Coingecko experienced a data breach on June 5, compromising the personal information of nearly 2 million users. The breach occurred through its third-party email platform, Getresponse. Third-Party Email Platform Breach Hits Coingecko On June 5, 2024, Coingecko detected unusual activity on its third-party email marketing platform, Getresponse. An attacker had compromised a Getresponse employee’s account, […]
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Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric
The race to achieve the fastest blockchain transaction processing speeds is heating up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals some surprising findings.
The study analyzes the real-world transaction per second (TPS) performance of a range of large blockchain networks, both Ethereum-based and non-Ethereum (ETH) Virtual Machine (EVM) protocols.
Solana Emerges As The Undisputed Speed Champion
According to the findings, Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th, 202. Notably, this figure makes Solana 46 times faster than Ethereum, the second-largest cryptocurrency by market capitalization.
Furthermore, Solana’s TPS is more than 5 times faster than Polygonm (MATIC), which currently holds the highest TPS among Ethereum scaling solutions.
According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of heightened market activity, such as the recent Memecoin mania, specifically within the Solana network.
However, it’s important to note that despite Solana’s performance, the blockchain has only achieved 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement, and the network’s upcoming upgrades will be closely watched to see how quickly it can record even higher real TPS.
Ethereum Scaling Solutions Lag Behind Non-EVM Blockchains
The second-fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the on-chain game Sui 8192 gained popularity. Other fast blockchains among the non-EVMs include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.
In contrast, the non-EVM blockchains that have recorded relatively lower real processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
Collectively, the 8 non-EVM large blockchains have an average peak TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which have an average of just 74 TPS.
The EVM-compatible blockchain that has achieved the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7th, 2023, amid the surge in on-chain activity driven by the inscriptions craze. This performance places BSC as the fastest Ethereum-based blockchain, though it still lags behind the top non-EVM protocols.
Similarly, the surge driven by inscriptions allowed Polygon to record 190 TPS on November 16th, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself. However, the leading non-EVM blockchains still outpacing even Polygon’s impressive speed.
At press time, SOL was trading at 8, up nearly 7% in the last 24 hours and registering an impressive 720% gain year-to-date.
Featured image from DALL-E, chart from TradingView.com
Coingecko Study: Low-Float Cryptocurrencies Make up 21.3% of Top 300 by Market Capitalization
According to the findings of a Coingecko study, low-float cryptos currently account for 21.3% of the top 300 cryptos by market capitalization. The four cryptos with the lowest float are worldcoin (WLD), cheelee (CHEEL), starknet (STRK), and saga (SAGA) which were all launched in 2023 or 2024. However, among the top 300 cryptos, 74 have […]
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Coingecko Report: Meme Coins Eclipse AI and RWA Tokens With Stellar Q1 Performance
In the first quarter of 2024, meme coins significantly outshone all other cryptocurrency narratives by delivering an astonishing average return of 1312% across its leading tokens, as observed in a report by Coingecko. Among these, the newly launched tokens Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW) were notable for […]
Bitcoin News
Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1
In the first quarter of 2024 (Q1), memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and report conducted by CoinGecko.
This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market.
RWA Vs Memecoins
Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW).
BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2% during the quarter. Notably, the memecoin narrative outperformed other crypto narratives by a significant margin.
Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1.
The RWA narrative, which stands for “Real-World Assets“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March.
Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter.
Artificial intelligence closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%.
Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens.
Layer 1 Tokens Trail Behind
The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) fee switch proposal. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.
In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While Solana (SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively.
Bitcoin (BTC) achieved a 65.1% gain, reaching new all-time highs, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications.
Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively.
As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at .1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period.
Featured image from Shutterstock, chart from TradingView.com
MDEX.COM Holds Top DEX Ranking on Coinmarketcap and Coingecko
For most of 2020, the buzz word in the cryptosphere was ‘DeFi’. The sprawling movements and burgeoning growth in the decentralized exchange space in the last months are now screaming ‘DEX’.
And if the past month is anything to go by, the spectacular moves from Heco-based DEX MDEX.COM appear to have entrenched its Number One leading position as the current DEX king on both Coinmarketcap and CoinGecko.
Condensing One Year’s Journey Worth into One Month
Recently launched on January 19, 2021, a month later on February 20, the young DEX (decentralized exchange) managed to exceed USD 5 billion in 24-hour trading volumes, which astoundingly eclipsed the cumulative volumes of all the rest of the other DEXes on that day.
