The stablecoin sector achieved a significant milestone on March 20, 2024, hitting the 0 billion mark as the dollar-anchored market continues its expansion. In the last five days, the stablecoin sphere expanded by 0 million, breaking past the latest threshold. Stablecoin Market Value Tops 0 Billion The total value of all stablecoins now stands at […]
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Solana Surpasses Ethereum In Major Metric Amid Surge Above $200
Solana has recently become one of the trendiest cryptocurrencies in the space, capturing the interest of both crypto investors and enthusiasts in the space. The popular cryptocurrency has witnessed a significant surge in network activity, surpassing even that of Ethereum, the world’s second-largest cryptocurrency.
Solana Outpaces Ethereum Network Activity
On March 16, Solana experienced a major increase in its overall network activity, pushing its capacity to its limits amidst the growing demands. The network had surged past Ethereum’s total trading volume and exceeded its daily trading volume by more than .1 billion, according to data by DefilLama.
Specifically, Solana’s 24-hour trading volume had recorded almost billion, surging past Ethereum’s daily volume of .04 billion. During the surge, the network witnessed an unprecedented amount of trading activities, which resulted in failed transactions and a surge in ping times.
As highlighted by Solana Validator, the cryptocurrency network’s ping time on March 18, had jumped to a staggering 46 seconds, causing about a 30% to 40% failed transactions. The validator’s report also revealed a steady and rapid increase in Solanan’s transaction count, recording over 276 million transactions at the time of writing, with about 2,107 transactions per second.
This rise in Solana’s network activity has been attributed to the surge in interest in Solana-based meme coins. On Thursday, March 14, degens eagerly sought after a new meme coin called Book of Meme (BOME), which had experienced an unprecedented bullish spike that triggered its market capitalization to rise from almost zero to a staggering .45 billion.
During these periods, the price of Solana also rallied alongside, witnessing an unexpected price surge that propelled it by more than 30% in the past week. The cryptocurrency has been on a steady momentum since the beginning of the year, displaying slight price corrections before continuing on its upward trajectory.
SOL Price Rides The Bullish Wave
Amidst Solana’s burgeoning popularity and rising transaction volumes, the cryptocurrency saw a price increase to more than 0, reflecting a daily surge of approximately 8.9%, at the time of writing. The cryptocurrency’s market capitalization is also up by 11.10%, recording over billion and steadily closing towards the 0 billion mark.
Due to its overwhelming network activities and growing popularity, Solana has successfully gained the position of the 4th largest cryptocurrency by market capitalization, overtaking BNB Chain (BNB) by more than four billion, according to CoinMarketCap.
Moreover, the cryptocurrency has reached peak levels globally in terms of Google search interest, hitting a new all-time high. This surge has been attributed to the increasing interest and demand for the popular digital asset.
Precious Metal Peaks — Gold Surpasses $2,140, Marking Historic Price High
As bitcoin climbed beyond its previous 2021 peak, the value of an ounce of pure gold similarly hit a lifetime high on March 5. The globally acknowledged safe haven asset soared to ,140 per ounce on Tuesday, marking a 4.97% increase against the U.S. dollar over the preceding week. Price of Gold Climbs to Unprecedented […]
Bitcoin News
Cogwise Surpasses $6 Million in Presale: The Future in Cognitive Enhancement Technology
In a remarkable feat of technological innovation and investor confidence, Cogwise, a pioneering company in the field of cognitive enhancement. The unprecedented achievement of surpassing million in presale funding demonstrates the growing interest in AI-driven solutions within the cryptocurrency space but also highlights the project’s potential to provide investors with valuable real-time data and […]
Bitcoin News
Solana Mobile’s ‘Chapter 2’ Crypto Phone Surpasses 60,000 Preorders
The crypto community has shown remarkable support for Solana Mobile’s upcoming “Chapter 2” smartphone, amassing over 60,000 preorders after its announcement, as the company gears up for a launch in 2025.
Solana Mobile’s ‘Chapter 2’ Phone Hits 60K Preorders Ahead of 2025 Launch
Solana Mobile’s upcoming “Chapter 2” crypto phone has already garnered 60,000 preorders, signaling a robust demand nearly a year before its anticipated release in 2025. This milestone was announced through a post on X by Solana Mobile, extending gratitude towards the community for its steadfast support and belief in their vision.
60,000 preorders and counting…
A heartfelt thank you to this amazing community for your unwavering support and belief in the vision. You are the core of the #Chapter2 journey.
