Web3 Diaries-Trace Of Just 1 Outage For Solana
Solana, the layer-1 blockchain network, has witnessed an improvement in reliability and uptime so far this year only having one outage in 2023, according to a report from the Solana Foundation.
On July 20, the Solana Foundation released its latest performance report stating it has improved the network through the first half of 2023, as measured by uptime and the ratio of non-voting-to-voting transactions.
In previous years, Solana has been plagued with reliability and uptime issues. Co-founder Anatoly Yakovenko has called them a “curse” but said the network’s low-cost transactions were the cause of the outages.
The latest report noted Solana has experienced 100% uptime since Feb. 25, marking a whole quarter without an outage. The single February outage saw the network knocked offline for almost 19 hours.
FTX sues SBF, other former execs to recover $1BN
The current management of FTX has sued former CEO Sam Bankman-Fried and other former key executives from the now-bankrupt crypto exchange to recover more than $1 billion in allegedly misappropriated funds.
A July 20 complaint filed in a United States Bankruptcy Court named former Alameda Research CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, former FTX engineering director Nishad Singh and Bankman-Fried as defendants.
In the lawsuit, FTX claimed the former executives breached their fiduciary duties by allegedly misappropriating customer funds on a “continuous basis to finance luxury condominiums, political and ‘charitable’ contributions, speculative investments and other pet projects.”
Coinbase To Wind Down Lending Program Over Coming Months
As Coinbase focuses its resources on the products that “customers care about most” Coinbase Borrow, a program that allowed users to receive fiat loans of up to $1 million against as much as 30% of their bitcoin (BTC) holdings, will be discontinued over the coming months, a spokesperson for the company said on Thursday.
Customers with loans under the scheme have until November 20, 2023 to repay any remaining loan sums.
According to a statement given to CoinDesk, “We have informed impacted loan holders and are taking additional measures to ensure a smooth transition for them, including providing a four-month loan repayment period and access to prioritized customer support through Coinbase One.” The monthly subscription service Coinbase One offers traders a number of advantages.
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