The Week in Blockchain Tech: Two Much-Hyped Networks Debut, but Not Without Hiccups
In the world of cryptocurrency, there has been a recent surge in the launch of new blockchains, including layer-2 networks built on top of Ethereum. This week saw the debut of the Sei network, optimized for speed and trading applications, as well as the Shibarium blockchain created by the Shiba Inu crypto community. However, these launches did not go as smoothly as anticipated.
Here are the key points:
1. Sei Network: Sei, a layer-1 blockchain built using Cosmos technology, went live and its native SEI token generated over $1 billion in trading volume. The project was designed specifically for trading applications, unlike Ethereum which has a wider range of use cases.
2. Sei Launch Issues: Early adopters of the Sei network were disappointed when the airdrop of rewards tokens did not happen immediately. This led to a 31% drop in the SEI token price when the airdrop finally began.
3. Shibarium Launch: The Shiba Inu blockchain community launched Shibarium, a layer-2 blockchain built on Ethereum, to reduce transaction fees and boost the price of the SHIB token. However, users experienced difficulties bridging assets to the new blockchain, causing transactions to stall for hours.
4. Binance Connect Shutdown: Binance, the largest crypto exchange, shut down Binance Connect, a service that allowed merchants to accept crypto payments. The decision was made in response to changing market and user needs.
5. Trump’s Crypto Wallet: Former US President Donald Trump was revealed to hold $2.8 million in a cryptocurrency wallet, including ether, wrapped ETH, MATIC tokens, and USDC stablecoin. This is noteworthy as other Republican candidates have shown support specifically for Bitcoin.
In conclusion, the launch of new blockchains this week had their share of complications. Despite these challenges, the crypto community remains resilient and continues to explore innovative solutions for decentralized finance and beyond.
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