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- 10/28/24: Solana Blasts Off 🚀📜🇭🇰
10/28/24: Solana Blasts Off 🚀📜🇭🇰
Top News
Specs’ Insights
1. Solana hits all-time high TVL, revenue, volume and more
Solana is either exceeding or at ATHs for:
- TVL
- revenue
- volume
- real economic activity
- developer activity
- txns
- net inflows
- deduped stable transfer volumenot bad for a chain that will never amount to anything according to this app
faster
— mert | helius.dev (@0xMert_)
1:38 PM • Oct 27, 2024
⌐◪-◪ → 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:
SOL led all chains in daily net inflows
SOL now commands 35% of DEX volume across all chains
SOL market capitalization flips PayPal at $83.5B
And for context, here’s how this contrasts with Ethereum’s current state:
SOL/ETH pair just hit a new all-time high
ETH, contrary to SOL, led the daily net outflows
ETH drops out of top 5 protocols by 24-hour fees
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”
Possible futures of the Ethereum protocol, part 5: the Purge
vitalik.eth.limo/general/2024/1…
— vitalik.eth (@VitalikButerin)
8:21 AM • Oct 26, 2024
⌐◪-◪ → 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:
Merge: Lay a strong PoS foundation.
Surge: Scale to 100k transactions per second.
Scourge: Tackle centralization concerns.
Verge: Make verifying blocks easier.
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 preparing to introduce policy by the end of the year seeking to extend tax incentives to family offices and private funds investing in crypto on behalf of wealthy clients. decrypt.co/288540/hong-ko…
— Decrypt (@decryptmedia)
7:45 AM • Oct 28, 2024
⌐◪-◪ → 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.
Everything Else
⛓️ Crypto & DeFi
Farcaster revenue down 96% since February peak
Polymarket claims no evidence of market manipulation in election betting
Polymarket CEO highlights the non-partisan nature of their platform
Base stablecoin volume surpasses all other chains for 1 day
Arkham Intelligence adds support for Solana
Infera introduces experimental decentralized AI agent network
Lido DAO votes to activate Ethereum community staking module
Lightspark unveils Bitcoin L2 and upgraded UMA capabilities
🏦 Wallstreet & VC
MicroStrategy unlikely to sell BTC as stock hits 25-year high
Lazard to create tokenized funds with Bitfinex securities
Core Scientific uniquely positioned to meet AI demand, says Jefferies
Emory University holds $15M in Grayscale Bitcoin mini trust
🏛️ Legal & Regulatory
US gov recovers $19.3M from hacker’s crypto wallet
Elon Musk introduced as co-founder of D.O.G.E. at Trump rally
Trump election will shape the future of memecoin market, says analysts
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
Pump.Fun attacker seeks to withdraw guilty plea as lawyers quit
Tether CEO says there’s no indication of U.S. Treasury investigation
🌎 Rest of the World
Hong Kong Stock Exchange launching BTC and ETH indices
Netherlands starts consulting on crypto tax reporting
Metaplanet stock jumps as Bitcoin holdings grow to $69M
🖼️ NFTs & Metaverse
Beeple says NFTs have been “hated longer than loved”
Otherside Builder to develop Layer-1 blockchain Somnia
MemeFi Telegram game announces airdrop date as it moves to Sui