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11/7 News roundup: Solana, SBF, Coinbase, The Simpsons

Solana’s Firedancer promises a capacity of over a million transactions per second. Sam Bankman-Fried was sentenced in New York. Coinbase’s Q3 numbers did not contain big surprises. The Simpsons featured an episode about NFT!

Will Firedancer decide the scaling race for smart contract platforms?

Solana is one of the largest smart contract platforms on the market and a competitor to Ethereum. Solana’s native token, SOL, is also one of the best investments of the calendar year.

Solana’s price has quadrupled during 2023, from just under $10 to just over $40. At the same time, many other altcoins have moved mostly horizontally. Solana has also multiplied its price by hundreds of percent compared to Bitcoin.

There are many reasons behind Solana’s popularity, but one of the most significant is Firedancer. Solana’s YouTube channel has a good video on the subject (see below). It was recorded at Solana’s Breakpoint event last week.

Firedancer is a completely new Solana client, a program run by Solana network validators. All cryptocurrencies have a corresponding client program. The currently used client is anything but perfect and optimized. It had to be rushed so Solana could enter the market during the previous crypto boom, which is why there is much room for improvement in the program code.

Jump Crypto, behind Firedancer, builds the client entirely from scratch and with a new programming language. Every line of code is optimized for maximum performance.

Firedancer’s developers promise that Solana’s transaction capacity will only be limited in the future by the physical limitations of the servers and the network.

The promises are not made out of thin air, as Firedancer has already been launched on TestNet, where over a million transactions per second have been achieved with Firedancer clients. In the future, the number of TPS (Transactions per second) will rise even higher.

Solana is already the most scalable smart contract platform on the market. With Firedancer, its capacity is more than 10x greater than Ethereum 2.0’s. It’s no wonder that more investors will become SOL token holders in 2023. You can also earn additional income from holding Solana through staking.

If you want to buy Solana, you can find a beginner’s guide here: How to Buy Solana.

It is good to note that Firedancer is still in the test phase. Its MainNet launch is expected in about six months. Many things can still go wrong, but so far, the development is really promising.

Sam Bankman-Fried was convicted

The biggest news of the fall has been the trial of Sam Bankman-Fried. The founder of the FTX exchange, which collapsed almost a year ago, has been in front of the jury since the beginning of October. The trial in New York concluded last week.

The expected outcome: SBF was found guilty of all seven charges. The jury considered its decision for only a few hours, which was exceptionally quick. This means there wasn’t much second-guessing whether SBF was guilty or not.

SBF also decided to testify in court. Due to this, he was also exposed to the prosecutor’s questioning. Bankman-Fried’s performance was very arrogant, and he kept answering the prosecutor’s questions in the style of “I don’t remember,” “maybe,” “I don’t know,” and so on.

Many believe that the SBF’s performance was only harmful to him. On the other hand, not testifying would have effectively been an admission of guilt. Perhaps the SBF wanted to make a big gamble for one last time.

The tweet below summarizes well what has happened and what will happen next.

Sam Bankman-Fried’s final verdict will be determined in March 2024. Before then, there will be a new trial on five additional charges. There is a sentence of up to 115 years at worst!

According to many estimates, SBF will sit for 15–20 years. This would be the same caliber as Elizabeth Holmes’ 11-year sentence for the Theranos scandal.

Many compare Bankman-Fried with good reason to Bernie Madoff, who received a prison sentence of no less than 150 years for his Ponzi scam. However, Madoff was already an old man when he received the sentence. The judge probably wants to allow the only 31-year-old SBF to build a new life.

The tweet above also mentions an interesting name: Sam Trabucco. This man was the CEO of Alameda Research before Caroline Ellison. Trabucco was officially phased out only in August 2022.

During the trial, it became clear that FTX and Alameda’s criminal activities had already started long before FTX’s collapse. Trabucco would seem to be a target of the prosecution and other key personnel of FTX and Alameda.

For some reason, Trabucco has not been mentioned during the entire trial. Why? Has Trabucco made a deal with the prosecutor or disappeared underground? This question has not been answered yet.

Coinbase’s Q3 result did not surprise

The US-based Coinbase is still the only publicly-listed cryptocurrency exchange on the market. Because of this, Coinbase’s results are interesting, as other exchanges do not publish similar information. Coinbase’s quarterly reports tell a lot about the state of the entire crypto market.

Coinbase published Q3-2023 figures last week. Analysts expected the company’s revenue to fall to around $650 million, but Coinbase beat forecasts with a total revenue of $674 million. However, this was only a consolation as Coinbase was still making an operating loss.


The table shows that Coinbase’s revenue is about 14% higher than a year ago, although trading volumes have decreased. Coinbase makes significantly more money with stablecoins (USDC) and various interest incomes.

Coinbase is still fighting the SEC, which oversees the US securities market. However, this “regulatory war” is not reflected in the company’s results. Additionally, Coinbase still has $5.5 billion in cash.

The trading volume of cryptocurrencies has decreased steadily throughout the year. The Q3-2023 reading was even clearly below the last quarter of 2022 when the collapse of the FTX exchange completely froze the crypto market.

Nothing in these numbers suggests that retail investors’ or institutions’ interest in cryptos is growing. However, according to Coinbase, October’s “transaction revenue” was 105 million, which would mean a slight increase during Q4.

What about trading Bitcoin vs. Ethereum?


The share of Bitcoin and Ethereum increased during Q2, but the figures for Q3 returned closer to previous quarters. Ethereum’s popularity is currently at rock bottom. That is certainly explained by the weak course development and the strong performance of competing platforms (Solana).

Trading volumes are low; the drop is more than 50 percent compared to a year ago and slightly more than 17 percent from the previous quarter.

The Simpsons NFT episode

The NFT market has been down for a long time. Trading volumes have fallen, and the value of many collections has collapsed by more than 95 percent. However, this does not mean NFT as a sector or technology is dead.

The latest episode of the Simpsons series also proves this. Last weekend’s “Treehouse of Horror” episode featured an adventure where Homer accidentally mints Bart into an NFT.

Homer’s horror turns to excitement when he discovers that the Bart-NFT is worth up to $1.5 million. “Honey, remember how we always wished Bart was less fungible?” Homer says to Marge.

After this, Marge also mints herself as an NFT on the blockchain and goes on a mission to rescue Bart. The NFT world sees many popular NFT collections, such as Cryptokitties and Bored Apes.

Somewhat surprisingly, Disney did not release an NFT with the episode. Disney has previously released Simpsons-themed NFTs on a marketplace called Veve. This happened in November 2021 with the launch of Disney+.

NFT mania will return to the headlines during the next bull market when investors’ risk appetite increases. To learn more on the subject, check out this article: What is an NFT?

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Finally, one more note: Binance is making a big announcement this week. What is it about? It will be clear soon.

AboutBitcoin Team

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