The Solana network was forced to restart yesterday after suffering a major outage that lasted for more than 17 hours. According to a Twitter account run by the Solana project, the cause of the outage stemmed from “resource exhaustion” after a large increase in transaction load, which peaked at 400,000 TPS.

CryptoCompare’s latest Exchange Review report reveals that Top-Tier exchanges have reached their highest level of dominance since 2018. In August, Top-Tier spot volumes increased 43.6% to $2.4tn -  accounting for 91.7% of total spot volume.

Jump Trading, one of Wall Street's most secretive trading firms, has gone public with its crypto operation, announcing the launch of Jump Crypto on Tuesday. The firm revealed that it wants to become a vocal and transparent contributor in the crypto space.

Do you want to learn all about digital asset liquidity and trading from some of the leading traders, asset managers and market makers in the crypto space? Then join us tomorrow at 5 PM BST / 12 PM EST for our latest virtual event: Deep Dive: Exploring The Depths Of Digital Asset Liquidity.

Top stories in the Crypto Roundup today:

• Solana Network Suffers 17 Hour Outage
• Top-Tier Exchanges Reach Highest Volume Dominance Since 2018
• Jump Trading Goes Public With Its Crypto Operation
• Webinar: Institutional Traders Discuss Market Liquidity And More 📈

Solana Network Suffers 17 Hour Network Outage

The Solana network was forced to restart yesterday, resulting in a major outage that has so far lasted for more than 17 hours. According to a Twitter account run by the Solana project, the cause of the outage stemmed from “resource exhaustion” after issues occurred with validating transactions.

The tweet in question mentioned that: “The validator community elected to coordinate a restart of the network” and is preparing a “new release” that will right the frozen blockchain.”

The network started experiencing issues early Tuesday, with on-chain activity grinding to a halt. The outage affected all of Solana’s multi-billion dollar ecosystem, including trading, staking and lending. The disruption was reportedly caused by bot trading of Grape Protocol’s initial DEX offering (IDO) on Solana-powered decentralised exchange Radium.

Top-Tier Exchanges Reach Highest Volume Dominance Since 2018

CryptoCompare’s latest Exchange Review report reveals that Top-Tier exchanges have reached their highest level of dominance since 2018. In August, Top-Tier spot volumes increased 43.6% to $2.4tn -  accounting for 91.7% of total spot volume.

Binance was once again the largest Top-Tier spot exchange by volume in August - with volumes increasing by 65.2% from July to $751bn in August.

Top-Tier exchanges are classified as those that received a grade of B or higher in CryptoCompare’s latest Exchange Benchmark - a report that grades cryptocurrency exchanges across a multitude of categories, including data provision, market quality and security. 

Popular exchanges such as Coinbase, Gemini, Kraken, CrossTower, Bitstamp and itBit, all received AA grading status within the August period with a score ranging from 86.26 to 75.28, respectively.

Jump Trading Goes Public With Its Crypto Operation

Jump Trading, one of Wall Street's most secretive trading firms, has gone public with its crypto operation, announcing the launch of Jump Crypto on Tuesday. The firm revealed that it wants to become a vocal and transparent contributor in the crypto space.

Recently appointed president of Jump Crypto, Kanav Kariya, said that "We've been in crypto for six years now in various capacities [..] that span a lot more than trading. Helping build out a lot of protocols, being involved in protocol governance, and extending into areas we have expertise in."

Jump’s crypto operation has served as the backbone of Robinhood Crypto, providing liquidity for its cryptocurrency trading. It has also invested in the market through its affiliate venture firm, Jump Capital.

Webinar: Institutional Traders Discuss Market Liquidity And More 📈

Do you want to learn all about digital asset liquidity and trading from some of the leading traders, asset managers and market makers in the crypto space? 

Then make sure to sign up for our latest virtual event: Deep Dive: Exploring The Depths Of Digital Asset Liquidity - starting tomorrow at 5 PM BST / 12 PM EST.

We’re joined by some of the leading minds in the crypto space who will be providing insight into:

• The importance and intricacies of digital asset liquidity 
• The liquidity of popular exchanges such as Coinbase, Binance.US, Bitstamp and more! 
• Trading at leading institutional firms 
• The importance of picking the correct trading venue!

State of the Crypto by Top Tier Exchange Volume

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