ETH, SOL, ZEC retreat, Akash heads towards Solana: the altcoins point

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Ethereum is trading at $2,251, down 1.5% over 24 hours after a high of $2,300. Yesterday morning, ETH was still holding $2,280. XRP is stalling at $1.25 (0.0%) and BNB is down 1.9% at $696, while it was trading between $706 and $713 the day before at the same time.

Solana takes the cleanest hit. SOL is down 2.7% to $92 and is now -7.9% over seven days, while Solana spot ETFs have lost $71.5 million over the past week. The $90 support barely held (lower at $90.86).

Zcash, star of the month of October, corrected by 10.6% to $1,135. The range over the past 24 hours is $1,128 to $1,275 and ZEC remains stuck at the bottom of the range. Bitcoin lost 1.9% to $76,717 at the same time.

Voting closed Monday, November 2 at 4 p.m. (Paris time). Akash Network's Proposition 346, opened on October 26, received 97.27% of votes in favor and a participation of 69.37% of staked AKTs. The final count can be viewed on Mintscan. The adopted text validates the abandonment of the akashnet-2 sovereign chain, built with the Cosmos SDK since the launch of the mainnet in September 2020, in favor of native programs on Solana.

Concretely, around 300 million AKT in circulation will change homes. An SPL AKT token (the standard for tokens on Solana) must be issued within two to three weeks, once two audits have been passed, and a migration portal will exchange the old tokens at a ratio of 1 to 1. This portal will remain open for 24 months, one-way. The compute marketplace and staking rewards will then switch, after a second vote, and the old chain will be turned off 90 days later.

Why leave? Akash calculates the cost of an operation on its marketplace at 9 times less on Solana on a calm day and 300 times less under load, for network fees reduced to 0.075 SOL per day. The project follows in the footsteps of Helium and Render, which moved to Solana in 2023. The market did not applaud: AKT is trading at $0.59 this Tuesday morning, down 2.7% over 24 hours and 12% over the week.

NEAR Protocol recorded the worst session for large caps, with a plunge of 10.3% to $3.81 and -13.4% over seven days. The October 27 announcement of confidential perpetual contracts on the pre-IPO valuation of Anthropic (accessible via near.com with 10x , executed on Hyperliquid) will not have protected the token. Anthropic filed its IPO with the SEC on October 26, and NEAR has lost 13% since then.

Machine-translated from French