the ecosystem. On December 17, the total SOL OI [futures] was $163.66 million. Following the progressive slope, the figure is now north of $217 million. In the same time period, the figure on Deribit increased from $1.89 million to $2.03 million.
New money entering the ecosystem is not necessarily a good indication because traders may be collectively channeling them towards shorting the asset. That appears to be the case for Solana this time. The financing rate was somewhat negative on all major exchanges. The same stated that short traders currently have the upper hand since they are ready to support long traders. As a result, the aggregate trader mood is somewhat pessimistic. SOL has lost 2% on a daily basis and 7.5% on a weekly basis. The market-cap asset valued $4.1 billion was trading at $11.31 at press time.
According to the Decentralized Engineering Corporation (DEC), the company behind the Solana-based protocol TRIP that enables mobility-based applications, the ride-sharing industry is poised for another paradigm shift, with Web3 protocols permitting new companies and drivers to bid for rides using a matching algorithm.
According to DEC, companies and passengers can collaborate and compete in a common economy on the TRIP platform. The protocol also gives the most active participants a role in its governance, which benefits both drivers and customers.
The first service intended to operate on TRIP is Teleport, a decentralized ride-sharing program run by parent company DEC that is set to start in December. DEC announced a $9 million seed round funded by Foundation Capital and Road Capital on October 27.
The Foundation Capital and Road Capital co-led the seed round, with participation from Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal. Uber's third-ever employee, engineer Ryan McKillen, as well as social media influencer Jake Paul, Flexport founder Ryan Petersen, and Farcaster co-founder Dan Romero, are among the individual strategic investors.
according to Paul Bohm, CEO of DEC and founder of Teleport, Uber "basically operates a monopoly—incredibly it's concentrated." According to Bloomberg data, Uber controls an estimated 72% of the US ride-sharing market as of June.
TRIP is Aimed to be a Decentralised Protocol
According to Paul Bohm, CEO of DEC and founder of Teleport, ridesharing giant Uber "basically operates a monopoly—incredibly it's centralized." According to Bloomberg data, Uber offers the infrastructure that links drivers and riders and takes a big share of the fee, garnering an estimated 72% of the US ride-sharing market in June.
TRIP is intended to be a decentralized protocol into which multiple app developers may plug to create a marketplace that links drivers and passengers, all without the need for centralized power at the center.
Bohm believes that this will encourage both cooperation and competition, encouraging players to deviate from the paradigm of behemoths such as Uber and Lyft while also driving companies to innovate to produce the greatest app based on a shared economy.
DEC will utilize the seed financing to accelerate its implementation in the coming months, with Teleport and TRIP demonstrating at Solana's Breakpoint conference in Lisbon in November and Art Basel Miami in December.
According to Bohm, Uber is "atrocious" at delivering service around large-scale events, thus the plan for Teleport's initial test is to give "table stakes or higher quality."
He believes that full implementation of the service will take six to nine months, with further decentralization envisaged as DEC seeks to validate the idea. According to Bohm, certain companies and automobile fleet owners have shown interest in using TRIP to develop their apps, similar to what DEC has done with Teleport.
The additional funds, according to Bohm, will be used to "launch TRIP permanently in specific cities." It will also assist the corporation in meeting its decentralization goal.
Riders in the TRIP ecosystem can pay with USD Coin on Solana and fiat currency through Apple Pay thanks to a blockchain-based mechanism, while drivers can accept the stablecoin as payment directly to their bank accounts or have it transferred into their wallet.
"By turning ride-sharing into a protocol and Teleport is constructing what Uber could not do in 2010, and what Uber should be building now," said Ryan McKillen, a former Uber employee and one of the seed round investors. Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal were among the other investors.
Conclusion
TRIP is not the first attempt to construct a decentralized ridesharing service, but Bohm believes that recent developments in decentralized finance (DeFiDeFi) have yielded token models that can make this go-round work for all players.
According to Precedence Research, the ride-sharing sector would be worth $344.4 billion by 2030. According to Statista, Uber is the most popular ride-sharing app in the world, with 93 million people using it every month.
We all know that Solana is a high-performance blockchain that helps the builders around the globe to create crypto apps that scale these days. Despite being one of the quickest growing crypto currencies, the Solana cost was affected quite badly at the time when the crypto market was bleeding. However, now it started to like Solana is recovering very well and far better than many others crypto currencies. It is, once again, covering its path towards gaining its market value. Mango (MNGO) is a decentralized crypto trade on the Solana blockchain that offers clients the capacity to make spot exchanges and loans.
Mango's MNGO token was down more than 42% in the early October with the fears that the platform might have been exploited, as per price information at CoinMarketCap.
The MNGO Exploit:
The decentralized SOLANA platform was exploited for more than $100 million. The incident was at first reported on Twitter by blockchain reviewers who stated that the attacker successfully took control of their Mango collateral. However, after a while, Mango also affirmed the incident in a tweet by expressing that it was "investigating an exploit where a hacker successfully emptied funds out of Mango by means of oracle price manipulation.
The drained assets remained, at press time, on the Solana blockchain. In comparative cases, centralized exchanges like Binance, Coinbase and Kraken - the main entities with enough liquidity for somebody to cash out sums this huge - have blacklisted affronting addresses.
In its underlying explanation, Mango stated that it was doing whatever it takes to have third parties freeze finances in flight and disabling deposits toward the front as a safety measure.
If you are nearly connected to the crypto world then you must have an idea that the exploits are becoming a trend in here. Every other day we hear the news of hacks and exploits even on the biggest platforms. Recently, many big platforms including Binance experienced serious exploits and hacks and it is high time that all of the huge platforms take a deep insight into this matter and make sure that the security is more than perfect.
Ethereum is the world's second biggest digital currency by market capitalization leaped to the price level of $ 1,347.69 throughout the week and has since mobilized to nearly $1,500. According to the expert's opinions, the Ethereum latest update to Proof-of-Stake is one of the probable elements behind ETH's new rise.
For those who don’t know about the ETH update, the main purpose of the upgrade is to improve the network and make it better for its users. This update is being considered as one of the most important ones that can be very beneficial for the whole ecosystem and can completely change it. This may also have long lasting effects on the whole crypto market.
Ethereum is at the top right now in the digital currency market however, even after going through several hacks, Solana remains a significant rival of ETH. For those who don’t know it already, just recently, MNGO, which is a decentralized SOLANA platform, was exploited for more than $100 million. The incident was at first reported on Twitter by blockchain reviewers who stated that the attacker successfully took control of their Mango collateral. However, after a while, Mango also affirmed the incident in a tweet by expressing that it was "investigating an exploit where a hacker successfully emptied funds out of Mango by means of oracle price manipulation.
As per Solana Labs co-founder Anatoly Yakovenko, they keep on tracking the success of SOL against ETH. And, this is clearly the reason that even after the exploits, they are able to compete with the huge crypto currency platform. He also stated that people consider SOL as an ETH killer even after ETH up-gradation.
However, on the other hand, Bitcoin, by all accounts, seems to be following Ethereum's footpath. While the chances seem to incline toward the bulls, a break of support levels could flag a nullification of the bullish thesis. ETH must need to hold to the price level of $1,400 in order to keep away from a downswing to $1,300. Likewise, in the event that BTC experiences a dismissal at $22,600, it could experience a fall down to $21,400.
Be it SOL, ETH or BTC, all the top coins are trying to do their best in the current situation. In the clash of all these top crypto currencies, let’s see who will be at the top in the coming days.
