In the crypto world today, Solana’s DEXs are witnessing a notable surge in activity, all while Bitcoin Spark (BTCS) sustains its momentum. Let’s take a closer look at these developments.
What is Solana?
Solana is a blockchain platform for smart contracts and decentralized applications (DApps) that was launched in 2020. Solana’s infrastructure allows it to process a high number of transactions quickly and efficiently, making it an attractive platform for developers seeking to build decentralized applications with high throughput. With its focus on speed, low costs, and developer-friendly ecosystem, Solana has gained popularity in the blockchain ecosystem, with many projects building on its network.
Over the past week, the trade volume across DEXs on the Solana blockchain soared to unprecedented levels, surpassing the $3 billion mark, with leading DEXs Orca and Raydium witnessing an impressive 70% growth. The surge in trading volume underscores the growing prominence of Solana.
What is a DEX?
A decentralized exchange (DEX) is a type of cryptocurrency exchange that operates without a central authority or intermediary. DEXs use smart contracts and blockchain technology to enable peer-to-peer trading of digital assets. They contribute significantly to the broader decentralized finance (DeFi) ecosystem by providing users with more autonomy over their assets and promoting a trustless environment.
Bitcoin Spark maintains momentum as it approaches launch
Bitcoin Spark is an emerging blockchain that seeks to address the limitations of traditional blockchain networks and bring in a new era of digital transactions. The blockchain has low block time, high transaction capabilities per block, and a large number of nodes, enabling it to process many transactions per second (TPS) while maintaining low fees.
Additionally, Bitcoin Spark is designed with multiple but seamlessly integrated layers, which significantly enhances its scalability. The layers will include a dedicated smart contract layer equipped with separate contract execution systems that attain singular network finality, enabling developers to use both high-level and low-level programming languages. Bitcoin Spark thus offers an infrastructure capable of supporting a diverse and thriving ecosystem of Dapps and smart contracts relevant to many use cases.
The Proof-of-Process (PoP) is perhaps the most striking feature of Bitcoin Spark. This first-to-market consensus mechanism will nonlinearly reward users for confirming transactions and sharing their processing power with the network. The PoP system, coupled with the vast nodes, creates a fairer ecosystem where those with low-powered devices can effectively contribute to the network and receive rewards. To facilitate seamless participation, the Bitcoin Spark team will provide an easy-to-use application compatible with Windows, iOS, macOS, Linux, and Android devices. They will also make the network’s repository publically available to enable developers to create their own applications.
Innovatively, Bitcoin Spark will enable those looking for additional computing resources to utilize the power contributed in exchange for BTCS. The network validators (miners) will receive 97% of the revenue in addition to minted BTCS and transaction fees from confirming transactions. Additionally, Bitcoin Spark’s application and website will have small spaces for adverts, which will be community-policied and paid for in BTCS. Network participants will share 50% of the generated revenue, with those involved in ad policing getting extra incentives.
Aside from its technological prowess, Bitcoin Spark has a limited supply of 21 million BTCS coins, having the scarcity factor that has cryptocurrencies like Bitcoin (BTC) appeal to many.
Bitcoin Spark has captured the attention of crypto enthusiasts since August when its Initial Coin Offering (ICO) kickstarted, and the project is still making waves as it approaches its launch date. BTCS is currently trading at $3.75 with a 4% bonus but is expected to launch at $10. More investors are joining the ICO, and there’s increasing speculation of additional crypto exchange listings before its launch.
Solana’s decentralized exchanges flourishing and Bitcoin Spark maintaining its momentum provides a snapshot of the current cryptocurrency landscape. The evolving trends underscore the diversity and resilience of the crypto market, where new and established projects can thrive concurrently.
For more information on Bitcoin Spark:
Buy BTCS: https://network.bitcoinspark.org/register
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Photo by Markus Winkler on Unsplash