Secure your spot for #Chapter2 now https://t.co/LMnynuZBhW pic.twitter.com/gPJvoupsHc
— Solana Mobile 2️⃣ (@solanamobile) February 5, 2024
“Chapter 2” is poised to be the successor to the Solana Mobile Saga, the brand’s inaugural crypto phone which made waves in the market for its innovative integration of cryptocurrency functionalities.
Anatoly Yakovenko, co-founder and CEO of Solana Labs, shared his excitement over the community’s response. “The response to Solana Mobile has been incredible,” Yakovenko stated. “Since Chapter 2 was announced, we’ve had over 60,000 preorders and built a real community of dedicated users.”
Scheduled for a 2025 rollout, the “Chapter 2” device seeks to offer a more affordable gateway into the world of crypto, with a preorder price set at 0. This pricing strategy marks a significant reduction from its predecessor, the Solana Mobile Saga, which initially hit the market at ,000 before dropping to 9.
The success of the Saga model, which sold out in the U.S. by Dec. 15, 2023, laid a solid foundation for its successor. With the introduction of “Chapter 2,” Solana Mobile aims to extend its reach within the crypto community, offering a physical phone equipped with crypto-supporting software that appeals to a wider audience.
In addition to the preorder milestone, Solana Mobile has introduced a leaderboard to encourage community engagement and referrals ahead of the “Chapter 2” launch. The top 1,500 referrers will receive a non-transferrable Element NFT, along with the opportunity to earn rewards from various Solana ecosystem teams, including Mad Lads, Jupiter, Tensor, and Backpack. The first leaderboard snapshot took place on Feb. 6 at 2 p.m. ET, with each preorder wallet receiving a token post-snapshot as a token of appreciation and engagement.
Did you preorder the new Solana phone? Share your thoughts and opinions about this subject in the comments section below.
Sygnum Bank Surpasses $40 Million in Strategic Funding Round
Sygnum Bank has outperformed its funding expectations in a strategic growth round. The company’s focus now shifts to global expansion and further development of its regulated digital asset products.
Sygnum Surges Past Funding Goals, Reaching 0 Million Valuation in Latest Round
Digital asset bank Sygnum has announced the successful interim close of its strategic growth round, raising over million. This exceeds the initial target of around million, and the company claims it elevates the company’s post-money valuation to 0 million.
The round, which was oversubscribed, was led by Azimut Holding, a global asset management group. Giorgio Medda, CEO of Azimut Holding, expressed excitement about leading the funding saying, “the demand for well-regulated, institutionalised services in crypto looks set to surge in 2024.“
Sygnum’s Co-Founder and Group CEO, Mathias Imbach, reflected that, “[c]losing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us.”
The funds raised will be strategically utilized to expand Sygnum’s geographic footprint into new markets and to accelerate the development of its fully regulated products, including its B2B platform. This platform currently powers the crypto offerings of over 15 banks and financial institutions globally.
Notably, in the past year, Sygnum has announced partnerships, including with Postfinance, one of Switzerland’s largest retail banks, and an expanded collaboration with Bordier & Cie’s Singapore arm.
Building on its Series B fundraise success in January 2022, which secured million, Sygnum has continued to grow its assets under administration to over billion. The company, which holds licenses to operate in Switzerland, Singapore, the UAE, and Luxembourg, is looking to expand, including entering a market in Europe and another in the Asia-Pacific region, though details remain undisclosed due to regulatory obligations.
Do you think this oversubscribed funding round indicates an increase in appetite by traditional finance? Share your thoughts and opinions about this subject in the comments section below.
Value Locked in Defi Surpasses $57 Billion, Securing Over $20 Billion in 3 Months
Data from defillama.com reveals that over the past 93 days, the total value locked (TVL) in decentralized finance (defi) protocols escalated from .46 billion on Oct. 20, 2023, to the present .74 billion. Notably, 57.3% of the total value in defi is anchored in the Ethereum blockchain, while Lido’s liquid staking protocol accounts for 40.21% of this aggregate.
TVL in Defi Jumps 54%
The value locked in decentralized finance (defi) protocols has significantly increased in 2024 compared to the previous year. Since Oct. 20, 2023, there has been a 54.13% surge, bringing the total value locked (TVL) to an impressive .74 billion. Lido stands out as the largest protocol in terms of TVL, which has climbed by 10.66% since last month, now standing at .22 billion.
Following Lido, Maker, the second-largest defi protocol, has experienced a slight dip of about 1.52% over 30 days, with its TVL at approximately .41 billion at the time of reporting. The top five defi protocols by TVL size also include Aave (.22B), Justlend (.09B), and Uniswap (.34B). Aave has seen a 10.34% increase in TVL over the past 30 days, while Justlend has seen a decrease of 9.43%.
