A new stablecoin has emerged among the top ten U.S. dollar-pegged tokens. Known as USDB, this auto-rebasing stablecoin was developed by the Blast team. Despite the stablecoin economy being underwhelming over the past 30 days, USDB has quietly secured the ninth-largest market capitalization among all U.S. dollar stablecoins. USDB Climbs the Ranks The decentralized finance […]
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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
Cryptopunk #635 Achieves $12.41M Sale, Joins Ranks of Top Priciest NFTs
On Thursday, a Cryptopunk NFT with an alien theme changed hands for 4,000 ether, equivalent to .41 million. This particular Cryptopunk, #635, ranks as the sixth priciest in the Cryptopunks collection. Cryptopunks Collection Sees Another Major Sale With .41M Transaction In 2024, another significant transaction involving Cryptopunk #635 took place on Apr. 25, fetching 4,000 […]
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$14M Capital Infusion Catapults Ethena Labs’ Valuation; Stablecoin Ranks 9th Largest
On Friday, Ethena Labs, the creators of the stablecoin USDE, secured million in funding from key investors. Following this recent influx of funds and a previous .5 million investment from Maelstrom, overseen by Arthur Hayes, in July 2023, the company’s post-valuation has risen to 0 million. USDE Issuer Ethena Labs Raises M Ethena Labs, […]
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Bitcoin Spot ETF: Bitwise Closes Ranks With $200 Million Seed Fund
The competition among the Spot Bitcoin ETF issuers is heating up as the period for potential approval of these funds draws nearer. Asset manager Bitwise is the issuer currently making waves as it could potentially outrank the world’s largest asset manager, BlackRock, in terms of seed funds for their respective ETFs.
Bitwise’s Bitcoin ETF Could See 0 Million Seed Fund
Bitwise’s latest amendment to its S-1 filing with the Securities and Exchange Commission (SEC) shows that the asset manager has gotten interest from an investor to have its ETF seeded with 0 million upon launch. Bloomberg analyst Eric Balchunas highlighted its significance as he stated that it “blows away” BlackRock’s initial seed fund of million.
The analyst noted that Bitwise actually seeding its ETF with such an amount could be a “huge help” in the early days of the race. It is believed that the SEC is likely to approve the pending ETF applications simultaneously. As such, Bitwise being able to create 0 million of shares could give the asset manager an advantage in terms of meeting demands by clients.
Bitwise had previously shown its intention to lead the way from the get-go following the release of its Bitcoin ETF commercial. This move could help the asset manager gain much interest in its Bitcoin ETF even before launch. That way, the public sees it as the first choice upon launching.
Notably, Bitwise didn’t mention who the authorized participant (AP) for its ETF would be. The AP would act as the middleman between the ETF investor and issuer, as they are responsible for creating and redeeming the ETF shares. While Bitwise failed to name its AP, other issuers like BlackRock however included it in their latest S-1 filing with the SEC.
BTC ETF Issuers Show Their Hands In Latest Wave Of Filings
Spot Bitcoin ETF issuers made some notable inclusions in their latest and final amendment to their S-1 filings. These inclusions also give an idea of what strategy these issuers may be looking to adopt in order to lure investors to their funds. In Fidelity’s case, the asset manager will be looking to entice investors with its relatively low fees.
Balchunas noted that Fidelity’s ‘sponsor fee’ of 0.39% happens to be the lowest so far among other issuers that have made theirs known. Interestingly, Invesco is adopting a more enticing strategy as they revealed in their latest amendment that they will be waiving fees for the first six months and the first billion in assets.
The Bloomberg analyst mentioned that the fee war is going to continue being a thing in the Spot Bitcoin ETF terrain as issuers will be looking to outdo themselves.
Cardano Climbs TVL Ranks: 198% Yearly Surge Puts Network Among Top 15
Cardano (ADA), a Proof-of-Stake (PoS) Layer-1 (L1) smart contract network launched in 2017, experienced a largely quiet Q3 2023 in the overall crypto market. However, the network faced challenges with a decline in ADA’s price and revenue.
Despite these setbacks, Cardano showcased growth in its treasury balance, stablecoin market cap, and Total Value Locked (TVL) ranking. Furthermore, the network’s infrastructure and connections to other ecosystems have paved the way for future decentralized finance (DeFi) sector developments.
Cardano Sees Decrease In Daily Active Addresses And Transactions
According to a recent report by Messari, ADA’s price declined for the second consecutive quarter, down 9.5% quarter-over-quarter (QoQ) to .25, in line with the overall crypto market’s 9.2% QoQ fall.
