The Solana network was affected by an hours-long network slowdown over the weekend that saw the developers who help operate it try to restart the network, in what is the latest in a series of technical issues that have plagued Solana since its launch.

Liquid staking protocol Lido Finance said over the weekend it saw the largest daily stake inflow ever, with over 150,000 ether worth almost $240 million being staked in a single day.

Ukraine has received over $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict, with most of the funds coming in the form of either Bitcoin or Ether.

 Top stories in the Crypto Roundup today:

• Solana Affected by Hours-Long Network Slowdown
• Lido Finance Reports Record 150,000 ETH Staked in a Day
• Ukraine Received Over $70 Million in Crypto Since Start of Russia Conflict
• USDT and TUSD Benefit from BUSD’s Decline

Solana Affected by Hours-Long Network Slowdown

The Solana network was affected by an hours-long network slowdown over the weekend that saw the developers who help operate it try to restart the network, in what is the latest in a series of technical issues that have plagued Solana since its launch.

Last October, the Solana blockchain had to undergo a similar restart process over a glitch that caused a prolonged outage. The Solana Status Twitter page cited an issue during a software upgrade as the reason for the restart to be needed.

According to Solana’s developers, the issue saw validator nodes enter a vote-only mode, which is “a ‘safe mode’ designed to help the network recover in the event of data unavailability.” The mode meant that while consensus was still running, Solana wasn’t processing any user transactions.

The root cause of the problem, however, is still unknown and an active investigation into it is still underway.

Lido Finance Reports Record 150,000 ETH Staked in a Day

Liquid staking protocol Lido Finance said over the weekend it saw the largest daily stake inflow ever, with over 150,000 ether worth almost $240 million being staked in a single day.

On social media, Lido Finance said that upon reaching the number a “curious (but important) protocol safety feature called Staking Rate Limit was activated.” The feature, Lido said, is a “dynamic mechanism to respond to large inflows of stake and address possible side-effects such as rewards dilution, without needing to pause stake deposits explicitly.

The feature, which works by decreasing how much total staked ether (stETH) can be minted at any one time and then replenishing that capacity on a block-by-block basis, affects “all parties who may try to mint stETH, regardless of approach (frontend, direct contract call, integration, etc.)”

Blockchain sleuths have suggested that the 150,000 ETH were staked by TRON founder Justin Sun.

Ukraine Received Over $70 Million in Crypto Since Start of Russia Conflict

Ukraine has received over $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict, with most of the funds coming in the form of either Bitcoin or Ether.

According to a report by blockchain data platform Chainalysis, ETH donors led the way with $28.9 million being sent to the country, while donors of BTC and Tether’s USDT moved $22.8 million and $11.6 million, respectively.

Donations have also taken the form of non-fungible tokens (NFTs), with several NFT auctions being made to support the country. The majority of the $70 million donation, approximately 80%, was received within the initial months of the war. The swift processing of cryptocurrency payments greatly facilitated the country's ability to react to the Russian invasion.

In August Mykhailo Fedorov, the minister of digital transformation and vice prime minister of Ukraine, stated in a tweet that a significant portion of the cryptocurrency payments made to the digital ministry were directed toward funding military equipment, protective gear, vehicles, and medicine for the country.

USDT and TUSD Benefit from BUSD’s Decline

After the SEC charged Paxos over BUSD, its stablecoins experienced significant outflows, causing BinanceUSD (BUSD) and Pax Dollar (USDP) to lose 15.8% and 24.37% of their market cap, bringing them down to $13.3 billion and $729 million, respectively. USDD became the 7th largest stablecoin after surpassing USDP, rising 0.57% to $724 million in February.

As a result of the decline of BUSD, TetherUSD (USDT) and TrueUSD (TUSD) saw their market capitalization increase by 3.85% and 2.31%, respectively, reaching $70.4 billion and $968 million. The market cap of USD Coin (USDC) decreased by 1.76% to $41.4 billion.

Dive deeper into the stablecoin space with CryptoCompare’s latest Stablecoins & CBDCs Report.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.