TWO TOP PROJECTS TO LEAVE SOLANA NETWORK

There is some news that is shaking up the market this week and the first one is that the bitcoin hash rate has recovered after temporarily falling 38%. The US miner had to shut down after receiving a polar blast that hit the US over Christmas. Many miners did voluntarily suspend their operations to try to stabilize the grid during the period of increased demand. The Bitcoin hash rate roams around 225 to 230 exahashes per second but on Christmas day, it fell to around 170. Just a day later the hash rate has returned to 241 exahashes per second proving once again that miners can be flexible and they can help balance the grid.

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Bitcoin miner Argo is getting a $100 million lifeline from Galaxy Digital, narrowly avoiding bankruptcy. You should know that many Bitcoin miner is on the brink of devastation. Polygon has launched the second testnet for zkEVM which is a layer 2 solution, making it the final step before it mainnet. This testnet will trial a new upgrade called recursion which is massive and designed to increase scalability with the Ethereum blockchain. While there is no major timeline for mainnet launch for the zkEVM, one thing is that the Ethereum layer 2 scaling solution will be coming up in the future. Polygon has been doing a fantastic job during this bear market, the team just keeps on building and delivering partnerships. So next will definitely be a big year for the Polygon network, you just have to keep an eye on it.

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Two top projects on Solana, DeGods, and y00ts are leaving the Solana network for the Ethereum network and Polygon network. The teams hope that moving to other networks could help broaden their users' basis from the struggling Solana network. y00ts with a floor of 140 Sol planning to move over to Polygon which is a side chain of Ethereum that will allow cheap and faster transactions. Since the FTX collapse, Solana has been getting hit very hard with the price of Sol's assets falling from $35 to $9, who knows how far is it gonna go? With leading NFT collect moving to an ordered network is not a good thing for the Solana network and others make follow suit.

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Andre Cronje is back to the Fantom network ready to take Fantom to a new high next year. Fantom will be focusing on expanding its dApp ecosystem, they want the app developers to be able to build out sustainable businesses while differentiating themselves from other layer 2 solutions. The network is planning to build the Fantam Virtual Machine just like the Ethereum Virtual Machine. Andre has also confirmed that he is taking on the role of the board member of the Fantom foundation. While it is interesting that Andre is back to Fantom, we are not sure that it will be able to drive Fantom up.

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Despite the bear market, the stablecoin transactions reached 7 trillion dollars this year. Some people are predicting that stablecoin transactions will surpass Visa and could also surprise all other major credit transactions. I think the real measure of stablecoin adoption is going to be its real-world use case as a means of payment for goods and services. We need to be able to see the real use case come through and believe that it will crush the payment industry. Russia is set to legalize crypto for international trade, the story is being around for a while and we are expecting it.

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