Uniswap, however, has reported the most significant growth among the top five, with its TVL rising by 78.56% since last month. Among these defi applications, four are built on the Ethereum blockchain, with Justlend being the exception as a Tron-based protocol. Ethereum continues to lead in the defi space, commanding 57.3% of the aggregate TVL, which amounts to .10 billion. Tron’s .86 billion in value makes it the second largest chain by TVL size.
Ethereum and Tron are followed by Binance Smart Chain (BSC) with .50 billion, Arbitrum with .64 billion, and Solana with .38 billion. Solana saw the biggest monthly increase over the 30-day mark with a 38.52% rise. Ethereum followed with a 10.57% increase since last month. Tron was the only blockchain that saw a 30-day reduction after 5.44% was erased over the past month. Notable chains that saw significant TVL growth besides the top five were SUI, MANTA, and APT.
As the defi landscape evolves, uncertainty still looms over its future trajectory. Despite a strong growth pattern in TVL, evident since October 2023, there’s been a noticeable deceleration since Jan. 10, 2024. Slowdowns like these can cast doubt on the sustainability of the current growth trend in defi. Whether this burgeoning sector can maintain its momentum remains an open question, but so far the growth has added .28 billion in value over the last 93 days.
What do you think about the state of defi in 2024? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Bounces Back: Surpasses 2-Year Low Against Bitcoin Following Erroneous SEC Announcement
On Jan. 9, 2024, ethereum’s value relative to bitcoin plummeted to its lowest level since November 2021. Yet, in the past 24 hours, ether has rallied, gaining 3.66% against bitcoin, recovering from this two-year low.
Ether Rebounds Strongly in Wake of SEC Misstep
On Wednesday, ethereum (ETH) experienced a 4.32% increase in value against the U.S. dollar, contrasting with bitcoin’s (BTC) 3.97% decline in the same 24-hour period. The day before, on Jan. 9, 2024, ETH reached a low of 0.04806 BTC per coin. Currently, as of 9:45 a.m. Eastern Time (ET), ETH stands at 0.05293 per unit, marking a 10.13% rise against bitcoin compared to the low.
Over the past year, ETH prices have struggled in comparison to BTC’s gains, and despite the recent uptick, ether is still down over 17% in the past month. Annual statistics reveal that ETH has decreased by 31% relative to bitcoin’s price. According to data from coingecko.com, BTC’s market dominance is currently 50.1%, with ETH at 16.2%. Conversely, coinmarketcap.com reports BTC dominance at 52.9% and ETH’s share at 16.6%.
ETH’s market capitalization currently stands at just 32.46% of bitcoin’s, with BTC also leading in global trade volume over the last 24 hours. In the realm of mining rewards, BTC miners have garnered ,447,935 in a 24-hour period, significantly overshadowing ETH validators who have earned 0,825. This indicates that validators have secured a mere 1.41% of the total earned by bitcoin mining pools. In the non-fungible token (NFT) market, BTC continues to surpass ETH.
In the last week, NFT sales on the Bitcoin network reached 7.53 million, compared to .25 million in sales on the Ethereum network. The recent trend in ether’s price aligns with the mistaken X announcement from the U.S. Securities and Exchange Commission (SEC) on Tuesday, which triggered a notable decline in BTC’s value, following a short-lived surge. While ETH initially suffered from this downturn, it managed to recover much more rapidly than BTC.
What do you think about ether’s price against bitcoin in recent times? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Blockchain Surpasses Half-Terabyte Amid Soaring Transactions and Increased Block Capacity
Although bitcoin’s price hasn’t eclipsed its historic peak, this year the network has shattered multiple records. These include reaching the highest level of difficulty, achieving an all-time high in total hashrate, and setting a new record for daily confirmed transactions. In 2023, another new milestone was achieved as the distributed ledger expanded to half a terabyte, surpassing 500 gigabytes in size to accommodate the entire blockchain’s records.
Bitcoin Exceeds 500 GB Blockchain Size Amidst Unprecedented Transactional Growth
To maintain an unpruned Bitcoin blockchain, node operators now need in excess of 500 gigabytes (GB) of available storage. Downloading the full blockchain would take about 47 hours and 44 minutes using a standard 24 Mbps ADSL connection.
Conversely, with a 100 Mbps fiber optic connection, the process shortens to roughly 11 hours and 22 minutes, assuming there’s no network congestion or server restrictions. Current data reveals that the Bitcoin blockchain’s size has reached 534.49 GB, exceeding half a terabyte (TB).
Around 431 days ago, or one year and two months back on October 15, 2022, the blockchain was approximately 432 GB. This indicates a growth of just over 100 GB in the past year, a rate faster than usual.
