Scotland-based BetDEX has raised the largest-ever-seed investment round by a UK startup of $21 million to create a decentralized global sports betting protocol. BetDEX is building its protocol on the Solana blockchain with the hope of becoming a global clearinghouse for sports wagering. Solana’s high transaction speed and low fees will be used by third parties to run their betting platforms. BetDEX has said that it will charge a fee of less than 1% on net winnings, which is less than the average fee charged by the competitors of 2% to 5%.

According to the announcement, the company has plans to build its betting platform on the protocol. At the launch, BetDEX will accept wagers in SOL, SAMO, and USDT. These positive developments kept the losses in SOL/USD limited but failed to reverse the bearish trend.

Some of the losses in SOL/USD could be attributed to the news that an Australian man pirated all NFTs available on the Ethereum and Solana blockchains. He pirated all the NFTs on both blockchains and made them available on PirateBay.

A 17.96 TB archive containing public images associated with every NFT minted on Ethereum and Solana was made available to the public on torrent site PirateBay after a software developer from South Australia pirated them. Geoffrey Huntley said that he had to rent a bare-metal server to pull off this move and said that getting a bare-metal server at AUD 200 a month to make this archive file was worth it.

Furthermore, a widely followed cryptocurrency analyst and trader said that three Ethereum competitors have more room for growth than the smart contract platform Solana. This comment from a famous analyst added further negative impressions on SOL/USD on Thursday. According to the trader, the native tokens of smart contract blockchains like Avalanche (AVAX), Terra (LUNA), and Fantom (FTM) have better opportunities against Ethereum than Solana, adding to a negative impression on SOL/USD.

Solana (SOL) fell below the rising channel and the 20-day EMA ($224), and now it’s trading at the $197 level. The upward trendline is extending support at the $187 level, and the closing of candles above this level supports Solana’s upward trend.

Bulls are trying to defend the violation of the $187 level; therefore, the breakout below $187 will most probably bring selling below $187 levels.