Hacked Crypto Exchange Cypher Plans to Hold Public Token Sale
Solana-based decentralized exchange Cypher plans to hold a token sale to recover from a hack, with proceeds being used to fund development and repay investors who lost their deposits.
Topics
Posted 8/23/2023, 6:28:00 PM
coindesk.com
Relevant topic timeline:
Solana Pay, a decentralized payment protocol built on the Solana blockchain, has integrated with Shopify, allowing businesses on the platform to use it for payments, initially with USDC as the payment option and potential future inclusion of other cryptocurrencies like SOL and BONK; the integration offers fee-free transactions and the ability to set up loyalty programs with ease.
Phoenix, a new decentralized exchange (DEX) called Phoenix, has launched on the Solana mainnet with the goal of bringing on-chain price discovery to crypto assets, beginning with Solana's native token SOL. The team behind Phoenix aims to create a world where financial transactions happen on-chain and sees Solana as the ideal platform due to its scalability and protocol design capabilities. They believe that existing DEXs, such as Uniswap, are limited in terms of market mechanisms and are not competitive with traditional finance. Despite some challenges, the team is optimistic about the future of Solana-native assets in the tokenized asset space.
Cypher, a crypto trading platform, plans to distribute losses from its $1 million exploit among users initially, and then compensate them through protocol revenue when the platform relaunches.
Collapsed crypto exchange FTX's new management is potentially planning to sell its large holdings of Solana (SOL) cryptocurrency, prompting Solana co-founder Anatoly Yakovenko to suggest distributing the SOL to ex-FTX customers as a "win-win" solution.
Institutional investors have been actively investing in Solana (SOL), making it the most favored altcoin among investors, with approximately $700,000 invested in the past week and year-to-date inflows reaching $26 million.
Solana (SOL) has significant upside potential as an Ethereum (ETH) competitor, with key advantages in various categories and increasing institutional interest.
Despite a recent surge, Solana (SOL) is still in a downtrend according to an analyst, who warns that the cryptocurrency's rally has consistently resulted in lower highs. The analyst suggests accumulating SOL below $20, and highlights the impact of bankrupt crypto exchange FTX's liquidation of its massive Solana holdings on SOL's price. Another investor remains long-term bullish on SOL despite FTX's holdings, noting that all coins have flaws and continue to reach new all-time highs.