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Solana’s Epic Upgrade: Introducing Dynamic Blocks Limits

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The Solana Foundation unveiled a bold proposal to enhance network efficiency. Dubbed SIMD-0130, the proposal introduces dynamic block limits set to ramp up blockchain scalability by implementing dynamic adjustments to compute unit [CU] limits within Solana blocks based on real-time network utilization. As stated on GitHub, if the average block utilization exceeds 75%, the CU limit will increase by 20%; if it falls below 25%, the limit will decrease by 20%. 

Imagine a box unable to accommodate any more books due to reaching its maximum capacity. Here, in this proposal, developers are working to fit more books [compute units] into the box at one time [blocks]. So, if lots of books are being read daily [let’s assume 75% full], the carpenter will build a bigger box to fit in all these books. But if not all books are being read [say, 25% full], the carpenter will make a box a little smaller to save space overall.

This dynamic mechanism ensures Solana’s network is always optimized to meet demand efficiently. But how would developers know that everything is working smoothly? The proposal also highlighted the need to preserve protocol liveliness and responsive UX. To explain it using the book box analogy again, the carpenter will ensure that the box opens and closes properly, ensuring seamless accessibility.

Solana developers also wanted to make sure that the block limit would be determined by the network without centralized decision-making or voting. This means building a system that can figure out its computing capacity and demand all by itself. In short, bringing dynamic adjustments based on real-time network utilization. This marks a significant step towards decentralization and efficiency in the blockchain space.

Solana: Most Popular Blockchain By CoinGecko

With this groundbreaking move, users can expect uninterrupted transactions, reduced congestion, and enhanced overall network performance. While the adjustment rate is open for discussion, Solana CEO Anatoly Yakovenko encourages community engagement and feedback to fine-tune this innovative initiative further.

Solana
Solana's Epic Upgrade: Introducing Dynamic Blocks Limits 2

Continuing its giant strides, the Solana ecosystem has become the most popular blockchain ecosystem so far in 2024, raking in almost half of global crypto investor interest, per CoinGecko. SOL’s impressive rally as well as the robust performance of key ecosystem project tokens such as Pyth and native meme coins such as Dogfight are cited as the primary growth drivers.

PayPal’s Stablecoin Claims Top-Tier Spot With Over 5x Market Cap Growth

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PayPal’s stablecoin PYUSD has witnessed a staggering increase in market capitalization, now exceeding $290 million. The Block’s price page indicates that the market cap has surged over five-fold from its initial value.

At the end of August, PYUSD’s total supply stood at 43.3 million, with Paxos holding 90% of the supply in custody, highlighting a concentrated distribution. However, recent data shows that PYUSD has made significant strides, particularly in the past month, with a 70% increase in market cap, reaching $293 million, positioning PayPal among the top ten stablecoin issuers.

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CoinGecko

Leading the stablecoin niche is Tether USD, boasting a market capitalization of over $94 billion. PayPal’s PYUSD has found adoption on centralized exchanges such as Crypto.com and Kraken, along with integration into decentralized finance (DeFi) protocols, contributing to its notable growth.

A noteworthy shift in PYUSD’s distribution is evident, with Crypto.com now holding the largest portion, representing 38.7% of the total supply. Other major holders include DeFiance Capital, Curve, Kraken, and Paxos, according to on-chain data provided by Nansen.

PayPal’s PYUSD Liquidity Pool On Curve Hits $135M

The stablecoin has also found its way into DeFi protocols, with a new liquidity pool called FRAXPYUSD on Curve, locking a total value of $135 million since its December 27 launch. This pool, currently the third-largest on Curve, comprises PYUSD from Paxos and Frax Finance’s collateralized algorithmic stablecoin, FRAX.

