In the wake of the FTX fiasco, it’s been interesting to see how different exchanges have been affected. Solana, in particular, has taken a hit—but it’s not the only one. As the dust settles, it’s becoming increasingly clear that there is a gap in the market that needs to be filled. And Toon Finance might just be the project to do it.
What happened to SOL when FTX got “hacked”
Solana, the high-speed blockchain platform, lost over $12 million worth of cryptocurrency when FTX, a popular cryptocurrency exchange, was hacked. Solana is one of the project’s investors and had been actively trading on FTX in recent months. The hack took place on May 7th and resulted in the loss of 7,000 BTC. Solana Foundation, the entity that oversees the Solana project, has since issued a statement saying that they are working with FTX and Alameda Research to investigate the matter and ensure that all Solana holders are compensated. In the meantime, Solana has paused all trading on FTX and withdrawals from the platform. This hack is a major setback for Solana, which had only recently launched its main-net. It remains to be seen how this will impact the project in the long run.
Solana going to 0?
In light of recent events, it’s clear that Solana is not the only game in town when it comes to providing scalability solutions for Ethereum. Toon Finance provides an innovative plasma cash-based solution that offers all the benefits of layer 2 without any of the security risks. With strong developer adoption and a user-friendly interface, Toon Finance is well positioned to capture significant market share in the coming months.
What is lacking in the crypto space right now
As the crypto market matures, investors and developers are turning their attention to so-called “layer 2” solutions that can help scalable blockchain networks like Ethereum process more transactions without increasing fees or sacrificing decentralization. Solana was one such project that had raised over $450 million from some of the biggest names in the space… until last week, when a critical bug was discovered that could have allowed bad actors to mint billions of dollars’ worth of SOL tokens. While Solana scrambles to patch the hole, another project called Toon Finance (TFT) is quietly position itself as a viable alternative with a similar mission but without the same security risks.
To catch you up to speed, layer 2 solutions work by offloading some of the transaction processing away from the main Ethereum blockchain (layer 1) onto a separate network that is connected to Ethereum (layer 2). This layer 2 network processes transactions much faster than Ethereum can on its own, which is crucial for DeFi applications that need to handle large volumes of transactions quickly and cheaply. However, deploying a layer 2 solution is no easy feat, and many projects have failed to live up to their hype.
Toon Finance is a layer 2 solution that utilizes an innovative technology called “plasma cash.” Plasma cash is a variant of plasma—a scalability framework for Ethereum that has been under development for several years—that allows users to move funds around on a side chain while maintaining all the security guarantees of Ethereum. In other words, it’s the best of both worlds: fast and cheap transactions like you would find on a centralized platform like PayPal or Venmo, but with all the security and censorship-resistance of Ethereum.
The TFT token is used to fuel transactions on the Toon network, and it also entitles holders to discounts on transaction fees and enables them to earn rewards for staking their tokens. Importantly, TFT is fully compatible with all existing Ethereum wallets and applications, which makes it easy for developers and users to get started with using Toon Finance.
What sets Toon Finance apart from the fray
Toon Finance is a next-generation exchange protocol that promises to offer a more efficient, secure, and scalable solution than what is currently available. The Toon team has a strong belief that Web 3.0 infrastructure should be easy to use yet still offer robustness and security. To that end, they have designed a platform that is modular and extensible, allowing for easy integration with existing systems.
One of the more promising aspects of Toon Finance is its focus on making their DeFi truly decentralized, it is not common knowledge, but a lot of so called “Decentralized” protocols out there aren’t. So, on this sector, Toon wants to be TRUE.
The opportunities for decentralized finance are nearly endless. And as the technology continues to develop, we can only imagine what new and innovative ways DeFi will be used in the future. From lending and borrowing platforms to stablecoins and tokenized assets, decentralized finance has the potential to revolutionize the way we interact with financial systems. And that could have major implications for everyone from individuals to institutions.
Toon Finance UNITED
It’s no secret that Toon Finance is one of the most talked-about projects in the cryptosphere. And with good reason – their project is truly groundbreaking, and their community is extremely active and engaged. But what really sets Toon Finance apart is their team’s commitment to building through even the toughest of markets. Despite the current bear market, Toon Finance has had great success in their Stage 1 ICO presale, and they have plans for 6 more stages of growth. It’s clear that the Toon Finance team is in it for the long haul, and that they’re confident in their ability to build a truly world-changing project. With a team this dedicated and a community this passionate, there’s no doubt that Toon Finance will be one of the top projects in the space for years to come.
To participate in Toon Finance’s presale, here are the links below:
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