Did Solana Suffer Another Network Outage?

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Another Raydium AcceleRaytor IDO caused major congestion on Solana yesterday. Although transaction confirmations slowed, it appears the network did not suffer an outage this time.

Solana Transactions Slow

Solana keeps having trouble processing transactions.

The high-throughput blockchain saw its transaction speed per second drop roughly 50% yesterday as users scrambled to participate in Raydium’s latest AcceleRaytor initial DEX offering (IDO). Although many users were frustrated that their transactions took longer to process, the network did not go offline as it did during a previous IDO.

Solana’s transactions per second during the IDO. (Source: explorer.solana.com via @0xrooter)

Projects use initial DEX offerings to launch their tokens and sell them to the public via a decentralized exchange, otherwise known as a DEX. Distribution methods vary, but for many, an IDO is a chance to buy a project’s tokens early before it increases in value.  

Yesterday’s IDO was for Realy, a Metaverse project on Solana aiming to combine social networking, e-commerce, gaming, and trading. Like many other Raydium IDOs before it, allocations for the Realy offering were highly sought after. In order to gain an edge during the IDO, many tech-savvy investors deployed bots to have their transactions processed faster. 

This practice of using bots on Raydium IDOs has severely affected the Solana network in the past. In September, bots interacting with Raydium’s IDO for Grape Protocol clogged the network with transactions, causing it to halt. The network stayed down for approximately 18 hours as Solana developers and node operators endeavored to bring the network back online.

It’s possible that fixes implemented since the Grape Protocol IDO helped Solana stay online on this occasion, despite the high network traffic caused by bots. Crypto Briefing reached out to Solana Labs co-founder Anatoly Yakovenko for comment but did not receive a response at press time. 

Disclosure: At the time of writing this feature, the author owned SOL and several other cryptocurrencies. 

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Animoca Brands raises $5M for NFT marketplace, Quidd

Quidd, a marketplace for digital collectibles and a subsidiary of Animoca Brands, has raised a total of $5 million in private pre-sales and an initial DEX offering (IDO).

The token sale took place on Polkadot project incubator Polkastarter on Nov. 18. The allotment of 2 million QUIDD tokens at a price of US$0.25 per token sold out in under an hour, raising $500,000.

Earlier this month, the private sale of the Ethereum-based QUIDD tokens raised US$4 million from investors including Binance Smart Chain Growth Fund, Genesis Block Ventures, Kingsway, Mind Fund Group Ltd, Sanctor Capital, OneFootball, and other angel investors.

During the Nov. 3 pre-sale on the Animoca Brands’ Launchpad, 1,001 vouchers sold out in 22 minutes. Each voucher cost around $500, bringing the total value of the pre-sale to $500,000. The vouchers can be used to redeem 2,500 QUIDD tokens after May 3, 2022.

Following its successful IDO, the token was made available for trading on the Binance Smart Chain decentralized exchange platform, PancakeSwap. The tokens can currently be traded for Wrapped BNB (WBNB), and a number of Animoca-owned tokens including Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Prosper (PROS), and Bondly (BONDLY).

The current price of the token is $3.28, representing a 1,212% increase from the IDO price of $0.25. It’s down 31.9% from the all-time high of $4.73 on Nov. 20, and there is a total supply of one billion tokens.

Animoca Brands is a Hong Kong-based game software company and venture capital company specializing in blockchain gaming.

Yat Siu, executive chairman and co-founder of the firm, said that the QUIDD token represents the “evolution of collectibles into digital formats.”

Michael Bramlage, CEO and co-founder of Quidd, added that the token marks Quidd’s movement towards the world of web 3.0.

“Older collectibles markets talk about acquiring users to buy and sell. The QUIDD token helps us build a community of the future.”

Related: Animoca and Harmony Acquire Quidd to Expand Sale of Crypto Collectibles

The Quidd marketplace has 7 million users and over 2.1 billion pieces of nonfungible artworks for sale.

In an announcement shared with Cointelegraph, Quidd described its marketplace as “chain-agnostic,” noting that the token “will give buyers and collectors the choice to mint their collectibles on their preferred networks, such as Ethereum, WAX, and Flow.”

The QUIDD tokens also entitle holders to voting rights on the use of Quidd’s content and licensing budgets.