The imbalance in liquidity, with FRAX accounting for over 80%, hasn’t deterred the pool’s success, seeing an average daily trading volume of $5.5 million. The community of decentralized lending protocol Aave is considering integrating PYUSD, with an ongoing governance vote showing overwhelming support, as 99.98% of participating AAVE token holders favor the move. This follows Curve’s decision in December to host PYUSD, further solidifying the stablecoin’s presence in the DeFi space.

However, with PYUSD’s growing market capitalization, increased adoption on various platforms, and integration into DeFi protocols, PayPal’s stablecoin is making significant strides in the evolving landscape of digital assets.

Related Reading | Shiba Inu’s Ascent: Unveiling the Potential $0.0003 Scenario

Bitcoin’s ETF 2023 Domination: A Deep Dive Into Global Holdings

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CoinGecko has unveiled the extent of Bitcoin’s infiltration into the world of Exchange-Traded Funds (ETFs). CoinGecko’s recent report, based on data from Bloomberg, BuyBitcoinWorldwide, and public sources as of December 22, 2023, paints a comprehensive picture of the current landscape.

ETFs globally collectively hold approximately 793,034 BTC, representing a modest 3.8% of the maximum 21 million BTC supply. This intriguing insight into the distribution of the world’s most valuable cryptocurrency comes as the digital asset continues to establish its presence in traditional financial instruments.

Top Players In The Bitcoin ETF Realm

The study categorizes two main groups: BTC futures and spot ETFs or Exchange-Traded Products (ETPs). XBT Provider’s Bitcoin Tracker One (COINXBT) emerges as the undisputed champion in the ETF realm, boasting a staggering $7.11 billion in total assets. This Swedish-born pioneer, launched in 2015, not only holds the title for the largest BTC futures ETF but reigns supreme as the overall top crypto ETF.

Hot on COINXBT’s heels are ProShares Bitcoin Strategy ETF (BITO) and Purpose Bitcoin ETF (BTCC), securing the second and third positions with $1.64 billion and $1.55 billion in total assets, respectively. Germany’s ETC Group Physical Bitcoin (BTCE) is the lone ranger, surpassing the billion-dollar mark in total assets.

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Interestingly, the study reveals a significant divide in investor preferences between spot and futures ETFs. While 14 spot Bitcoin ETFs clinch spots in the top 20 rankings, their combined assets contribute only 38.5%. Meanwhile, the six BTC futures ETFs represent a dominant 61.6% of the cumulative assets, suggesting a pronounced inclination toward derivatives in the traditional financial sector.

Despite the impressive figures, the total assets of the top 20, ranging from $54.86 million to $7.11 billion, fall short when measured against Grayscale Bitcoin Trust’s towering $27.14 billion total assets. This striking revelation raises questions about the dynamic between institutional investors and traditional financial instruments in the broader cryptocurrency landscape.

Notably, GBTC takes center stage with an awe-inspiring 622,657 BTC, surpassing the combined holdings of all other ETFs worldwide by over threefold. However, its potential conversion from a close-ended unit trust to an ETF is pending SEC approval.

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Crypto Beats: Unveiling Insights into Investor Sentiment

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In the ever-evolving realm of cryptocurrencies, trends are akin to digital footprints that shed light on the shifting sentiments of investors and enthusiasts. CoinGecko‘s weekly rundown of the top 30 trending coins serves as a window into the collective mind of the crypto community. This week’s leaderboard, headed by ApeCoin (APE), Polygon (MATIC), and Trust Wallet (TWT), reveals intriguing insights into the current market landscape.

ApeCoin’s meteoric rise to the top spot underscores the continued allure of speculative ventures within the crypto sphere. Coins like ApeCoin, often dubbed as meme coins, draw inspiration from online communities and capitalize on the power of social media to capture attention swiftly. This ascent highlights the ongoing fascination with assets that promise rapid gains, although their longevity remains uncertain. The ApeCoin phenomenon mirrors previous instances, such as the Dogecoin craze, reaffirming the market’s appetite for high-risk, high-reward opportunities.

