A rush of user activity on the Solana blockchain network is bringing with it some considerable challenges.

Among them is chain congestion so great that it has prompted stakeholders within the blockchain ecosystem to consider major changes to the network’s operations. At the same time, a significant increase in DeFi activity has given way to malicious actors who seek to exploit the network’s low fees at the expense of other users.

In an effort to address the latter concern, Jito Labs, the Solana infrastructure developer, announced Friday evening that it was shutting down its mempool—one of the company’s key offerings—after the service was repeatedly manipulated to enable bot attacks on Solana users during periods of heightened network activity.

While Solana itself doesn’t have a mempool—a waiting room for pending transactions, essentially—Jito’s Block Engine created one to allow users to pursue “maximal extractable value,” or MEV, on the network. So-called positive MEV allows for traders to pay additional fees to the network in order to prioritize transactions, and the practice is commonplace in the world of decentralized finance—and in particular on the leading network for DeFi, Ethereum.

But negative MEV is also all too common. During recent periods of heightened trading activity on Solana, traders took advantage of this window into the types of transactions pending on the network to execute so-called sandwich attacks.  

In a sandwich attack, a trader deploys sophisticated bots to execute a pair of transactions—one right before a targeted trade, and one right after. These transactions serve to artificially impact the price of an asset being traded by the targeted user, then sell the difference back into the market, enriching the attacker, and costing the victim. On Ethereum, the practice is generally limited to large transactions—the sort that, for the attacker, make the juice worth the squeeze. But on Solana, because of its relatively low fees, sandwich attacks have been running rampant, affecting traders big and small.

Jito’s decision to abruptly ax its mempool functionality is meant to improve the user experience on Solana as the network struggles under the weight of thousands of newly minted meme coins and NFTs on a daily basis.

Those transactions are causing congestion on the network, making operations on the blockchain difficult for projects such as Drip—which itself mints hundreds of thousands of NFTs nearly daily for its users.

Late Monday, acknowledging the issue, Solana co-founder Anatoly Yakovenko polled his Twitter followers on whether developers should “aggressively” increase block space on the network, even if that move meant heightening the network’s risk of outage. Just last month, Solana went down for almost five hours, in a PR fiasco that developers said is all-but certain to happen again.  

By a margin of over 22%, Twitter users voted “no” on the proposal—indicating that for now, considerations of underlying network stability are more important to Solana traders than dealing with congestion, and the problems that come with it. 

While NFTs contribute to this traffic—Drip’s founder Vibhu Norby tweeted that the company has “mints that have been pending for 4 or 5 days”—the source of the congestion is overwhelmingly meme coins. 

Likely encouraged by the runaway success of Solana meme coins like Dogwifhat and Bonk, users on the blockchain have started pumping out a record number of new such tokens on a daily basis. 

On Sunday, 8,630 new tokens created using the SPL token standard popped up on Solana according to Solscan, an all-time daily record for the network. Yesterday, that figure ballooned to 9,690 new SPL tokens made in a day—yet another all-time high.

Binance is planning on rolling out support for a new decentralized finance (DeFi) staking protocol via its Launchpool platform.

The top crypto exchange platform in the world by volume says its 49th Launchpool project will be ether.fi (ETHFI), decentralized and non-custodial Ethereum (ETH) liquid staking platform.

Launchpool allows users to stake coins to farm yet-to-be-launched crypto assets.

Says Binance,

“Binance is excited to announce the 49th project on Binance Launchpool – ether.fi (ETHFI), a decentralized, non-custodial delegated staking protocol. The webpage is estimated to be available in 24 hours, before the Launchpool starts. Users will be able to stake their BNB and FDUSD into separate pools to farm ETHFI tokens over four days, with farming starting from 2024-03-14 00:00 (UTC).

Binance will then list ETHFI at 2024-03-18 12:00 (UTC) and open trading with ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD and ETHFI/TRY trading pairs.”

Binance is attaching a seed tag to ETHFI. A seed tag is applied to lower-liquidity tokens that have more potential for volatility, and users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of the inherent risks associated with trading them.

The ether.fi project aims to provide a safe and secure way to stake ETH while retaining self-custody.

Binance Launchpool’s token rewards will amount to 20,000,000 ETHFI, which is 2% of the maximum token supply of 1,000,000,000.

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A leading blockchain platform, Bybit Web3, has revealed a strategic partnership with Kamino Finance, a quickly expanding decentralized finance (DeFi) network on Solana. The goal of this partnership is to further Bybit Web3’s vision of an equal, straightforward, and open future for the Web3 ecosystem.

Bybit Web3 is committed to building a decentralized environment that promotes openness and cooperation. Through this collaboration with Kamino Finance, Bybit users will have the chance to investigate and interact with the growing Solana ecosystem.

