🤔 What is Io.net?

In this edition, we explore Io.net, Solana overtaking Ethereum, the Genesis settlement and more.  

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into the Ionet.

Key Words:

DePIN - Decentralized physical infrastructure networks are blockchain protocols that build, maintain and operate physical hardware infrastructure in an open and decentralized manner.

GPU - Graphics processing units are specialized processors designed to accelerate graphic rendering. GPUs are increasingly used for AI and machine learning tasks due to their high parallel processing capabilities.

What is it? Ionet is a decentralized peer-to-peer DePIN compute protocol operating on the Solana network. The project is aimed at revolutionizing the way GPUs are accessed and utilized for AI development and other intensive tasks.

What does it do? Ionet aggregates underutilized GPU resources from various sources including crypto mining farms, independent data centers and consumer GPUs. Through this process, it creates a decentralized network of GPU power that offers on-demand compute capabilities at significantly reduced costs.

What does it mean? The creation of Ionet signifies a shift towards more sustainable and efficient use of computing resources. It means startups and individuals can access high-power computing resources at a fraction of the cost and without the need for centralized cloud providers.

Why is it interesting? Ionet is interesting because it not only offers a solution to the high costs and low availability of GPU compute resources, but it also optimizes the use of existing infrastructure. This approach is environmentally friendly and cost-effective.

Who is its competitor? Ionet’s competitors include centralized cloud service providers that offer GPU computing resources, such as AWS, Google Cloud and Azure. Additionally, other decentralized compute sharing platforms could also be considered competitors, although Ionet’s unique approach to harnessing underutilized GPUs sets it apart.

How to get involved? The ticker is $ION.

Check out Shoal Research’s Substack and Telegram channel. 

Check out Shoal Research’s Substack and Telegram channel.

⏰ Crypto News Recap

Dogwifhat on the Las Vegas Sphere

Memecoins are driving Solana use, with the blockchain platform recently overcoming Ethereum in DEX activity. Last week, Solana trading volume reached $3.52 billion, passing Ethereum by $1.1 million. This follows the Solana memecoin, Dogwifhat, fundraising enough money to put it on the Las Vegas Sphere. The recent memecoin craze has been compared to Ethereum’s ICO boom in 2017. 

When Will the Ethereum ETF Arrive?

Analysts are predicting that a spot Ether ETF will not be approved anytime soon in the United States. Bloomberg analysts, James Seyffart and Eric Balchunas, argue that it is unlikely the ETF will be approved by the May 23rd deadline. This is due to the lack of interaction between the SEC and potential ETF issuers. Balchunas estimated a 25% chance of approval on X. However, Grayscale filed a request adding staking to the proposal last Tuesday. This follows Fidelity filing the same request one day before. Countries that have approved ETH ETFs include Canada and Europe.

Genesis Settles with the SEC

On March 19, Genesis agreed to a $21 million settlement with the SEC. The SEC filed the original charges in January of 2023, claiming that Genesis ignored investor protection by failing to register their product with the SEC.

$4.6 Million Exploit

The gaming token Super Sushi Samurai recently suffered from a $4.6 million exploit. The hacker later claimed it as a white hat rescue and offered to reimburse users. White hat hackers are individuals who use hacks to identify vulnerabilities in code. The Super Sushi Samurai team has said they are coordinating with the hacker.

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: The Chopping Block - Presales and Memecoins

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