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Solana-built decentralized exchange uses AI to make trading more accessible

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Decentralized exchanges (DEXs) empower users by getting cryptocurrency assets into the hands of more people.

One platform is attempting to make the trading of crypto more accessible and straightforward with the use of artificial intelligence. Currently, new users must learn about markets and the assets they want to trade, adding to the barriers of getting started.

The decentralized exchange, Soldex, is eliminating these barriers by giving traders the capabilities to use AI-powered trading algorithms developed by users.

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Beyond its innovative AI trading capabilities, Soldex offers many additional features over other DEXs. Since it is natively built on the Solana blockchain, it resolves many of the infrastructure issues apparent in older systems. It is relatively quick and cheap to use compared to anything built on Ethereum (ETH). 

To remain decentralized, the internal infrastructure consists of smart contracts and the use of oracles.

Throughout the last decade, exchanges continued to evolve to keep pace with the development of the crypto market. The team at Soldex shares, on their platform, “you can experience real-time transactions, conveniently deposit using your exchange wallets and make light-speed swaps. It also allows investors to participate in community governance and incentivized liquidity. The latter means that users can lock their funds for a certain period of time and earn interest on the investment.”

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Leveraging artificial intelligence 

In general, trading financial assets is a complicated task filled with mixed emotions from people. Unfortunately, emotional trading is one of the biggest mistakes people make. To remove the possibility for emotions to influence trading, artificial intelligence can eliminate the feelings and sentiments of real people and make tough decisions as they arise. 

The objective of Soldex is to use a neural network algorithm to work on all market conditions. The algorithm will be able to analyze data about the market, make predictions about risks and buy and sell assets on the user’s behalf. As an automated trading suite, it will gather expert data and continue to develop its learning capabilities.

The CEO of Soldex, John Robertson, shares that the “AI will be so far advanced that users will be able to “create their own trading strategies and sell them on the marketplace.”

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Providing AI trading in a decentralized format can greatly impact the way people view cryptocurrencies. The platform is also completely permissionless, so anyone, regardless of location, can provide liquidity, trade or begin staking without a Know Your Customer (KYC) requirement. 

The future of trading

Taking a look at their roadmap, users can expect to see SOLX listed on major exchanges, future collaborations with the Solana foundation and a global academy AI course. This course will help explain Solana and DeFi to anyone new to the technology, exposing them to new knowledge and helping to build an impactful community.

The platform is in the process of conducting a private sale for 30% of its tokens, which is open to retail and VC investors. SOLX will later become publicly available to users, giving them access to governance rights, feed AI bots and staked. So far, the Soldex community has grown to include over 14k+ members.

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Grayscale Launches Solana Trust for Accredited Investors

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The leading cryptocurrency asset manager, Grayscale, has launched its next investment product tracking the performance of Solana.

Grayscale Investments, the digital asset manager with over $50B in AUM, announced the launch of its 16th investment vehicle – the Grayscale Solana Trust.

  • The company’s press release, dated November 30th, explained that the new Trust will “solely and passively” invest in SOL – the native cryptocurrency of the popular blockchain project, Solana.
  • The product is already available for daily subscriptions by eligible individual and institutional accredited investors.
  • The Grayscale Solana Trust has become the 16th investment product launched by the company, following such for Bitcoin, Ethereum, Chainlink, Stellar, Litecoin, Ethereum Classic, Decentraland, and more.
  • “For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. We have had a front-row seat to the mainstream acceptance and adoption of crypto and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.” – commented company CEO Michael Sonnenshein.
  • Launched in 2013, Grayscale is now the largest cryptocurrency asset manager. Its AUM has skyrocketed in the past two years and currently exceeds $50 billion, according to the latest update from the firm.
  • Grayscale is also actively trying to convert its largest Trust – GBTC – into a Bitcoin Spot ETF in the United States.

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Grayscale Debuts New Trust for Solana

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Grayscale Solana Trust has become the asset manager’s 16th investment product

Leading cryptocurrency money manager Grayscale Investments announced Tuesday that it had introduced a cryptocurrency trust for Solana, the fifth-largest cryptocurrency by market capitalization.

The newly launched investment vehicle makes it possible for accredited investors to gain exposure to the top “Ethereum killer” without actually holding the underlying asset, thus mitigating risks linked to custody.

CEO Michael Sonnenshein said that the company’s suite of offerings continues to expand together with the broader crypt ecosystem:
 

We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.
 

With the most recent addition, the Grayscale family is now comprised of 16 trusts. With $35.7 billion under management, the Bitcoin trust remains the company’s crown jewel.

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Solana, a high-throughput blockchain, has managed to chip away at Ethereum’s share of the crypto market, taking advantage of the competitor’s exorbitant gas fees that make the second-largest blockchain too expensive for the average Joe. Its native SOL token is up over 1,000% since the start of April, becoming one of the top-performing cryptocurrencies of the year.

As reported by U.Today, FTX cofounder Sam Bankman-Fried recently said that Solana could possibly overtake Ethereum.

For now, such a scenario appears to be far-fetched since the former accounts only for 11% of the latter’s massive $553 billion market cap.

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Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?

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  • Solana price analysis is bearish today.
  • SOL/USD saw rejection for upside around $210 yesterday.
  • Bearish momentum returned overnight.

Solana price analysis is bearish today as we saw upside rejected at $210 yesterday, meaning another lower high has been set. Therefore, we expect SOL/USD to drop further later today and look to test previous lows again.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower? 1
Cryptocurrency heat map. Source: Coin360

The market overall has traded mostly in the green over the last 24 hours despite Bitcoin being down by 0.49 percent. Meanwhile, Ethereum increased by 3.32 percent, while Solana (SOL) gained lost 0.18 percent.

Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower

SOL/USD traded in a range of $200.45 – $212.45, indicating mild volatility over the last 24 hours. Trading volume has declined by just 0.22 percent, totaling $2 billion. Meanwhile, the total market cap trades around $61.18 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to decline again

On the 4-hour chart, we can see bearish momentum returning for the Solana price action overnight, likely resulting in further downside tested later today.

Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?
SOL/USD 4-hour chart. Source: TradingView

Solana continued to decline over the past week with a new low found around $185 on the 26th of November. Therefore the overall, several-week trend continues to be clearly bearish, indicating we should see further downside until a strong higher high is set.

Over the weekend, SOL/USD went for another test of the $185 support, quickly spiking below it before rapidly pushing higher. The $210 minor support/resistance was reached yesterday, with rejection for further upside seen in the afternoon.

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From there, the Solana price started to slowly move lower, indicating a new lower high had been set clearly. Overnight, bearish momentum continued, moving SOL/USD to the $200 mark. We expect the current bearish momentum to continue later today, leading to further downside tested.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we saw upside rejected at the $210 mark, leading to a slow decline overnight. Likely we will see SOL/USD continue even lower, potentially reaching back to the $185 previous major support.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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