Morning Minute | 0 Days Since A Solana Outage

Morning Minute | 0 Days Since A Solana Outage

TylerD's Market Summary

Plus, the latest $DYM airdrop does not disappoint.

๐Ÿ™ˆ Solana Goes Down

One of the running jokes about Solana through the 2023 bear market was that the blockchain couldn't stay on.

ETH maxis and others would routinely turn to this (overused) joke in any debates about Solana's relevancy.

But Solana had been on a hot streak, staying up with no outages since Feb 25, 2023.

The joke was stale.

Until yesterday.

What Happened?

Yesterday Solana experienced a 5-hour outage where no blocks processed, between 10:00 UTC and 15:00 UTC.

Solana engineers did identify the performance issue, introduce some new validator software via patch and rolled it out to the validator network.

Node operators were told they effectively had to upgrade to the new software or lose ability to validate (and receive rewards).

After the blockchain "turned back on" yesterday morning, it seemed to be quickly back to business as usual.

Market Impact

Surprisingly, there wasn't much impact.

Solana itself is up 1% on the day, higher than it was before the outage.

NFTs were mostly even, and memecoins were a mixed board (but dealing with a variety of their own factors).

Clearly the market shook off the news.

So reset the calendars. In a few hours, we will be at "1 day since the last Solana outage."

๐Ÿ“ˆ $DYM Does Not Disappoint 

It started poorly.

Dymension was unable to initially launch its mainnet as the validators couldn't reach consensus due to a bad validator which held 34.8% of the staked token.

But the market largely shook that off.

Who cares about uptime, am I right?

What Happened?

$DYM opened trading over $4 yesterday and quickly went up only. It hit as high at $6, fell to $5 overnight and is back to $5.75 this morning.

At current prices, it holds an $838M marketcap and a whopping $5.7B FDV.

Nearly $6B for a new blockchain, which struggled to launch its mainnet on day 1.

That's crypto baby.

Screenshots started parading around X, with many holders (especially Penguins) catching 5-figure and even some 6-figure airdrops. 

One of the reasons the token is doing so well, despite doing a wide and massive airdrop - it's very difficult to sell.

yuga.eth does a somewhat "tongue in cheek" description of how to sell $DYM here, showcasing 15 steps and a lot of struggles.

But anecdotaly, he was spot on. Many folks have not bothered to figure out how to sell this or are too scared to ask.

Take Action

For those who want to learn more about Dymension, check out the team's intro blog here.

For those who want to sell, this is one of the most succint lists of steps I've seen:

  • Add DYM network to MetaMask
  • Download Keplr wallet
  • Buy ATOM
  • Swap ATOM for Osmos (for gas)
  • Bridge $DYM to $DYM on Osmos
  • Swap $DYM on Osmos for ETH/USDC (currency of choice)

Good luck out there!

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • Crypto majors are green this morning; BTC +0.5% at $42,910; ETH +2% at $2,360; SOL +1.3% at $95.20
  • Farcaster memecoin $DEGEN rallied 95% to $159M, with its beta token $FRAME up 115% to $4.8M
  • A Bored Ape blockchain (ApeChain) might be coming soon, as its latest proposal finished with a 95% "Yes" vote
  • Metastreet shared new details on its Ascend XP program (Points), with information on timeline, distribution, bonuses and more

๐Ÿš€ NFT Total Volume (ETH)

  • Nobody (2,391 ETH, 0.88 ETH Floor)
  • DeGods (1,997 ETH, 3.05 ETH)
  • MAYC (812 ETH, 4.29 ETH)
  • y00ts (553 ETH, 0.67 ETH)
  • Pudgy Penguins (363 ETH, 15.25 ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Saints of LA (77%, 0.2 ETH Floor)
  • Farcats (60%, 0.82 ETH)
  • y00ts (38%, 0.67 ETH)
  • Nobody (28%, 0.88 ETH)
  • Pandora (24%, 5.1 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of events, mostly focused in art.

The Floor app is back for ICONs Series 2 with big things planned for this season. Pindar Van Arman is launching Reflection (999 supply priced at 0.33 ETH), and Matt DesLauriers is dropping his 48-hour edition "Sierra."

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Andre Oshea - Town Square (9:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Floor - ICONs Series 2 (11:00 a.m. ET)
  • Pindar Van Arman - Reflection (12:00 p.m. ET)
  • Matt DesLauriers - Sierra (12:00 p.m. ET)

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.