This week, SOL’s value has seen a significant increase, elevating its decentralized exchange (dex) platforms and propelling the layer one (L1) blockchain to a leading position in 24-hour dex trading volume. Solana’s dex platforms have amassed .802 billion in trade volume over the past day, outperforming Ethereum’s dex platforms, which have recorded .03 billion in […]
Bitcoin News
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele
El Salvador has been buying one bitcoin a day since 2022, according to President Nayib Bukele, who confirmed that his country’s “1 bitcoin a day program” will continue until the cryptocurrency “becomes unaffordable with fiat currencies.” The bitcoins acquired from El Salvador’s daily purchases are also deposited into the same wallet address used for the […]
Bitcoin News
9 Spot Bitcoin ETFs Break All-Time Daily Volume Record
Nine recently launched spot bitcoin exchange-traded funds (ETFs) broke their all-time daily volume record on Monday as the price of bitcoin soared. “It’s official…the new nine bitcoin ETFs have broken all-time volume record today with .4b,” said a Bloomberg ETF analyst, noting that Blackrock’s Ishares Bitcoin Trust (IBIT) “went wild,” breaking its record by about […]
Bitcoin News
Moonland Web3 Game Targets 100 Million Daily Active Players as it Gears Towards a March Presale. $MTK Airdrop.
PRESS RELEASE. Blockchain gaming showed more resilience in the bear market. As we entered 2024, many including studio executives predicted millions of people would come to Web3 for the sake of gaming. Some of the attributes strengthening this season’s affinity to gaming hype are the anticipation of more commercial releases from beta versions, the launch […]
Bitcoin News
NEAR Protocol’s Expansion: Q4 2023 Shows 1,250% Rise In Daily Active Addresses
NEAR Protocol, the Blockchain Operating System (BOS), experienced significant growth in key metrics during the fourth quarter (Q4) of 2023. The protocol’s native token, NEAR, recorded a remarkable 16% year-to-date growth and witnessed a surge in adoption.
Circulating Market Cap Soars 245%
According to a Messari report, the entire crypto market cap increased in Q4 2023, largely driven by the anticipation surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs).
NEAR actively participated in the overall market rally and achieved additional gains due to its heightened network activity and significant announcements. As a result, NEAR’s circulating market cap for the end of 2023 reached .7 billion, marking a 245% increase quarter-on-quarter (QoQ) and a 246% increase year-on-year (YoY).
Furthermore, NEAR’s fully diluted market cap reached .3 billion. The protocol’s market cap ranking also soared, climbing 10 places to reach approximately 30th by the end of 2023.
In Q4 2023, NEAR’s revenue grew substantially, primarily generated from network transaction fees, reaching 0,000. The increase in revenue was attributed to the heightened activity generated by projects such as KAIKAINOW and NEAR Inscriptions.
During the Inscriptions craze, revenue surged due to a transaction spike, driving up transaction fees. Notably, NEAR employs a fee-burning mechanism, where 70% of all fees are burned, while the remaining 30% is directed to the contract from which the transaction originated.
NEAR User Base Skyrockets
Another key metric demonstrating the protocol’s growth in Q4 2023 is that NEAR experienced significant growth in its user base.
Average daily active addresses increased by 1,250% YoY, reaching 870,000 in Q4 2023. In addition, the number of daily new addresses grew by a remarkable 550% YoY to 170,000 in Q4 2023.
According to Messari, this expansion comes after the successful launch and adoption of projects such as KAIKAINOW and contributions from the Sweat Economy, Aurora, and Playember, which further supported this positive trend.
NEAR’s daily active addresses were notably higher than those of other leading blockchain networks. For example, Optimism averaged 72,000 daily active addresses, Arbitrum 150,000, Polygon PoS 375,000, and Aptos 60,000 in Q4 2023.
NEAR Inscriptions significantly drove network activity, reaching a yearly high of 14 million transactions in December. Despite this substantial increase, transaction fees remained stable, staying below .01 for the quarter.
Top 25 Blockchain By TVL In Q4 2023
NEAR’s Total Value Locked (TVL) reached 8 million by the end of Q4 2023, marking a remarkable 147% increase from the previous quarter. Among blockchains, NEAR positioned itself at approximately 25th place regarding TVL.
Within the NEAR Network’s TVL, NEAR contributed million, accounting for nearly 46% of the total TVL on the network. The remaining TVL was distributed across various decentralized finance (DeFi) applications, including Aurora, Ref, Berry Club, and Flux.
Additionally, NEAR announced partnerships with projects such as Chainlink and decentralized exchange (DEX) SushiSwap.
According to Messari, the integration with Chainlink’s decentralized oracle network provided NEAR developers with access to real-world data and external Application Programming Interfaces (APIs), enhancing the functionality and usability of NEAR-based applications.
On the other hand, the collaboration with SushiSwap allowed NEAR users to access a wide range of token swaps, liquidity pools, and yield farming opportunities, enabling developer adoption and increased usage within the ecosystem.
