Hedera Hashgraph appears to be the biggest beneficiary of Solana‘s woes, with the high-performance blockchain project soaring 29 per cent as Solana’s outage continues.
HBAR had hit an all-time high of 52c this morning, up from 25c at the start of the month, while Solana was down 5.4 per cent to US$158.
— The Money Lisa (@dobuybitcoin) September 15, 2021
Launched in 2017, Hedera is a decentralized public network owned and governed by a council of tech companies and other entities including Google, IBM, Boeing, DLA Piper and Deutsche Telekom.
It currently has a market cap of $US5 billion, making Hedera the No. 34 crypto, up from No. 52 at the start of August.
HBAR was listed this week on Kucoin and Crypto.com, and a “special announcement” is set for tomorrow (1am Friday, AEST).
Solana meanwhile had not yet restarted its mainnet after “resource exhaustion” brought the network down overnight. The problems appeared to stem from bots trying to swarm an initial dex offering (IDO) for the Grape Protocol on Raydium.
Our validator ran out of memory (128GB). At 14:00 Prague time, the memory went full. We restarted the system (that is why memory went then to empty). If most validators had 128GB as well, could be the issue. Apparently this could coincide with Grape Protocol listing on Raydium. pic.twitter.com/4wwel1VaEX
— Vikt◎r Fischer (@viktorfischer) September 14, 2021
BTC, Ethereum higher
Overall the crypto market was up 3.2 per cent to US$2.21 trillion, with Bitcoin gaining 4.3 per cent to US$47,165.
Ethereum was changing hands for US$3,408, up 2.9 per cent from 24 hours ago.
DeFI projects were having a good day, with borrowing and lending protocol Aave up 17 per cent, Curve DAO, Compound and Sushi all up around 14 per cent, and Uniswap up 10 per cent.
Layer 2 scaling solution Celer Network, the No. 137 crypto, had also hit an all-time high this morning, at 10.6c, after partnering with DeFi piggy bank WePiggy on a bridge that’ll enable users to withdraw their funds from Ethereum scaling project Arbitrum without waiting a week.
On the flip side, Avalance was the worst performer in the top 100, declining 10 per cent to US$50.82 after a strong recent run.