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Ethereum Dev Max Resnick Defects to Solana, Citing ‘Frustration’

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Ethereum’s place near the top of the crypto market is unquestioned from the perspective of market cap. But beneath the surface – at the product, developer and decision-making levels – the original smart contracts platform continues to take a beating from Solana, one of its closest competitors.

The threat may not yet be existential. Ethereum and its many closely-linked networks are still the most important, influential, and largest platforms for decentralized finance. That lead is beginning to erode, however, with many newcomers to crypto choosing Solana’s speed and low fees.

It’s enough for some of Ethereum’s most vocal backers to muse if the network needs to shift to a war footing.

«Ethereum has been at peacetime its entire life,» ETH maximalist David Hoffman said on a recent episode of his podcast, Bankless. «Today, more people are thinking this period of Ethereum’s life has come to an end.»

The dynamic was further punctuated Monday with news that longtime Ethereum ecosystem developer Max Resnick was moving into Solana’s orbit, abandoning his job at the developer studio Consensys.

«There’s just so much more possibility and potential energy in Solana,» Resnick said in an interview with CoinDesk. He framed the decision as rooted in his own career path, but noted «frustration» with Ethereum’s inability to adapt contributed to the move.

He criticized a culture of ossification that gets in the way of progress. Ethereum lacks a streamlined process for making quick changes. Some see that as a point of strength for a decentralized network, while others, like Resnick, see it as a hindrance for long-term success.

Speed of an iceberg

Ethereum is rather notorious for being a somewhat unwieldy technical beast of a network. Its developer community looks toward co-founder Vitalik Buterin’s annual «roadmaps» as a benchmark in tracking Ethereum’s sluggish march of progress. A number of important changes may still be <a href=»https://www.coindesk.com/tech/2024/11/12/ethereum-researcher-justin-drake-introduces-beam-chain-a-total-redesign-of-the-networks-consensus-layer» target=»_blank»>years away</a>.

While Ethereum’s decision-making may not be as purposely disjointed and ineffective as <a href=»https://www.coindesk.com/tech/2024/11/12/just-dont-break-bitcoin-devs-debate-upgrading-tech-behind-top-crypto» target=»_blank»>Bitcoin’s</a>, the network still contends with an unhealthy degree of internal politics, said Resnick. Big, important discussions over improving the network «are happening in Vitalik’s DMs,» he said.

«If you do need to make rapid changes to keep up with competition, which I think Ethereum has to for the first time now, then you are really going to need to change that process up somehow.»

It was enough to prompt Resnick to search for a new home, and to land at Solana. He took a job at Anza, a spinoff of Solana Labs that is charged with building its core client. He said he’s a fan of Solana’s ability to move fast in the face of competition.

Off the iceberg

One startling moment in the brewing fight between Solana and Ethereum came last week from Pudgy Penguins, one of the best-known NFT collections on Ethereum. The team behind Pudgy Penguins is launching a token, called PENGU, but doing so on the Solana network, not on the NFTs’ home of Ethereum.

The shock announcement spurred plenty of hand wringing on crypto twitter.

At the least, commentators took the decision as evidence of Solana’s superiority as a retail-friendly chain when compared to Ethereum. Many other ETH-native projects have sidestepped main-chain woes without leaving Ethereum entirely. They build on layer-2 networks that are built on top of Ethereum. Meanwhile, PENGU is completely off the iceberg.

Ethereum researcher Justin Drake was unfazed by the competition in an interview with CoinDesk published last week. According to him, Solana does not put enough priority on «health» to win in the long run.

Resnick sees it differently. And he claims he’s not the only one.

«There are many people in ETH – many of whom have made much bigger contributions than I have – who are frustrated about the state of Ethereum and are asking for change, and who are saying, ‘hey, if these changes don’t happen I don’t know how much longer I will work here,» he said.

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Ethereum Surges After Holding $2,477, Fueled by Very Heavy Trading Volume

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Global economic tensions and trade disputes continue to influence cryptocurrency markets, with ETH showing resilience despite broader market uncertainty.

The second-largest cryptocurrency is currently navigating a critical technical zone between $2,500-$2,530, which analysts identify as immediate resistance that must be overcome for continued upward movement.

Institutional interest remains strong, with spot Ethereum ETFs recording consecutive days of positive inflows, signaling growing confidence from larger investors despite the recent volatility.

