Solana's DeFi landscape is set for a shakeup with new platforms allowing traders to short meme coins, potentially transforming trading strategies.

The meme coin frenzy that has gripped the Solana network may be taking a new turn. MarginFi, Save (formerly Solend), and DeFiTuna are racing to launch platforms that allow traders to short meme coins, potentially changing the meme coin trading game forever. These platforms enable traders to profit from the frequent and often dramatic drops in meme coin values, introducing a new dynamic to the market.

MarginFi’s new product, 'The Arena,' is now in beta and offers traders the ability to leverage and short meme coins and provide liquidity. Although currently only accessible via password, 'The Arena' is expected to open to the public on July 29. Meanwhile, Save’s 'dumpy.fun' platform and DeFiTuna’s offerings are also set to roll out soon, each with unique features to cater to this evolving market.

Solana Colosseum “Radar Hackathon” Goes Live W/ $400K+ In Prizes 💰

Solana's upcoming Radar Hackathon offers over $400,000 in prizes and aims to discover and support new crypto projects.

Solana is gearing up for its next big event: the Radar Hackathon, set to run from September 2 to October 8, 2024. Colosseum and the Solana Foundation organize this hackathon to uncover and support new crypto projects. With over $400,000 in prizes, the Radar Hackathon promises to be a significant opportunity for developers to showcase their talents and gain recognition within the Solana community.

In addition to the hackathon, Colosseum has secured $60 million in funding to further support early-stage Solana projects. This funding will help expand their hackathons, accelerators, and venture funds, providing much-needed support to developers and startups. Colosseum’s model of combining hackathons with accelerator programs and venture funding has already proven successful, and this new investment will enable it to reach even more developers and foster innovation on the Solana blockchain.

Ferrari Fires Up Crypto Payments in Europe 🏎️

Ferrari expands its crypto payment options to Europe, allowing customers to purchase cars using Bitcoin, ether, and USDC.

Ferrari is expanding its crypto payment options to Europe, following a successful launch in the U.S. last October. Starting at the end of July, Ferrari’s European dealer network will begin accepting payments in bitcoin, ether, and USDC stablecoin. This move is in response to growing demand from clients who are heavily invested in cryptocurrencies.

Ferrari’s partnership with BitPay in the U.S. has been instrumental in facilitating these crypto transactions, converting payments into fiat currency to protect dealers from price volatility. While it remains to be seen which processors Ferrari will use in Europe, the company is committed to expanding this payment option to other regions where cryptocurrencies are legally accepted. This initiative reflects Ferrari’s willingness to adapt to the evolving financial landscape and meet the needs of its clientele.

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WazirX Halts Trading After $230M Hack 🧑‍💻

Indian crypto exchange WazirX has halted trading following a $230 million hack, launching a recovery program to reclaim the stolen funds.

Indian crypto exchange WazirX has suspended trading following a massive $230 million hack on July 18, believed to be the work of North Korea’s Lazarus Group. The hack involved the compromise of a private key, resulting in the theft of significant amounts of Shiba Inu, MATIC, PEPE, USDT, and GALA tokens. In response, WazirX has launched a recovery program, offering up to 10% of the stolen funds as a bounty for their recovery.

Despite the dire situation, WazirX is conducting a thorough forensic examination and security audit and plans to resume withdrawals soon. The exchange is calling on cybersecurity experts to help track and freeze the stolen assets, with additional rewards offered for actionable intelligence. However, given the notorious difficulty of recovering funds from the Lazarus Group, the challenge ahead is immense.

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