Securing second place is Polygon (MATIC), a stalwart in the crypto arena. Its consistent presence in the top trending coins affirms its significance as a practical solution to the scalability woes faced by blockchain networks like Ethereum. As the demand for decentralized applications and NFTs surges, Polygon’s efficacy in mitigating high gas fees and congestion remains highly appealing. Its ascent reflects a calculated move by investors seeking assets with strong fundamentals and the potential to revolutionize the broader blockchain landscape.

Trust Wallet (TWT) claims the third position, emphasizing the paramount importance of secure and user-friendly wallets in the crypto ecosystem. With cyber threats and hacking incidents looming, investors are prioritizing platforms that prioritize security without compromising accessibility. Trust Wallet’s presence underscores the role of well-designed wallets in driving mass adoption. Its ascent is a testament to the expanding cohort of crypto users who value seamless functionality, convenience, and peace of mind.

Crypto’s Shifting Landscape:

CoinGecko’s meticulously curated list is more than just a ranking; it’s a canvas that reveals the nuances of the digital asset zeitgeist. While the top 30 trending coins vary in purpose, origin, and potential, they collectively provide a snapshot of the market’s current sentiments. As crypto evolves and matures, these trends will undoubtedly morph, heralding new narratives and shedding light on novel investment philosophies.

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Source: X

Whether driven by speculation, innovation, or security concerns, these trends illuminate the multifaceted nature of the crypto landscape. As investors, enthusiasts, and industry experts continue to analyze these trends, they unravel the intricate web of factors that shape the ever-dynamic world of cryptocurrencies.

Shiba Inu Turned Many Into Millionaires With $12 Investment- Report

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At the height of Shiba Inu’s popularity, a trader could have become a millionaire with just a $12 investment. as per a report by leading crypto price-tracking platform, CoinGecko.

Conducting an analysis of 10 meme coin price returns, CoinGecko found that SHIB yielded the highest returns during its bullish phase.

To reach $1 million in meme coin holdings, the minimum initial investment that is needed ranges from $11.87 for Shiba Inu.

On the other hand, investing in the original meme coin Dogecoin on December 15, 2013, required $819.51 to reach millionaire status.

For those who first become aware of the meme coin craze in 2021, Floki Ini, one of the trendiest meme currencies, would demand a larger investment of at least $4,507.98 to become a millionaire.

Other meme currencies, like Dogelon Mars [ELON], Bonk [BONK], or Baby Doge Coin [BABYDOGE], would have cost significantly more as well.

According to the CoinGecko study, “an investor would have had to put between $20,838.51 to $28,297.05, to reach $1 million in either of those 3 meme coins”.

The report also mentioned other rising memecoins like Pepe [PEPE], Wojak [WOJAK], and ArbDoge AI [AIDOGE] which it claimed brought the lowest percentage price returns so far, from the hypothetical purchase date to the all-time high date.

“As a result of the comparatively modest price gains between 424.7% to 531.7%, an investor would have needed upwards of $158,311.59 to become a 2023 meme coin millionaire”, CoinGecko added.

Meanwhile, the Shiba Inu ecosystem has made significant strides in recent weeks. In a limited amount of time, several key players in the meme coin ecosystem have made some crucial announcements.

According to well-known Shiba Inu influencer Lucie Sasnikova, a cross-chain bridge function called “Shibarium Bridge” is currently receiving the finishing touches from the Shibarium team.

Shiba Inu Influencer- “Shibarium Bridge Is In Testing Mode”

The new functionality, which is at the moment in testing mode, is intended to improve the layer 2 solution.

Based on the report shared by Sasnikova, the “Shibarium Bridge” will be compatible with the Ethereum blockchain and can actualize the ETH and SHIB cross-chain SWAP functions.

The announcement has generated curiosity and anticipation among community members who are eager to learn more about this new feature.

Even though Shibarium’s mainnet debut has not yet happened, the news has sparked a great deal of excitement and enthusiasm.

