Solana Competitor Explodes Over 110% in Two Weeks Amid New Investment From USDC Issuer Circle | Canada News Media
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Solana Competitor Explodes Over 110% in Two Weeks Amid New Investment From USDC Issuer Circle

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A Solana (SOL) competitor is suddenly soaring amid news that stablecoin issuer Circle (USDC) is investing in the blockchain project.

The Sei Network (SEI), the new layer-1 blockchain that claims to be a blockchain faster than Solana, reached a high of $0.250 after the Circle announcement, a more than 110% increase from its value of $0.118 on November 10th.

Circle said they were investing in the SEI network to expand use cases for USDC, its dollar-pegged digital asset.

SEI has slightly retraced and is trading for $0.239 at time of writing.

Said SEI,

“SEI is designed specifically to address the primary use case of cryptocurrency – the exchange of digital assets. This blockchain isn’t just fast; it’s the fastest, achieving 390ms time to finality and boasts unparalleled speed.

Through integration with SEI, USDC will provide developers and entrepreneurs around the world something they’ve never had before: the ability to build products and commerce on an open platform globally, quickly, and cheaply with instantaneous transaction settlement.”

According to SEI, its trading-focused blockchain network is faster than Solana’s based on certain key data.

SEI says its transaction finality on its blockchain is 500 milliseconds whereas Solana’s transaction finality is around 2.5 seconds. SEI also compares its transactional throughput with Solana by saying Sei Network has the capability of 20,000 orders per second (ops) and Solana can handle 10,000 transactions per second (tps).

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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