Bybit users will have access to Kamino Finance’s top DeFi services—lending, leverage, and liquidity, thanks to this partnership.

Since its founding in 2022, Kamino Finance, which is well-known for its exceptional performance, has enabled over $5 billion in trading volume and exceeded $800 million in Total Value Locked (TVL). Because of this, Kamino Finance has a significant role in the Solana DeFi market.

The unique access to Kamino tokens ($KMNO) that our cooperation gives Bybit Web3 users before their general release is a standout feature. The Solana Fiesta campaign will be hosted by Bybit’s Airdrop Arcade, giving players the chance to win $KMNO tokens when the Token Generation Event (TGE) takes place.

As the only participating DApp that hasn’t released its token yet, Kamino Finance offers a special chance for Solana Fiesta attendees to get involved with the company.

Bybit’s co-founder and CEO, Ben Zhou, showed enthusiasm about the collaboration by saying, “We are thrilled to join forces with Kamino Finance, a true trailblazer in the DeFi arena. Bybit Web3 is committed to offering users access to cutting-edge DeFi products and services, and Kamino Finance perfectly aligns with this vision.”

He added, “This partnership will play a pivotal role in revolutionizing traditional finance and empowering users to engage in the future of DeFi.”

Marky, a co-leader of Kamino Finance, emphasized how Bybit Web3 helps the Web3 community make DeFi available to more people. 

Marky said, “This collaboration presents an exciting opportunity for our supporters to connect and explore the innovative features Kamino has to offer. It aligns perfectly with our mission of prioritizing user experience and fostering a thriving DeFi ecosystem.”

Also Read: Bybit Web3 & Solana Ecosystem Revolution 2024

Introduction: Riding the Airdrop Wave

In the midst of a surging bull market, the cryptocurrency market is abuzz with excitement, particularly among traders hunting for lucrative airdrops. Recent success stories include the Manta Layer2 and Wormhole airdrops, which have left many airdrop hunters eager for more opportunities.

Amidst this frenzy, the emergence of Scroll, a promising layer 2 blockchain, has captured the attention of the crypto community. While speculation runs high about potential airdrops on Scroll, another project on the platform has been quietly making strides – Skydrome.

Skydrome: Pioneering DeFi on Scroll

At the forefront of Scroll’s DeFi ecosystem, Skydrome is a decentralized exchange (DEX) that aims to revolutionize liquidity provision through its innovative ve(3,3) tokenomics design. Despite its relatively recent inception, Skydrome has quickly established itself as a leading player on the Scroll blockchain.

With its native token, $SKY, boasting a current valuation of approximately $1.7 million, Skydrome is on a trajectory to become the premier ve(3,3) exchange on Scroll, following in the footsteps of successful projects like Velodrome and Aerodrome on other blockchains.

A Journey of Innovation: Skydrome’s Rise to Prominence

Since its launch on the Scroll Mainnet in October, Skydrome has been operational, serving as a cornerstone of the Scroll ecosystem.

As the first project to deploy smart contracts on the blockchain, Skydrome has earned recognition as the official ecosystem partner of Scroll, receiving a Quintic Builders NFT from the Scroll team in appreciation of its contribution.

With over 400,000 transactions processed and 4,000 holders to date, Skydrome has demonstrated its resilience and appeal within the crypto community.

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Strategic Partnerships and Future Prospects

Strategic partnerships with influential entities such as rhino have further accelerated Skydrome’s ascent to Layer Bank, OKX, Axelar Network, Kyberswap, and Fox Wallet, among others. These partnerships have not only expanded Skydrome’s ecosystem but also solidified its position within the industry.

With rigorous audits by Solidproof and Defimoon ensuring security and reliability, Skydrome offers users a safe and transparent trading environment. As rumors circulate about a potential listing on a centralized exchange (CEX), Skydrome’s accessibility and appeal are poised to soar to new heights.

Skydrome: A Beacon of Opportunity in DeFi

In conclusion, as anticipation builds for the launch of Scroll’s native token and the activation of ve(3,3) features, Skydrome stands as a beacon of opportunity in the rapidly evolving world of decentralized finance.

With its pioneering ve(3,3) tokenomics design, strategic partnerships, and unwavering commitment to security and transparency, Skydrome is primed to capitalize on the growing market opportunities presented by Scroll.

As traders and investors alike eagerly await the next chapter in Scroll’s journey, Skydrome offers a compelling investment proposition for those seeking to participate in the future of DeFi on the Scroll blockchain.

With its promising trajectory and strategic positioning within the Scroll ecosystem, Skydrome is set to redefine the market of decentralized finance, offering users unparalleled opportunities for growth and prosperity.

As the crypto community eagerly anticipates the next phase of Scroll’s development, Skydrome remains a steadfast pillar of innovation and progress, embodying the spirit of decentralization and financial empowerment.

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