What’s happening in the crypto market with Solana (SOL), Dymension (DYM), and Bittensor (TAO) coins? Let’s see in this article the latest news they are involved in and a brief overview of their prices.
Solana faces another interruption: developers and security
Solana has recently experienced another significant disruption, yet the developers behind the network believe that this is part of the nature of cutting-edge technology construction, stating that they are ready to face future challenges.
The co-founder and CEO of Helius Labs, Mert Mumtaz, declares to be willing to endure criticism, emphasizing that “we cannot be afraid of progress just to avoid criticism on Twitter,” as he stated to Decrypt.
Solana had almost achieved the goal of a year without major interruptions, a difficult result to maintain considering the rapid growth of the network.
However, Tuesday’s interruption caused the network to be offline for almost five hours, according to official Solana Status data.
The previous interruption, which occurred on February 25, 2023, lasted almost 19 hours and was attributed to a problem with “custom software with block forwarding that inadvertently transmitted a huge amount of data,” according to the Solana Foundation.
The cause of Tuesday’s interruption has not yet been officially identified.
However, a tweet by Matthew Sigel, head of digital asset research at VanEck, suggested that it may have been caused by a bug already fixed on the Solana testnet but not yet implemented on the mainnet.
This raises questions about the priority of network security compared to maintaining impeccable uptime.
The co-founders of Solana, including Anatoly Yakovenko and Mert Mumtaz, acknowledge the disappointment caused by the interruptions, but remain focused on the need to ensure the long-term security of the network, even if it may involve occasional inconveniences.
DYM’s record-breaking airdrop: tokens worth $390 million
On Tuesday, the highly anticipated Dymension airdrop captured attention as its mainnet was finally activated. Early users and selected communities were surprised by the distribution of DYM tokens worth over 390 million dollars.
After the launch, the value of the token skyrocketed, with a 30% increase that brought it to a current price of about $5.08, according to CoinMarketCap data.
The trading volume on various exchanges has already exceeded $398,947,749. The airdrop itself includes a significant amount of 700 million DYM tokens, representing 7% of the total supply.
Dymension, a platform that allows developers to create their own chains of applications called “RollApps”, has recently introduced its level 1 blockchain solution.
By leveraging the Cosmos technology Cosmos and the Inter-Blockchain Communication (IBC) protocol, Dymension ensures seamless interoperability with various other chains.
This provides developers with the flexibility to select custom virtual machines and tokens tailored to the specific needs of their RollApp.
The highly anticipated “genesis rolldrop” by Dymension has sparked the interest of over a million unique wallets in various blockchain communities.
Users from ecosystems such as Solana, Celestia, and scalability networks Ethereum like Arbitrum and Optimism, along with new emerging networks like Base and Blast, enthusiastically participated in the initiative.
In particular, some NFT communities also participated in the airdrop, including renowned Ethereum collections such as Pudgy Penguins, as well as Solana-based projects like Mad Lads and Tensorians.
TAO: the price of the crypto compared to Solana and DYM
The current price of Bittensor (TAO) is approximately $499.13, recording a 13.47% increase in the last 24 hours.
The performance of the cryptocurrency has outperformed the global market of cryptocurrencies, which has seen a growth of 15.40% in the same period. Compared to Bitcoin (BTC), TAO has shown a gain of 14.96%.
Some predictions indicate that by February 11, 2024, the price of TAO should reach $455.37, representing a decrease of -8.32% in the next 5 days.
Bittensor has recently shown a positive trend, with a significant increase of 113.65% in the previous 30 days. In the medium term, the performance has been bullish, with TAO gaining 276.09% in the last 3 months.
In the long term, the outlook is positive, with an annual price variation of 399.69%. Compared to the same day last year, TAO has recorded a significant increase, going from $1 to $499.13.
The currency has also recently shown high volatility, with a variation of 27.18% in the last month.
Considering these factors, some current predictions for the price of Bittensor are positive (Bullish), with a target of $455.37 within the next five days.