The revenue generated from transaction fees also decreased by 29.9% QoQ, reflecting a decline in user urgency to transact during this period.
Cardano’s Treasury balance grew by 7.2% QoQ to 1.39 billion ADA. Although the treasury’s value in USD terms decreased by 3.0% QoQ due to ADA price depreciation, it demonstrated steady growth in ADA holdings.
Currently, 20% of transaction fees contribute to the treasury, providing a potential funding source for future projects.
Moreover, Cardano experienced a decline in daily active addresses for the third consecutive quarter, down 28.9% QoQ to 41,100. Average daily transactions also decreased by 12.2% QoQ.
However, the ratio of transactions to active addresses indicated that while the number of active users decreased, those present were power users, suggesting high engagement within the network.
Average daily dapp transactions decreased by 14.7% QoQ, but overall, they increased by 40.0% YTD. Non-fungible token (NFT) transaction activity declined for the third consecutive quarter, while NFT trading volume increased, highlighting the growing value of Cardano NFTs.
Cardano’s TVL Demonstrates Stability Despite Market Challenges
Cardano’s TVL remained steady, declining only 0.1% QoQ. However, its TVL ranking among all networks improved from 21st to 15th during Q3, indicating relative growth compared to other ecosystems.
The launch of two new stablecoins, iUSD and DJED, significantly contributed to the overall TVL growth, as the stablecoin market cap increased by 16.3% QoQ.
Per the report, Cardano also made progress in interoperability and core infrastructure during Q3. Partnerships with networks like Wanchain and developments in state channels, on-chain governance, and sidechains demonstrate the network’s commitment to expanding its capabilities.
Overall, Cardano’s Q3 2023 reflects a period of challenges and growth for the network. Despite declining ADA’s price and revenue, the treasury balance, stablecoin market cap, and TVL ranking showcased positive trends.
The network’s infrastructure developments and connections to other ecosystems position it favorably for future advancements in the DeFi sector. As Cardano continues to address challenges and foster innovation, it remains a key player in the blockchain landscape.
ADA Price Soars By 17% In 30 Days
Despite the sideways movement and declines in various indicators of Cardano’s overall ecosystem, ADA has experienced a significant surge of 17% in the past 30 days.
Currently, ADA is trading at .2983, continuing its upward trend recovery over the past weeks following a sharp decline since July 13 and a subsequent consolidation phase.
This consolidation phase led to a breakout of the previous four-month trend, which halted on October 19, triggering the recent surge in the token’s price. However, looking at the one-year timeframe, ADA’s value has seen a decline of 26%.
Featured image from Shutterstock, chart from TradingView.com
Coinbase Ranks As Second Largest ETH Staking Entity As Lido’s Dominance Raises Concerns
Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop by Chinese reporter Colin Wu. This development comes amidst growing concerns about network centralization in regard to Lido’s dominance in the ETH staking market.
Coinbase Accounts For 14.1% Of ETH Staking Activity – Report
According to Wu, a report from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH.
Coinbase dominance in the ETH staking sphere is only superseded by that of the liquid staking platform, Lido DAO, which accounts for one-third of all staked ETH.
Other platforms with a significant staking percentage include the Binance and Kraken exchanges, with a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking pool comes third with a 4.9% market dominance.
Notably, Coinbase experienced a 44% increase in ETH staking activity over the last six months. Coincidentally, this development falls within the period during which the Ethereum Shanghai upgrade has been active.
Contrary to fears that the last Ethereum network update may induce a decline in staked ETH due to the ability to finally withdraw staked assets, the Shanghai upgrade has so far boosted stakers confidence, resulting in a net positive flow of 7.84 million ETH since its implementation in April.
At the time of writing, the total amount of staked ETH stands at 27.42 million ETH, representing 22.81 of ETH’s circulating supply.
Lido’s Growing Dominance Sparks Centralization Concerns
In other news, Wu stated there are community concerns about centralization in regard to Lido’s ETH staking dominance. Due to the Proof-of-Stake Consensus model, a higher amount of staked ETH translates to a higher voting power during governance processes.
Data from Dune Analytics shows that Lido accounts for 8.80 million staked ETH, representing 32.11% of the ETH staking market. Notably, the liquid staking platform experienced a 55% rise in staking activity over the last six months.
According to information from Ethereum’s official blog, concerns about centralization are quite valid, as any validator controlling a minimum of 33% of staked ETH can prevent the network from finalizing any block, even in the presence of a 66% majority.