When compared with leading DEX Uniswap, which took 840 days to exceed USD 100 billion in cumulative trading volumes, MDEX took just 50 days! How did a relatively unknown DEX manage such a feat?
Favorable DEX Environment
We will of course do well to remember that decentralization is at the core of the entire crypto movement. Satoshi’s vision for Bitcoin as an alternative to mainstream economies was, at the heart of its foundation, a currency to facilitate decentralized peer to peer exchanges.
While CEXes are of course necessary intermediary platforms, even leading centralized exchange (CEX) Binance CEO CZ admits that DEXes will eventually overtake his own centralized exchange.
Another factor to consider are the tightening regulations on CEXes, which impose many restrictions. These moves result in project delistings, exchange relocations or shutdowns. For DEXes, however, this presents an opportunity to take over the marketplace.
Already in late 2020, the rise of Uniswap showed that DEXes were ready to facilitate decentralized trades. In 2021, with even better technologies and mechanisms, more and more DEXes are rising to prominence and nailing the coveted USD 1 billion in 24-hour trading volumes.
DEXes Offer Cheaper Transaction Fees, Privacy and Less Incentive for Hackers
For users who prefer to trade anonymously, DEXes are the answer. DEXes offer privacy, cheaper transaction fees, and little incentive for hackers because funds are traded peer-to-peer and not deposited in the massive honeypots on CEXes that hackers can target.
MDEX.COM: Dual Mining, ‘Zero’ Fees, Fast Transactions and Community-Focused
For quite a while, Uniswap was the undisputed leader, offering the kind of liquidity that was only found on CEXes. However, Uniswap is on the Ethereum mainnet and the increasing congestion and subsequent high gas fees have been deterring many users and projects.
It is no accident why MDEX has taken over Uniswap’s leading position and captured major market share. An important factor is its zero-to-negative fee offerings, made possible as a result of its implementation of a unique ‘dual-chain dual-mining’ mechanism on the platform.
Most DEXes implement a liquidity pool mining whereas MDEX implements both liquidity and transaction mining. As MDEX CMO KiKo explains:
“For liquidity mining, also known as yield farming, MDX tokens are generated for the users who provide liquidity to the pool. In transaction mining, users can harvest MDX by trading the specified pairs and 0.3% transaction fees will be charged for transaction mining. Of the 66% transaction fees charged, 30% will be used to repurchase and destroy MDX. The rest of the 70% will be used to purchase HT from the secondary market to reward MDX/USDT, MDX/WHT, MDX stakers. All these transactions are publicized on the chain. This “dual mining mechanism” of transaction mining and liquidity mining completes an ecological “closed loop” designed to support liquidity on an AMM-based DEX.”
On MDEX, its low handling fees of only 0.1 cent per swap, means that 1 USDT of HT can support nearly 1,000 swap transactions. Combined with low slippage, good depth and high APY for transaction and liquidity mining, trading on MDEX can generally achieve zero and even negative transaction fees because, excluding slippage losses, the MDX rewards generated by the MDEX platform users for trading and mining are much higher than the transaction fees required for the transactions.
In terms of transaction speed, utilizing the Huobi Eco-Chain (Heco), MDEX transaction confirmation times are a mere 3 seconds.
In addition, platform user experience has been designed to be simple and user-friendly, and the MDX token is designed with community governance in mind.
MDEX.COM: All about Maintaining Excellence and Innovation
Currently MDEX.COM is the DEX with the lowest transaction fees, with the platform having paid out more than USD 310 million in transaction fee subsidies. Cumulative Liquidity Pool rewards are USD 210 million with the LP yield rate the highest in the entire ecosystem.
As the first DEX to implement the utilization of transaction fees for token buybacks and burns, MDEX maintains that innovation will continue to be a part of its overall vision. The DEX has indicated that its goal is to create a comprehensive DeFi ecosystem that integrates DEX, IMO (Initial Membership Offering) and DAO (Decentralized Autonomous Organization) and continue to provide excellent services and quality trading experience.
As always, community focus will stay paramount in all upcoming developments.
To know more about MDEX.COM, its Official Website is https://mdex.com/#/
CoinGecko Now Tracks Data From 20-Plus Crypto Derivatives Markets
The data aggregator has added a new service tracking the growing number of crypto derivatives products.
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Crypto Ranking Website CoinGecko Launches Derivatives Section
n Crypto ranking website CoinGecko is launching its own cryptocurrency derivatives metricsn
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