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#CryptoBytes
What happened to @solendprotocol?
It is a decentralized lending platform on #Solana that has been facing community backlash after its recent actions that seem to go against the ethos of decentralization. A summary 🧵👇
#WebTr3e 🌳 #DeFi #Crypto #Solend
What happened to @solendprotocol?
It is a decentralized lending platform on #Solana that has been facing community backlash after its recent actions that seem to go against the ethos of decentralization. A summary 🧵👇
#WebTr3e 🌳 #DeFi #Crypto #Solend
Just 2-3 weeks ago, $BTC’s poor price action led to a massive sell-off in major altcoins such as $ETH and $SOL, which reached lows of $881.56 and $25.86, respectively. This also led to on-chain liquidations at the $1K-$1.1K level, according to @parsec_finance.
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One prominent potential liquidation that stood out was a $108M $USDC debt on the #Solend platform where a user deposited 5.7M $SOL, worth $170M at the time, as collateral. The liquidation price of $22.27 was very close to the $SOL price then.
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#CryptoBytes
So you’ve heard about Proof-of-Work (PoW) 🔨 being used in #Bitcoin and #Ethereum, what about Proof-of-Stake (PoS) 💰? Read on!
If you’re unfamiliar with PoW, read our previous thread here:
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So you’ve heard about Proof-of-Work (PoW) 🔨 being used in #Bitcoin and #Ethereum, what about Proof-of-Stake (PoS) 💰? Read on!
If you’re unfamiliar with PoW, read our previous thread here:
🧵👇
Proof-of-Work and Proof-of-Stake are both consensus mechanisms or algorithms that ensure the security of the #blockchain. 🔒
In simple terms, they are used to select which participants/nodes should be given the chance and authority to add a block to the chain.
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In simple terms, they are used to select which participants/nodes should be given the chance and authority to add a block to the chain.
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This ensures security because it helps to filter participants who may not be genuine or committed to the #network.
In both mechanisms, chosen participants have to contribute a certain resource such as money or energy. This prevents bad actors from overtaking the network. 😇
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In both mechanisms, chosen participants have to contribute a certain resource such as money or energy. This prevents bad actors from overtaking the network. 😇
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#CryptoBytes
#Cryptocurrency like #Bitcoin are known for being volatile. Here's an overview of how $BTC price fluctuated over the years:
Read our previous thread about Bitcoin here:
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#Cryptocurrency like #Bitcoin are known for being volatile. Here's an overview of how $BTC price fluctuated over the years:
Read our previous thread about Bitcoin here:
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#Bitcoin has seen significant growth since its start in 2009 with some major price drops. $BTC price remained below US$2, for the first few years but in June 2011, the price shot up to US$31, before it plummeted down to a single digit. 📈📉
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In April 2013, #Bitcoin’s price grew to US$200, and by November, it was valued at more than US$1000!
From this, the price skyrocketed to US$10,000, in November 2017 and in just 4 years, $BTC price rose to around US$68,990, in November 2021.
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From this, the price skyrocketed to US$10,000, in November 2017 and in just 4 years, $BTC price rose to around US$68,990, in November 2021.
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