Moreover, if a validator acquires 55% of the staked ETH, they could theoretically split the Ethereum chain into two forks. All these are speculations, as there is no evidence indicating that Lido DAO has any malicious intentions toward the Ethereum network.
At press time, ETH trades at ,620.18, with a 1.36% decline in the last day, based on data from CoinMarketCap. In tandem, the token’s daily trading volume is down by 36.41% and valued at .86 billion.
Iskra Ranks #1 on Dapp Radar Setting the Pace for World of Win’s IGO
PRESS RELEASE. Web3 game company Iskra unveils the release of its own launchpad for games, the Iskra Launchpad, with World of Win set to be the first project to conduct its initial game offering (IGO) on the platform.
The release of the Iskra Launchpad comes right after Iskra dominated the number one spot on DappRadar’s blockchain games dapp rankings for all periods – 24 hours, 7 days, and 30 days – with 669.27k UAW as of writing and cited as one of the best-performing games dapp for March 2023.
The Iskra Launchpad is a platform that allows game companies working with Iskra to promote their tokens to the Iskra community via IGO before its official listing on an exchange. Through the Iskra Launchpad, the Iskra community will have the opportunity to discover visionary games at an early stage and purchase tokens at its offering price.
While tokens purchased on the Iskra Launchpad during an IGO are locked and subject to a vesting and distribution schedule, every IGO token has a corresponding “Express Token” that can be immediately used for other utilities. This unique feature allows IGO participants to concurrently enjoy exclusive uses such as purchasing NFTs on the Iskra Market, accessing exclusive invites to events like CBTs, and enjoying other in-game benefits.
World of Win, the first project that will hold its IGO on the Iskra Launchpad, is the platform’s first social casino and arcade offering, which showcases the best in slots and hyper casual skill-based games.
By playing World of Win, users can enjoy the thrill of playing in a casino without the gambling aspect of gaming as there is no cash-out feature involved.
WoW Labs, the company behind World of Win, will be offering its WoW token for the first time during the IGO, which builds up to the public launch of the game that is expected to happen soon afterwards.
“We are excited to kick off our service with the Iskra community and be an addition to the premier gaming catalog of the platform,” Sam [Family Name], founder and CEO of WoW Labs, explained. “Social casino is a unique and widely popular genre. The thrill that comes with games of chance is something that I’ve seen as a missed opportunity in crypto gaming, as a Web3 gaming and crypto enthusiast myself. WOW Labs is filling that gap by introducing the full blown social casino experience to the Web3 gamers.”
By launching World of Win, WOW Labs aims to introduce the first social casino gaming experience to Web3 gamers. The hyper casual and skill-based tournament games run on an hourly basis, which gives users speedy and dynamic play-and-earn experience, while WoW’s DeFi-inspired Piggy Bank NFTs allow more coins for continuous play.
The release of the Iskra Launchpad, as well as the launch of World of Win, adds another milestone to the several available services and games that Iskra offers to its growing community. According to Spike Ryu, Chief Operating Officer of Iskra, “the company is focused on steadily rolling out games and services, so that it can demonstrate the full potential of community engagement in Web3 gaming.”
ABOUT ISKRA
Iskra is a single-destination Web3 game platform for developers and players that rewards them for their contribution and participation through a unique community system on the blockchain. This allows stakeholders to take a major part in building the platform for future growth.
Current services include a wallet, DEX, marketplace, NFT Mission Card (daily reward), governance staking and voting, and soon-to-launch Launchpad, Web3 casual and hyper-casual games.
Backed by some of the biggest technology and video game companies in South Korea, Iskra ranks in the top categories for gaming in DappRadar for unique active wallets per day and engagement.
Explore the future of play!
ABOUT WoW LABS
WOW Labs is a Web3 casual games developer, teamed up from social casino and puzzle games studios that serviced on mobile and Facebook platforms. WOW Labs team formerly developed and advised multiple titles that grossed top of the charts in major app stores.
WOW Labs creates an immersive and addictive casual gaming experience that tightly integrates Play-and-Earn mechanisms. WOW Labs’ goal is to create a casual gaming focused metaverse that is approachable and fun to any skill level of gamers in the era of blockchain. WOW Labs is launching its first title “World of Win: Social Casino and Play-and-Earn Arcade” with Iskra, and will branch out its WOW franchise via more titles and over multiple blockchains to further reach casual game enthusiasts.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Arbitrum’s Governance Token ARB Ranks Within Top 40 Market Capitalizations Following Airdrop
Following the Arbitrum token airdrop, ARB has become a top 40 cryptocurrency as it currently holds the 37th largest market valuation out of more than 23,000 listed digital currencies. Currently, there is a circulating supply of 1,275,000,000 ARB, and the Arbitrum Foundation’s DAO Treasury holds 3.52 million or 35.27% of the airdropped supply. Over the past day’s trading sessions, ARB has decreased by 9.8% against the U.S. dollar.
