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SPX index is down 0.39%, influenced by declines in megacaps and energy shares amid signs of a cooling labor market. The broader cryptocurrency market is down, with Bitcoin and Ether dropping 0.61% and 1.23% in the past 24 hours, respectively.
Today’s outperformer is HNT, which jumped 62.6% after Helium mobile expands nationwide unlimited plans and user-maintained networks on the Solana blockchain.
Helium (HNT), launched in July 2019, is a blockchain network connecting Internet of Things (IoT) devices through over 25,000 Hotspots using LoRaWAN technology. It facilitates device communication and data transmission, focusing on privacy and efficiency in the IoT sector by leveraging blockchain's decentralization. Helium is known as "The People’s Network," addressing privacy issues in conventional IoT hubs. Helium Mobile has expanded its $20/month unlimited data, text, and talk plan nationwide, leveraging T-Mobile's network. Users can switch devices freely, terminate contracts at will, and earn MOBILE tokens by maintaining a hotspot for the network. The service throttles speed after 30GB of usage. Helium Network, now on Solana blockchain, aims to reduce dead zones with user-maintained mini cell towers.
The Ordinals protocol, which was launched in January 2023 and allows inscribing data onto Bitcoin's smallest unit, has recently led to network congestion and increased transaction costs. Bitcoin Core developer Luke Dashjr claims that Bitcoin Ordinals and BRC-20 tokens exploit a network vulnerability, bypassing data size limits in transactions. This issue, present since the Taproot upgrade, was recently fixed in Bitcoin Knots, a Bitcoin Core derivative. Fixing this in Bitcoin Core does not stop Ordinals and BRC-20 tokens, as miners and node operators can disable this feature, as it is not precise and could negatively impact their income, particularly for transactions not related to Ordinals. This update has been met with skepticism, seen as reducing potential earnings, and is not the only node software available.