This acceleration is primarily due to the average Bitcoin block size increasing significantly in 2023, with this trend notably beginning on January 2, 2023. The rise of Bitcoin block sizes stems from the Ordinals inscription trend that started in December 2022.
By the first week of January, the average block size increased and by Feb. 12, 2023, it ramped up to 2.517 megabytes (MB). A great example is the mean average block size for Bitcoin between Jan. 1, 2020, and Nov. 30, 2022, (1,064 days) was approximately 1.2 MB.
But the mean average block size for Bitcoin from Jan. 3, 2023, to Dec. 19, 2023, (350 days) was approximately 1.705 MB. Across the entire 365 days in 2016, the mean average block size for Bitcoin was .781 MB, and in 2017 across the entire year, the mean average was .949 MB.
Besides 2018, the following years thereafter the average block size and the mean average across 365-day intervals has always been above 1 MB. The mean average for 2022 was 1.19 MB and so far, while 2023 is close to done, the mean average is now 1.70 MB.
While it is a considerable increase from yesteryears, 1.7 MB is still not enough for current block space demand. Presently, there are 306,379 transactions stuck in the mempool (a backlog of unconfirmed transfers) and miners need to clear 349 blocks just to get ahead.
A high-priority fee onchain on Dec. 20, 2023, is .32 per transaction. With Ordinal inscriptions and traditional monetary transfers, BTC is seeing upwards of 600,000 transactions per day or an average of 7.93 transactions confirmed per second.
The growth and evolution of the Bitcoin network in 2023 underscore the dynamic nature of the crypto landscape. While the size of the blockchain is increasing, surpassing the half-terabyte mark, Bitcoin continues to display remarkable resilience and adaptability.
The significant increase in average block size, primarily driven by the Ordinals inscription trend, reflects the ever-changing demands and innovations within the network. However, this growth has also highlighted the limitations of the current infrastructure, as evidenced by the considerable number of transactions stuck in the mempool and the need for higher transaction fees to expedite processing.
What do you think about the Bitcoin blockchain crossing beyond 500 GB? Share your thoughts and opinions about this subject in the comments section below.
Lido Achieves 9 Million Ethereum Milestone as Rocket Pool Surpasses 1 Million in Defi’s Booming Staking Sector
Recent data reveals that Lido, the leading liquid staking protocol (LSP), now holds over 9 million ethereum within its system. This figure represents a significant 77.81% of the total ethereum value locked in current LSPs, underscoring Lido’s dominant position in the market.
Lido and Rocket Pool Reach New Heights with 9 Million and 1 Million Ether Milestones
The industry of liquid staking, now valued in the billions, is led by Lido, the leading liquid staking protocol in today’s decentralized finance (defi) landscape. Liquid staking, at its core, involves staking tokens while the assets remain “liquid” or “unlocked,” allowing for diverse applications. This method allows stakers to earn rewards while maintaining access to their funds.
For an extended period, Lido has been at the forefront of this market, and on November 21, 2023, it reached a significant milestone by surpassing 9 million in ether deposits. As of December 3, 2023, Lido holds a substantial 9.28 million ethereum (ETH) in deposits. In the preceding 36 days, dating back to October 27, 2023, the platform saw an influx of 490,000 ether.
The current total value locked (TVL) in the protocol is estimated at .05 billion, based on prevailing exchange rates. Among the 25 liquid staking protocols (LSPs), Lido accounts for a commanding 77.81% of the market share. The second-largest player, Rocket Pool, recorded a deposit of 49,214 ether in the same 36-day period.
Additionally, Rocket Pool recently celebrated a significant achievement, surpassing the 1 million ETH mark in TVL. While Lido and Rocket Pool observed deposits of 490,000 and over 49,000 ether respectively, Binance’s LSP experienced a more modest increase of 3,459 ETH since October 27.
In the realm of staking token derivatives, Lido’s STETH ranks among the top ten crypto assets on some market aggregation platforms, such as coingecko.com, although it’s not listed in the top ten on coinmarketcap.com. Were STETH to be recognized among the top ten crypto assets today, its market capitalization would rank it as the eighth largest.
Meanwhile, Rocket Pool’s RETH token is currently positioned as the 52nd largest among more than 10,000 listed crypto assets. Moreover, LSPs account for more than 52% of the TVL in defi today, according to defillama.com. Lido and Rocket Pool’s milestones highlight that together, these protocols now control a combined total of 10 million in locked ether worth .28 billion.
What do you think about Lido crossing the 9 million mark and Rocket Pool surpassing 1 million ether? Share your thoughts and opinions about this subject in the comments section below.