Break Free: Solana, Polygon, Cardano Resist SEC

GM Readers!📪 This is your BitDegree Insider - time to fast-forward through the crypto universe!

⭐️Today's selection:

• 👊Crypto Titans VS SEC
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

A TRIPLE JAB AT SEC

Solana and Polygon disagree with the SEC

Projects have released statements:

Solana disagrees with the classification of $SOL as a security, while Polygon asserts that $MATIC is primarily aimed at the global community, not just the U.S. market.

Both companies stated they will continue their further development. Polygon separately announced, "Exciting technological announcements next week".

Nothing to worry about? Hmm, by the way - also:

IOG (Cardano developer) has stated that ADA is not a security, and SEC allegations will not affect the company's operations.

"Under no circumstances is ADA considered a security under U.S. law."

IOG added that regulation is now needed that recognizes the value of blockchain as a technology.

If only the SEC could understand this.

A positive outcome in the case against Ripple could theoretically tip the balance in the other direction.

Interestingly, there's more to say about Solana:

Solana could even carry out a fork to resolve issues with the SEC

Among some Solana Twitter influencers, the idea of executing a fork to eliminate any potential legal issues is gaining traction.

The matter involves a "branching" from the network, similar to what happened with Ethereum Classic.

They have even speculated on a potential name: "Solami".

Those who supported the idea also noted that the Solana Labs team will have no other choice if the SEC (Securities and Exchange Commission) indeed files a direct lawsuit.

"It's a copy of the chain but with a different set of rules and parameters. For example, you can block FTX accounts and they won't get the new token. And it won't be the same SOL," as stated in one of the comments.

In addition to protection against the SEC, this could also serve as a defense against Alameda & FTX. Some SOL holders are concerned that Alameda Research's locked stake of 8.2% of the supply might pose a threat to the chain's future.

This has given the fork idea a certain amount of support. However, it's too early to talk about specific steps, since those who proposed it don't even have a clear plan, let alone a "roadmap".

Of course, there are also those who think this is nonsense, and that it's better to focus efforts elsewhere.

TL;DR: Solana, Polygon, and Cardano challenge the SEC's stance, arguing their tokens are not securities. Amid this, Solana influencers ponder a potential fork to safeguard from possible legal issues.

VENTURE MONDAYS

The blockchain-based social graph, Lens Protocol, has successfully raised $15M in a financing round.

This round was spearheaded by IDEO CoLab Ventures, and it saw contributions from a variety of prominent participants including General Catalyst, Variant Fund, Blockchain Capital, PTC Crypto (Palm Tree Crew), Flamingo, Punk DAO, dao5 (daofive), Global Coin Research (GCR), DAO Jones, Balaji Srinivasan, and Sandeep Nailwal.

What is the main feature of the Lens Protocol, a blockchain-based social media?

All popular social networks are highly fragmented and operate independently of each other.

For instance, consider the process involved when you upload a video to YouTube. To share this content with your followers across various platforms, you must manually navigate to each of your other social networks to announce the video's release.

This might involve crafting an Instagram story, composing a new tweet, and so forth. Each platform requires individual attention, making the process time-consuming and repetitive.

Also, in each of the social networks, you need to register separately, fill in the data, upload videos, post photos, and so on.

Each social network is a separate universe, operating by its own rules.

Well, Lens is different!

How does Lens Protocol differ from traditional social networks?

Lens is not a social network, but a platform for social networks.

Imagine if there were invisible lines between YouTube, Twitter, and other social networks that connect them. And if you publish a post on one of the social networks, it automatically appears in all the others.

This is exactly how Lens works: all social networks built on this protocol are directly connected. And all your content is displayed simultaneously on all social networks.

Based on Lens, analogs of Twitter (Lenster, Phaver), YouTube (Lenstube), Instagram (Lensta), Twitch (Dumpling), and similar platforms have already been created.

In addition, you do not need to register on each of these social networks separately. Everyone has a single Lens NFT profile through which they enter any platform.

And the Lens Protocol itself operates on the Momoka blockchain. This means that all data belongs to the users, and any post on any social channel is an NFT.

"We want to create a network of social networks that will benefit not only users, but everyone who contributes to it, for example, developers," said Lens founder Stani Kulechov.

It will be interesting to see if Lens can turn the social media market upside down.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Hong Kong Welcomes Coinbase and Others Amid Regulatory Tensions in US. The newest haven is taking advantage of the US's unyielding regulatory charm.
• Stablecoin TrueUSD Sees Value Shift Amid Suspension of Minting Activities. TUSD is taking its users on an unexpected roller coaster ride
• Mark Cuban Accuses SEC of Creating Haze Over Crypto Regulations. Cuban Digs Deeper: SEC's Foggy Crypto Practices.