Top Ten ARB Addresses Hold 94.41% of Current Circulating Supply
According to statistics recorded on Saturday, March 25, 2023, Arbitrum’s native governance token, ARB, is now the 37th largest cryptocurrency by market capitalization. The governance token for the layer two Ethereum scaling project has a larger market valuation than Optimism’s governance token, OP, which is the 66th largest by market capitalization on Saturday.
ARB’s overall market valuation is .58 billion, and 24-hour trading statistics show a range from .19 to .39 per unit of ARB over the last day. Data from Dune Analytics indicates that 968.71 million of the 1.275 billion ARB tokens have been claimed so far, accounting for 83.4% of the claimable tokens on March 25.
Currently, there are 247,700 unique ARB holders, and the top ten addresses hold 94.41% of the ARB in circulation. The Arbitrum Foundation’s DAO Treasury holds roughly 3.52 million ARB, and the second-largest address holds 2.69 million ARB.
Exchanges that hold a significant amount of ARB include Bybit, Kucoin, Mexc Global, and Bitget, as all four exchanges have addresses within the top 25 largest ARB holders. Two days ago, on March 23, ARB reached both an all-time high and an all-time low on the same day.
The price today is 89% lower than the recorded all-time high of .80 per unit and 12.9% higher than the all-time low of .10 per ARB. The trade volume of ARB has increased significantly over the last two days, with .738 billion in ARB trades settled during the last 24 hours.
The top five most active cryptocurrency exchanges in terms of ARB trade volume include Binance, Bitget, Okx, Uniswap (Arbitrum version), and Gate.io.
What do you think the future holds for Arbitrum’s governance token ARB? Let us know in the comments section below.
Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation
With the crypto economy experiencing significant gains over the past week and the price of ethereum rising 11.9%, the market capitalization of Lido’s staked ether has increased to .3 billion. This recent increase has propelled the token’s overall market valuation to the ninth-largest position, according to the crypto market capitalization aggregation website coingecko.com.
Lido Finance’s TVL Dominates Defi with a 21.59% Share
The value of liquid staking tokens associated with ethereum (ETH) has increased significantly over the last week following ether’s 11.9% gains against the U.S. dollar. In particular, Lido’s staked ethereum token, STETH, now has a market capitalization above the billion range, reaching .36 billion on Monday, March 20, 2023. According to coingecko statistics, STETH’s market valuation now ranks ninth, with dogecoin’s (DOGE) market capitalization holding the tenth position.
Above STETH is the market valuation of polygon (MATIC) at .42 billion. Currently, there is a circulating supply of around 5.8 million STETH, and over the past 24 hours, the token has recorded .35 million in global trades. The most active exchanges dealing with STETH on Monday are Bybit, Gate.io, and Huobi. STETH has gained 12.4% this week and 4.6% over the past 30 days.
Currently, Lido Finance’s website estimates that STETH stakers are receiving around a 5.9% annual percentage rate (APR) by staking the token. At the time of writing, Lido is the largest decentralized finance (defi) protocol out of the .01 billion total value locked (TVL) on Monday. Lido’s TVL accounts for 21.59% of the entire amount of value locked in defi. In the last seven days, defillama.com statistics show that Lido’s TVL has increased by 8.9%, and over 30 days, it has grown by 17.07%.
Defillama.com explains that on Monday, 7.83 million ETH worth .98 billion is staked in liquid staking protocols today. Lido’s STETH represents 74.51% of the aggregate. Coinbase’s Wrapped Ether token protocol has .1 billion in total value locked, or 1.16 million Ethereum. It is the second-largest liquid staking project in terms of TVL.
While STETH is shown on coingecko.com as the ninth-largest coin by market cap, this is not the case with other crypto market aggregation sites like coinmarketcap.com. Because it’s a synthetic version of Ether, some crypto market aggregation sites do not include STETH in the top ten, despite its capitalization size.
What are your thoughts on the increasing market capitalization of STETH and its role in the growing liquid staking ecosystem? Do you think STETH will continue to climb up the rankings of the top cryptocurrencies? Share your thoughts about this subject in the comments section below.