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  • 10/28/24: Solana Blasts Off 🚀📜🇭🇰

10/28/24: Solana Blasts Off 🚀📜🇭🇰

Top News

  1. Solana hits all-time high TVL, revenue, volume and more

  2. Vitalik publishes pt. 5 of his Ethereum Roadmap on “The Purge”

  3. Hong Kong plans crypto tax incentives for private funds

Specs’ Insights

1. Solana hits all-time high TVL, revenue, volume and more

⌐◪-◪ → Solana is on an absolute tear.

The network just hit new all-time highs across the board: total value locked (TVL), revenue, transaction volume, developer activity, and more. A few standout trends:

And for context, here’s how this contrasts with Ethereum’s current state:

Not trying to FUD Ethereum (I love ETH), jus want to put things in context versus Ethereum. With that said, I still believe in Ethereum’s long-term vision, but Gabriel Shapiro may be right in saying ETH has a serious marketing problem. Solana may not bring any major zero-to-one innovations, but we all know the best tech doesn’t always win (remember VHS vs. Betamax?).

2. Vitalik publishes pt. 5 of his Ethereum Roadmap on “The Purge”

⌐◪-◪ → A new Vitalik just dropped!

Our favorite boy genius has released the final installment of his Possible Futures of the Ethereum Protocol series, focusing on “The Purge.”

The goal? Simplify the protocol, eliminate technical debt, and lower participation costs by clearing old history from the network.

For a quick recap, here are the five phases of Ethereum’s roadmap:

  1. Merge: Lay a strong PoS foundation.

  2. Surge: Scale to 100k transactions per second.

  3. Scourge: Tackle centralization concerns.

  4. Verge: Make verifying blocks easier.

  5. Purge: Streamline and simplify the protocol.

While we still have a long way to go, the path is becoming clearer by the day. As Jesse Pollak noted, Vitalik’s recent writings are detailed versions of the same concepts he introduced ~3 years ago — a masterclass in technical strategy.

With that said, and as we outlined above, Ethereum is losing ground to Solana, which could pose a real threat to the longevity of the Ethereum protocol.

What do you think? Will Solana eventually displace Ethereum? Let me know in Specs.Chat!

3. Hong Kong plans crypto tax incentives for private funds

⌐◪-◪ → Hong Kong is bullish on crypto.

Hong Kong is setting the stage to become the APAC hub for blockchain innovation, with plans to roll out tax incentives by year-end for family offices and private funds investing in crypto.

Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, revealed the plan at Hong Kong FinTech Week. While details are sparse, the policy aims to introduce stablecoin and custodian legislation, creating a structured environment for crypto investments.

And it gets even better: Hong Kong authorities plan to issue more crypto exchange licenses by year-end after a five-month inspection period. December is shaping up to be huge.

Hong Kong is moving fast to cement itself as a leader in blockchain, and if the U.S. doesn’t catch up on the regulatory front, we risk being left in the dust.

The global race for blockchain dominance continues.

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🏛️ Legal & Regulatory

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  • Elon Musk introduced as co-founder of D.O.G.E. at Trump rally

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  • JPMorgan says tokenized treasuries will challenge stablecoins

  • Prosecutors to offer plea deal to SEC Twitter account hacker

  • Gary Gensler should exit SEC in 2025, says Rep. Hill

  • FTX drops lawsuit against Bybit in $228M settlement

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  • Tether CEO says there’s no indication of U.S. Treasury investigation

🌎 Rest of the World

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