Ultimately, looking ahead to 2024, Messari said the protocol’s vision is to iterate the technology roadmap, attract more developers, and attract more leading protocols.
Featured image from Shutterstock, chart from TradingView.com
Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion
Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.
Hedera Outpaces Crypto Market With 78% QoQ Increase
During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching .9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.
In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to .6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service.
Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.
With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.
The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.
While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.
Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.
DEX Trading Volume Skyrockets 164% QoQ
In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.
Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus.
The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.
Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching .3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.
Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of .3 million. Circle’s USDC stood as the sole stablecoin available on Hedera.
The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.
Under current market conditions, the price of HBAR stands at .0736, showcasing substantial growth in the past 24 hours, with a 5% increase.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin’s Ordinal Inscriptions Soar Beyond 55 Million, Achieving Third Highest Daily Record
Following the weekend, the tally of Ordinal inscriptions on the Bitcoin blockchain surpassed 55 million. Notably, on Jan. 13, 2024, the blockchain witnessed its third-highest day of inscriptions, settling an impressive 477,751 inscription-based transactions on Saturday. Additionally, from the inception of the first inscription in December 2022, bitcoin miners have amassed 6 million worth of bitcoin, capitalizing on this growing trend.
Miners Net 6 Million From 55 Million Inscriptions
From Dec. 28, 2023, to Jan. 12, 2024, the pace of daily Ordinal inscriptions on the Bitcoin blockchain moderately decelerated. However, a surge occurred on Saturday, Jan. 13, marking a record-breaking number of daily inscriptions. This date became the third-largest in terms of inscriptions, with an impressive 477,751 added to the blockchain. That day, approximately 652,483 transactions were processed, with inscriptions comprising a notable 73.22% of all miner-confirmed transfers.
Continuing the trend, on Sunday, Jan. 14, 2024, the blockchain saw another substantial 446,783 inscriptions being incorporated into the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were inscription-based. Furthermore, following these two record-setting days, the total number of inscriptions impressively exceeded the 55 million threshold this weekend. Among these inscriptions, miners have accumulated a total of 5,750 BTC, valued at 6 million, based on the current BTC exchange rates.
Around .7 million in fees from inscriptions were paid to miners on Jan. 13 and the following day, miners accrued another .94 million. Bitcoin miners are reaping the benefits from fees paid by inscriptions and on Dec. 16, 2023, miners nabbed .9 million in fees. Moreover, the number of inscriptions per block has increased a great deal as minters have learned ways to fit in as many as possible. Data further shows that there are 278,296 recursive inscriptions on the chain as well.
Recursive ordinal inscriptions entail retrieving and incorporating data from existing inscriptions to craft new ones. In the realm of Ordinal inscriptions traded on non-fungible token (NFT) markets, Bitcoin has taken the lead in the past 30 days, boasting 9.53 million in digital collectible sales. Ethereum, previously the frontrunner in NFT blockchain, recorded 1.18 million in sales during the same period. Yet, on a weekly basis, BTC’s lead is marginal, with sales of .68 million, narrowly surpassing Ethereum’s .42 million.
What do you think about Ordinal inscriptions surpassing the 55 million mark and the third highest day of inscriptions on record? Share your thoughts and opinions about this subject in the comments section below.
Arbitrum (ARB) Rise: Daily DEX Volume Surges, Outpacing Ethereum By $400 Million
Arbitrum, a prominent Layer-2 (L2) scaling solution, has been on a remarkable upward trajectory since the launch of its native token, ARB, in March 2023. The past 30 days witnessed a staggering 74% surge in ARB’s value, underscoring the growing market interest in the protocol.
Notably, Arbitrum’s daily decentralized exchange (DEX) volume has experienced a significant surge, propelling the protocol to surpass Ethereum (ETH) for the first time in this key metric.
This milestone highlights Arbitrum’s increasing adoption and recognition for its scalability within the decentralized finance (DeFi) ecosystem.
Arbitrum Sets New DEX Records
According to data from DefiLlama, Arbitrum’s daily DEX volume reached an impressive .834 billion over the past 24 hours, surpassing Ethereum’s volume of .444 billion. Analyzing DefiLlama’s data, it becomes evident that Arbitrum’s growth extends beyond daily DEX volume alone.
The weekly change in ARB’s value soared by 32.58%, showcasing the token’s strong performance in the market. Moreover, Arbitrum’s seven-day volume reached an impressive .804 billion, indicating robust trading activity on the protocol.
In terms of total value locked (TVL) in DEX, Arbitrum accounted for .297 billion, constituting 33.40% of the total TVL. In comparison, Ethereum’s TVL stood at .92 billion, making up 26.29% of the total. This demonstrates Arbitrum’s growing prominence as users increasingly recognize its potential for efficient and secure decentralized trading.
ARB’s Financial Metrics Soar
Further demonstrating the growth of the protocol’s ecosystem, token terminal data shows that Arbitrum’s market capitalization (in circulation) has increased by an impressive 83.84% to .56 billion.