On Oct. 21, Animoca raised $65 million with more than 43.8 million of newly issued shares at $1.51 per share.


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NFT Labs Raises Over $2m In Private Funding For ITSMYNE, IDO On CardStarter Soon

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NFT Labs is proud to announce the completion of a private round valued at $1,062,600 for it’s ITSMYNE marketplace. Furthermore, the team will organize an Initial DEX Offering (IDO) through the CardStarter platform.

The IDO will help achieve a fair distribution of the project’s native token.

NFT Labs and its ITSMYNE social-plus marketplace for officially licensed sports NFTs continue to attract attention from investors and non-fungible token enthusiasts worldwide. The team has completed a private funding round valued at over $1 million. Participants in this investment round include Shima Capital, AU21 Capital, OraclesInvestment Group, Kangaroo Capital, BlockStart Ventures, CyberFi, etc.

The private funding round comes on the heels of other successful investment rounds for NFT Labs and ITSMYNE. A $207,000 seed, $200,000 strategic, and $500,400 public round brings the total sum of money raised to $1.97 million. The main draw of ITSMYNE is how it is designed for NFT enthusiasts to “talk and trade NFTs.”

The NFT Labs team comments on the fundraising:

“We believe the collective forward momentum of the entire NFT industry can be accelerated by tapping into the value held by premium IPs, especially in cinema and sports. These are industries with highly engaged but yet-untapped audiences and consequently lack the collective ecosystem that a motivated community can bring.”

Through the ITSMYNE platform, users can start collecting NFTs immediately. All non-fungible tokens are officially licensed and are part of a curated collection directly from the source. Furthermore, the NFT minting process for ITSMYNE consumes less energy than NFT minting on the Ethereum blockchain. It is a green initiative focused on providing a sustainable blockchain future for all participants.

To bring the MYNE BEP-20 token to more users, there will be an Initial DEX offering (IDO) on the CardStarter platform. Users will be able to acquire MYNE tokens to access the ITSMYNE platform and its partner products. Accelerator partners of ITSMYNE include Antler Singapore, LonghashX Filefcoin Frontier Accelerator, and HYPE Sports Innovation.

CardStarter CEO Aatash Amir comments on the upcoming MYNE IDO:

“Cardstarter is proud to bring a promising project to the social token economy. ITMYNE serves a valuable niche that will eventually serve as the gateway between traditional social media and blockchain-based social economies.”

ITSMYNE by NFT Labs, Inc., is a social-plus marketplace for officially licensed sports NFTs to enable NFT enthusiasts to “Talk NFTs, Trade NFTs”. MYNE is a native BEP-20 token for ITSMYNE and its partner products.

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Solana attributes major outage to denial-of-service attack targeting DEX offering

Solana has attributed the 17-hour outage it suffered last week to a denial-of-service attack aimed at Grape Protocol’s Sept. 14 initial DEX offering (IDO).

In a Sept. 21 blog post, the Solana Foundation stated that bots spammed the network as Grape launched its IDO on the Solana-based decentralized exchange (DEX) Raydium at 12:00 UTC last Tuesday.

The botting activity overwhelmed the network with a transaction load of 400,000 per second, with Solana noting that “unbounded growth of the forwarder queues and resource-heavy blocks” resulted in a number of forks being automatically proposed to the network.

The attack caused Solana’s network’s validators to crash after running out of memory. As a result the network went offline for roughly 17 hours during Sept. 14 and Sept. 15.

The recovery was led in collaboration between Solana engineers and more than 1,000 validators, with a hard fork being passed after receiving support from 80% of the network’s active stakers.

“This was a coordinated effort by the community, not only in creating a patch, but in getting 80% of the network to come to consensus.”

The foundation estimates that the network was patched, upgraded, and restored to full functionality within 18 hours of Solana going offline.

The post added that the community is still working on providing a detailed “technical post-mortem and root cause analysis report” that will be released in the coming weeks

Related: Smashing crypto adoption barrier? Solana aims to do its own ‘thing’

The price of Solana (SOL) has performed bearishly since posting an all-time high of $213 on Sept. 9. Since then, SOL has pulled back by 39% to change hands for $129 at the time of writing.

The retracement followed a meteoric couple of months for SOL, with the token surging 565% since trading for $32 on July 31.