Huobi (HT) Burns Complete, Price Continues To Soar

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Despite the ongoing market sell-off, Huobi (HT), the native currency of Huobi Global, a market-leading Bitcoin (BTC) exchange, is trading in the green following Huobi’s tweet  on the completion of “HUGE $HT burns.”

While others in the market, including top ones, are struggling and facing lows, HT has consistently been increasing. It’s grown by 4.3% within the last 24 hours and 10% in the past week alone.

According to Nomics statistics, the token’s price is currently $7.82, with a market valuation of $1.61 billion, a gain of 2.26% over the previous 24 hours. However, CoinGecko’s statistics show that the cryptocurrency is still priced 80% below its All-Time High on May 12th of last year.

However, the token’s value has climbed by 90.8% after comparing the current price with the previous 14 days’ price history. As per the data from Coinmarketcap, the average monthly lowest price is $4.37, while the average monthly maximum price is $4.70.

HTUSDT 2022 10 20 02 01 37
HT is currently trading at $7.82 | Source: Tradingview.com

In addition, the price fluctuated during the previous 90 days from a minimum average price of $4.30 to a high average price of $4.68, a variation of almost 41.29%. However, the token has demonstrated a growth pattern over the past four months.

Huobi’s “Monthly” Burn Of HT

Huobi Global tweeted on October 19th that it had just finished burning huge amounts of Huobi Tokens (HT). It burned 295.509 Million; this accounts for 59.10% of all HT in circulation.

The exchange burned 411,000 HT in September 2022, equivalent to around $1.863 million, which is 1.23% less than in August 2022. Additionally, the total number of HTs that have been burnt as of October 15th, 2022, is 295.509 million.

Compared to September 2022, the company burned 3 million HT worth $38.881 million in September last year, an increase of 11.60% from August of the year, and the cumulative total of burned HT was 283.390 million as of November 15th, 2021.

Moreover, “HT Operations Monthly Report September 2022″ noted that the data by TokenInsight found that the company’s spot and derivative products generated more than $60.05 billion in revenue in September.

The company offers a variety of opportunities for its customers during the month of September, including the event to commemorate ETH 2.0: Join Huobi Global Trading Contest and Share the 2,000,000 USDT Prize Pool, Huobi Futures’ rollout of the super trial bonus giveaway, and others.

Furthermore, the company’s announcement on Twitter this morning also included some other exciting news for their users: for “Best service,” there is no longer a fee to trade in HT/USDD pairs.

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Sushi (SUSHI) Soars As Golden Tree Asset Management Invests $5.2 Million

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The Sushi token price has reached new heights as the news appears that the decentralized crypto exchange, SushiSwap, has secured an investment from one of the largest fund managers – GoldenTree worth about $5.2 Million for its Governance Token – SushiSwap

The token’s price has increased roughly 13.8% in the last 24 hours and is now worth $1.27. In addition, according to CoinGecko statistics, the price also increased significantly over the previous seven days by around 18.0%. This spike is leading investors to new bullish sentiment for the token.

Moreover, Nomics data shows that the token’s 24-hour trade volume has increased to $275.37 million, with a considerable gain of 54.5%. It has also led to an increase in its market capitalization up to around $309.46 million, which is 14% higher than the previous day.

However, Sushi is a clone of Uniswap but has been improved by adding governance and liquidity mining capabilities. With these features, the token has already outpaced its competitors when it comes to development speed, and it also shows great potential in terms of future expansion.

As its price is steadily increasing, the prices chart indicates that the token will cost $1.39 by the end of this year and then $1.46 during the first six months of 2023. The price would then increase slightly to close out the year at $1.67 (33% higher than now), according to the latest long-term SushiSwap price forecast.

 Asset Management Giant’s Invests In Sushi Token

The Sushi 2.0 roadmap, forthcoming cross-chain integrations for exchanging and lending, and updated Tokenomics were claimed to have the power to transform the decentralized crypto exchange industry. 

