Solana Suffers Major Outage, Binance Labs $500M Fund, KuCoin Launches Web3 Wallet

Written by Lindi Miti

June 2, 2022

Solana Network Suffers Major Outage

Solana, a blockchain network and top ten cryptocurrencies, suffered a major outage on Wednesday, the 1st of June. The Solana network, dubbed the Ethereum-killer, had to halt block production due to a bug in their transaction mechanisms. The price of SOL fell more than 10% and is currently trading at $40 at the time of writing. 

“Earlier today, a bug in the durable nonce transactions feature led to nondeterminism when nodes generated different results for the same block, which prevented the network from advancing,” reported the Solana Status in a Tweet.  

The Solana network has suffered a major outage for the third time this year. The most recent outage was on the 1st of May, and the network was down for 7 hours. Solana is preparing to restart its validator operators on Discord to fix the problem. The estimated time of completion is yet to be determined. 

Binance Labs $500M Fund

Binance Labs, the investment arm of the biggest cryptocurrency exchange – Binance, has closed a $500 million investment fund to aid blockchain and web3 adoption. The fund was raised through leading institutional investors such as DST Global and Breyer Capital, including family offices and corporations.

“We really see the fund as another step in terms of us being able to build our mission statement, which is to help advance the adoption of web3 technologies across all stages,” Ken Li, Binance Labs Executive Director of Investments and Mergers and Acquisitions. 

Binance Labs is committed to supporting start-up founders regardless of the market conditions. Since its inception in 2018, Binance Labs has funded over 170 projects, including 1Ich, Polygon, Axie Infinity, and The Sandbox. Binance Labs plans to partner with more founders across different countries and offer support and funding. “Ultimately, all the adoption that comes in crypto will come from great founders,” said Li.  

KuCoin Launches Web3 Wallet

KuCoin, a leading cryptocurrency trading exchange, has launched a new decentralized wallet platform. The wallet is currently available on the browser, and a mobile version is still in development. In addition, the wallet is planning to include DeFi, NFT, and GameFi services.
The web3 wallet is self-custodial, meaning that users will have control over their digital assets.

Written by Lindi Miti © Crypto University 2022

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