Solana, once considered a forgotten cryptocurrency, is now poised to become one of the top three cryptocurrencies alongside Bitcoin and Ether, according to investment manager Franklin Templeton. Solana has experienced significant growth in the crypto market, positioning itself as a major player in the industry. The surge in activity, driven by memecoins and airdrops, has led to increased token prices and decentralized exchange volumes. Franklin Templeton expects this trend to continue with more airdrops and memecoin trading on Solana. The firm believes that Solana is uniquely qualified to tackle the next wave of adoption, which includes decentralized physical infrastructure networks, compressed NFTs, CLOBs, and micropayments. Despite current congestion issues, Solana’s developers are working on a solution with the Firedancer update. With a market capitalization of $65.3 billion, Solana is currently the fifth largest cryptocurrency.
In another news, a Bitcoin user accidentally paid a transaction fee of nearly 1.6 BTC, worth over $100,000, to send a meager amount of $6.50 worth of BTC. The user mistakenly swapped the input amounts in their wallet, resulting in the high transaction fee. The identity of the user and the recipient of the transaction remain unknown.
In addition, former Los Angeles mayor Antonio Villaraigosa and former Atlanta mayor Keisha Lance Bottoms, who also serves as an advisor to President Joe Biden, have joined Coinbase’s advisory council. Their roles are aimed at bridging the gap between policymakers and the American people. Coinbase established its Global Advisory Council to strengthen relationships with strategic stakeholders. Villaraigosa stated that he will advise Coinbase on lobbying for a fair regulatory framework, while Bottoms will act as a voice to lawmakers about crypto.
Furthermore, blockchain publishing platform Paragraph has acquired its rival Mirror and is focusing on developing a new Web3 social media app called “Kiosk.” The acquisition will see Paragraph taking over the stewardship of Mirror’s product and brand. Colin Armstrong, the founder of Paragraph, will assume the role of CEO, while Denis Nazarov, the founder of Mirror, will become an advisor. Paragraph has also raised $5 million in funding from Union Square Ventures and Coinbase Ventures. It is unclear how the funds will be utilized.
In other news, a group of Coinbase customers has filed a lawsuit against the crypto exchange, alleging deception and illegal business practices. Grayscale’s spot Bitcoin ETF experienced its first-ever inflows of $63 million since its conversion from a trust in January. Finally, in the world of web3 gaming, industry experts predict that it will cease to exist within the next five years. One crypto game pitch recently received $656,000 in funding.