The revenue generated by Arbitrum over the past 30 days has also experienced remarkable growth, with a 79.82% increase to reach .66 million.
Furthermore, looking at the fully diluted market capitalization, Arbitrum has witnessed an identical 83.84% rise to reach .07 billion.
Arbitrum’s revenue on an annualized basis has seen a significant boost, surging by 101.67% to reach 1.81 million. This figure represents the projected revenue for a full year based on the current monthly revenue, underscoring the protocol’s sustained growth.
In terms of fees generated, Arbitrum’s 30-day figures have surged by 79.82% to reach .66 million, demonstrating the protocol’s ability to capture a significant share of transactional fees within its ecosystem.
On an annualized basis, fees have soared by 101.67% to reach 1.81 million, further validating the protocol’s revenue growth and economic potential.
Nevertheless, the protocol’s native token, ARB, is trading at .8962, down over 8% in the past 24 hours and below its all-time high (ATH) of .11 set on Thursday. Despite this pullback, it is still up 36% over the past 14 days, demonstrating the token’s bullish momentum.
Featured image from Shutterstock, chart from TradingView.com
New Year’s Eve Sees Bitcoin Network Break Daily Transfer Record With Over 731,000 Transactions
As 2023 drew to a close on New Year’s Eve, the Bitcoin network eclipsed yet another record by verifying a significant 731,351 transactions in a single day. This achievement outstripped the previous high set on Dec. 24, 2023, or Christmas Eve, where miners confirmed a total of 723,459 transactions.
Bitcoin Ends 2023 With Record-Breaking 731K Transactions
The year 2023 saw a series of benchmarks surpassed in Bitcoin’s network and onchain activities as both the mining difficulty and hashrate soared to unprecedented levels, alongside a daily increase in transaction confirmations. On the cusp of the new year, miners cemented a record with 731,351 transactions verified on Dec. 31, 2023, largely propelled by Ordinal inscriptions.
On the same day, 314,003 inscriptions were processed, making up roughly 42.93% of the total transactions confirmed on Sunday. Meanwhile, bitcoin miners experienced a notably lucrative fee market in December. Despite breaking the daily onchain transfer record on New Year’s Eve, around 351,000 transactions remain in the backlog on Jan. 1, 2024. Over the preceding 30 days, miners authenticated a staggering 16,704,699 transactions, averaging 6.7 transactions per second.
With this latest milestone, the network managed an impressive rate of 8.10 transactions every second on Sunday, translating to about 30,000 transactions each hour. On Dec. 31, an average of 4,600 transactions were documented per block. As of Jan. 1, 2024, the intervals between block confirmations have ranged from 9 minutes and 39 seconds to 8 minutes and 55 seconds, with miners having validated a grand total of 946,371,028 transactions up to block height 823,890.
As 2023 gave way to 2024, the Bitcoin network not only celebrated a historic feat on New Year’s Eve but also showcased the unwavering momentum of its expansion. Nearly 43% of that day’s transactions were fueled by the rapidly growing trend of Ordinal inscriptions, reflecting the network’s ongoing evolution and its enduring capacity to accommodate new and diverse demands.
What do you think about the Bitcoin network’s latest feat on Dec. 31, 2023? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Breaks Records: Christmas Eve Sees Lifetime Surge in Daily Transactions and Hashrate
On Dec. 24, 2023, Bitcoin shattered yet another daily transaction milestone, with miners confirming 723,459 transfers in a single day. The transaction rate on Christmas Eve exceeded the former peak of 710,579 verifications on Nov. 19, 2023.
Bitcoin’s Festive Feat — Record Transactions and Hashrate Soar on Christmas Eve
Throughout the festive weekend, the Bitcoin network set two fresh records. On Christmas Eve, the network achieved a historic high with 723,459 bitcoin transactions confirmed by miners in a single day. It surpassed the previous high of 710,579 set 36 days earlier by an impressive margin of 12,880 transactions. The marked surge in daily transactions on Dec. 24 primarily stemmed from Ordinal inscriptions, contributing a considerable volume of the day’s transfers.
Dune Analytics data indicates that about 439,505 Ordinal inscriptions were verified on Sunday. Consequently, inscriptions outpaced traditional financial transfers, making up 60.75% of all transactions on Christmas Eve 2023. The previous record from Nov. 19 now ranks as the second highest, with Dec. 3, 2023, trailing as the third with 707,876 transfers.
Beyond setting a daily transaction record on Christmas Eve, bitcoin (BTC) miners also achieved a new pinnacle in the network’s total hashrate. The cumulative hashrate soared to 546 exahash per second (EH/s) on Dec. 24, climbing from 538 EH/s the previous day as network difficulty breached 72 trillion. This rate translates to 546 quintillion hashes per second (H/s) or 0.546 zettahash per second (ZH/s). From Jan. 1, 2023, to date, the hashrate has escalated by 311 EH/s.
What do you think about Bitcoin confirming 723,459 transactions in one day? Share your thoughts and opinions about this subject in the comments section below.