What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
The Solana blockchain is designed to process a high number of transactions per second (TPS). It uses a unique combination of Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms to validate transactions. With this architecture, Solana can theoretically process more live TPS than any other blockchain. Only four years after the mainnet launch in 2020, Solana outperforms its competitors such as Ethereum in key metrics such as daily active addresses, daily transactions or trading volume on decentralized exchanges (DEX). A comparison of the two ecosystems.
The high-performance Solana blockchain boasts impressive ecosystem growth, surpassing many metrics of its competitor Ethereum.
NFTs are securities
NFT marketplace Opensea has this week received a Wells Notice from the US Securities and Exchange Commission (SEC). A Wells Notice is a formal notification to an individual or company that the SEC is considering taking enforcement action against them. This usually occurs as a result of an investigation into possible securities law violations. In previous actions against crypto projects, the SEC has already classified NFTs as securities. However, none of the proceedings reached court. OpenSea, on the other hand, seems willing to do battle with the SEC.
The SEC issued a Wells Notice to OpenSea, signalling increasing scrutiny of NFTs and that they’re classified as securities.
Telegram founder Pavel Durov arrested
Pavel Durov, the founder of the popular messaging app Telegram, was arrested in Paris on August 24 as part of a preliminary investigation into the platform’s alleged role in twelve criminal offenses. Shortly afterwards, the Open Network (TON) token collapsed. The blockchain was renamed Telegram Open Network in 2020 and legally separated from the messaging app. Nevertheless, a symbiotic relationship still exists. 21Shares Research takes a look at the TON ecosystem and possible future prospects.
Pavel Durov’s arrest caused a drop in Telegram TON price, driven by market fears, but the network remains strong due to a robust ecosystem.
Sony enters the Web3 space
The multinational conglomerate Sony, known for its diverse offerings in various industries, is preparing to launch its Ethereum Layer 2 blockchain “Soneium”. Sony’s business spans consumer electronics, entertainment and gaming. The company pioneered the consumer electronics sector with devices such as the Walkman and the gaming world with the PlayStation. The company is also active in the entertainment sector with Sony Pictures and Sony Music, where it produces blockbuster films and manages top artists. Soneium has similar ambitions. Sony wants to offer “Web3 for billions of people” with the initiative.
Sony launches own Ethereum layer 2 blockchain “Soneium” with ambitions to integrate Web3 and NFT technology into its company sectors.
Bitcoin recovers slightly
In addition: the Bitcoin price has been consolidating in a range between USD 60,000 and USD 70,000 for almost half a year. The cryptocurrency is currently trading at the lower end of this range again. The markets are receiving some tailwind from the prospects of further quantitative easing (QE). Furthermore, Bitcoin was able to withstand selling pressure of over USD 10 billion from Mt Gox, Genesis, the German Federal Criminal Police Office and other players.
After a period of consolidation, the Bitcoin price is back above the USD 63,000 mark and thus the 200-day average.