Technical Analysis Highlights

  • 24-hour ETH price action revealed a substantial 3.5% range ($99.85).
  • Sharp sell-off during midnight hour saw price plummet to $2,477.40, establishing a key support zone.
  • Extraordinary volume (291,395 units, nearly 3x average) confirmed the significance of the support level.
  • Buyers stepped in at the $2,467-$2,480 support band, confirmed by high-volume accumulation during the 08:00-09:00 period.
  • Recent price action shows bullish momentum with ETH reclaiming the $2,515 level.
  • Potential higher low pattern suggests the correction may have found its bottom.
  • $2,520-$2,530 area remains the immediate resistance to overcome for continued upward movement.
  • Significant bullish surge at 13:35 saw price jump from $2,515.85 to $2,521.79, accompanied by exceptional volume (5,839 units).
  • Sharp reversal occurred at 14:00, with price dropping 5.07 points to $2,508.02 on heavy volume (4,043 units).
  • Hourly range of 14.46 points ($2,508.02-$2,522.48) demonstrates market indecision.

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XRP Plunges Below $2.30 Amid Heavy Selling Pressure

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Global economic tensions are weighing heavily on cryptocurrency markets as XRP experiences a significant correction amid heavy selling pressure.

The recent announcement of potential 50% tariffs on European Union imports by the US government has triggered widespread market uncertainty, with XRP falling alongside most major cryptocurrencies despite Bitcoin recently reaching new all-time highs.

Technical analysts point to critical support at the $2.25-$2.26 range, with market watchers warning that a break below this level could trigger deeper corrections toward the $1.55-$1.90 zone.

Meanwhile, institutional interest remains strong with Volatility Shares launching an XRP futures ETF and leveraged ETF inflows surging despite the price dip, suggesting Wall Street continues accumulating positions during market weakness.

Technical Analysis Highlights

  • XRP underwent a notable 3.46% correction over the 24-hour period, with price declining from $2.361 to $2.303, creating an overall range of $0.084 (3.57%).
  • The most significant price action occurred during the midnight hour (00:00), when XRP plummeted to $2.297 on exceptionally high volume (37.1M), establishing a strong volume-based support zone.
  • A secondary sell-off at 08:00 saw price touch the period low of $2.280 with the highest volume spike (39.9M), confirming a double-bottom formation.
  • In the last hour, XRP experienced significant volatility with a recovery attempt following the earlier correction.
  • After reaching a low of $2.297 at 13:11, price formed a base around $2.298 before staging a substantial rally beginning at 13:27, peaking at $2.307 at 13:36-13:39 with exceptionally high volume (627K-480K).
  • This bullish momentum created a clear resistance zone at $2.307, which was tested multiple times.
  • The final 15 minutes saw profit-taking pressure emerge, with price retracing to $2.300, establishing a short-term support level that aligns with the psychological $2.30 threshold.

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Bitcoin Drops Below $107.5K as Trump Tariff Threat Triggers Crypto Sell-Off

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Bitcoin’s recent pullback has established strong volume-based resistance near $108,300, with support forming in the $106,700-$107,000 zone.

The correction accelerated with a notable price surge from $107,373 to $107,671 between 13:06-13:36, followed by a sharp reversal.

Technical analysis suggests Bitcoin is now trading within a compression zone, trapped between two major fair value gaps that will determine the upcoming market direction.

If bulls reclaim the $109K to $110K area, price could push toward resistance beyond $112K, while a break below $107,000 might test liquidity around $106K.

Technical Analysis Breakdown

  • The decline accelerated during the 22:00-23:00 hour on May 24th with exceptionally high volume (16,335 BTC), establishing a strong volume-based resistance near $108,300.
  • Support has formed in the $106,700-$107,000 zone where buyers emerged during the 09:00-10:00 period on May 25th, though recovery attempts have been modest with price consolidating around $107,500.
  • The overall technical structure suggests a short-term bearish trend with potential for further consolidation before directional clarity emerges.
  • Bitcoin experienced significant volatility with a notable price surge from $107,373 to $107,671 between 13:06-13:36, followed by a sharp reversal that saw prices decline to $107,393 by 14:00.
  • The most substantial price movement occurred during the 13:35 minute candle where BTC jumped nearly $150 with exceptionally high volume (148.76 BTC), establishing temporary resistance around $107,630.
  • Support formed near $107,400 where buyers emerged during the final minutes of the period, though the overall technical structure suggests continued consolidation within the broader correction from the $109,239 high.

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