Discover and read the best of Twitter Threads about #cryptobytes

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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 πŸ§΅πŸ‘‡

#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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Read 19 tweets
#CryptoBytes

So you’ve heard about Proof-of-Work (PoW) πŸ”¨ being used in #Bitcoin and #Ethereum, what about Proof-of-Stake (PoS) πŸ’°? Read on!

If you’re unfamiliar with PoW, read our previous thread here:

πŸ§΅πŸ‘‡
Proof-of-Work and Proof-of-Stake are both consensus mechanisms or algorithms that ensure the security of the #blockchain. πŸ”’

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. πŸ˜‡

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Read 10 tweets
#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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#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. πŸ“ˆπŸ“‰

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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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Read 5 tweets

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