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Xandeum to unveil Solana scaling solution, XAND token

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Xandeum, a blockchain storage layer platform on Solana, plans to unveil a scaling solution, liquid staking program, and the native token XAND on September 20, 2024.

According to a press release shared with crypto.news, Xandeum will roll out these features and the XAND token at the Solana (SOL) Breakpoint 2024 conference in Singapore. 

Scaling Solana’s storage model

Some of the biggest announcements in the Solana ecosystem have come during its Breakpoint conference, including the Firedance testnet in 2023. The community expects more at Breakpoint 2024 Singapore.

Xandeum says its storage layer will scale Solana’s current storage model, with the technology designed to help decentralized applications access “virtually unlimited storage.”

Per the details shared with crypto.news, the platform’s tech integrates directly into Solana’s remote procedure call nodes. This extends decentralization further with a network of storage provider nodes, or pNodes.

At the core of this is a dynamic fee market that ensures pNodes, validators, and liquid stakers remain incentivized to support an efficient and decentralized storage network. These key players earn rewards in SOL, which could be a new revenue stream and significantly boost Solana’s ecosystem.

XAND token launch date

Xandeum will launch its liquid staking platform on October 29, 2024, offering SOL stakers an opportunity to earn from future Xandeum storage fees via the liquid staking token xandSOL. Meanwhile, the XAND token will launch on Oct. 29.

Web3 startup Xandeum Labs, the lead developer of Xandeum, expects to debut its pNodes network in early 2025. The startup has secured $2.8 million to develop and deploy its scaling solution.

While Solana is one of the top blockchain networks with a massive ecosystem around decentralized finance and other crypto sectors, it has faced challenges. Notably, there have been network outages as the ecosystem expanded rapidly following its mainnet beta launch in March 2020.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Polygon on-chain activity spikes despite MATIC price dip

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Polygon has recorded a notable increase in on-chain activity despite the bearish flip in crypto that has sent MATIC plummeting.

While the Polygon (MATIC) price could continue to struggle amid the weakness that currently engulfs Bitcoin (BTC) and the broader crypto market, analysts say the surge in on-chain activity suggests a potential reversal for MATIC.

Data shows Polygon’s network has witnessed a spike in both daily active addresses and dormant coins movement.

Polygon on-chain activity spikes

Santiment notes that Polygon has witnessed a significant spike in dormant MATIC coins on the move. The platform points to the Age Consumed metric, an indicator that tracks movement of dormant tokens by measuring how many long held coins are moving across addresses.

Age Consumed data is a calculation that multiplies the number of coins on the move by the duration since their last transfer.

Notable also is the sharp increase in daily active addresses. According to Santiment’s data, a total of 3,369 addresses interacted on-chain on Polygon as the Age Consumed metric spiked. The active addresses count was the second-highest day of the year. 

IntoTheBlock data also shows a surge in active addresses since Aug. 26, with more than 1,000 new addresses on Aug. 27.

Polygon MATIC new and daily active addresses chart. Source: IntoTheBlock

What does this mean?

An increase in the Age Consumed metric often suggests a flip in sentiment for long-term holders. Historically, this has coincided with the particular token’s price witnessing notable changes.

Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.

Santiment wrote on X.

In Polygon’s case, the Age Consumed measure spiked to 69 billion MATIC as the altcoin’s price dropped amid the latest crypto weakness. The local top relating to this was around $0.58, and Polygon’s price has dropped 14% so far.

Despite this weakness, the two on-chain indicators suggest investors may view MATIC’s dip as an opportunity to buy low.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News