These developments have attracted not only the attention of social volumes and merchants but also of prominent investors.

The exchange’s forum statement from October 5th revealed that Asset Management Giant GoldenTree had invested about $5.2 million in the exchange governance token. 

The GoldenTree said in the statement that:

“We’ve been following Sushi for a while (some of us for several years now), and with the launch of GoldenChain, we are psyched to be more active in all things Sushi.”

GoldenTree believes that this token has incredible potential. The project had many obstacles but what was astonishing is that the core team and the community remained resolute in this time of hardship, which led to outstanding results.

Moreover, the Asset Management Giant also said, “Our plan is to be helpful to the community in whatever ways we can be.” it also claimed that, among other things, they will primarily focus on SUSHI’s “Tokenomics” and “General Design/Strategy.”

Related Reading | Fidelity’s Ethereum Index fund sales hit $5M

BNB Rises As Binance Opens Two New Offices In Brazil

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The leading cryptocurrency exchange, Binance token BNB, turned green as the company announced its Brazilian expansion with two offices located in São Paulo and Rio De Janeiro.

BNB, the fifth-largest cryptocurrency by market capitalization, displays some optimism this morning by going up 2.1% in the last 24 hours. Additionally, this positive trend, it has also been showing an upward trend in the past seven days alone, climbing over 5.5%.

In addition, statistics from CoinGecko show that the token is currently trading at $291.75. Its current market cap is $47.07 billion, increasing by 1.82% over the last 24 hours, and 24 hours trading volume is also up by over 3,72%, to $1.22 billion, according to the Nomics data.

Though crypto-assets ended the last week in the negative territory, many coins have started this week on a positive note – at least for now. Including Polygon in the lead with a 7.5% gain over the past 24 hours, XRP with a 5.5% increase, Solana with 3.9%, and Uniswap with 5.3%.

Binance Two New Offices

On October 3rd, Binance announced on Twitter :

“#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.”

After Changpeng Zhao (CZ), the CEO of Binance, visited Brazil in March for an exploratory tour to further extend his company into the region, it seems that the exchange has met its objective – by fulfilling CZ’s promise.

Binance claimed in the announcement post that the team working on their planned expansion into Brazil has more than quadrupled since CZ’s visited the country. 

However, more than 150 personnel-up from 60- will be supported by these new offices across the country; most of these new hires were set to take customer service and support positions. 

Furthermore, the exchange revealed that they are working to acquire a license from the Brazilian Central Bank in order to operate as a Payments Institution and are now waiting for approval from BC. It comes after they announced their acquisition of a brokerage company, “Sim;paul, which has this license.”

According to research by Triple A, cryptocurrency is becoming more and more commonplace in Brazil, to the point that big exchanges are now looking to Brazil as a crucial market for cryptocurrency services. 

Binance also claims that “Brazil is among the company’s top 10 markets in the world and is the largest in Latin America.”

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CoinGecko Phishing Alert! Malicious Pop-ups Entice Users To Link MetaMask Wallets

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Crypto data aggregator CoinGecko has been hit by a malicious pop-up prompting users to connect their MetaMask wallets. The platform which alerted users through Twitter later updated that it was caused by a malicious ad script by Coinzilla, a crypto ad network while stating,

We have disabled it now but there may be some delay due to CDN caching. We are monitoring the situation further. Do stay on alert and don’t connect your Metamask on CoinGecko.

Later Coinzilla came forward with a series of tweets and added that a single campaign containing a piece of malicious code has managed to pass its automated security checks before the team stopped it and locked the account.

“Our team will manually review and recreate all the creatives used by our clients. This is to remove ad codes from any 3rd party scripts. Furthermore, we will be closely working with our publishers to offer support to affected users, identify the person that was behind the attack, and act accordingly”, the tweet read.

Not only CoinGecko, several well-known crypto sites including Etherscan, and DexTools have warned users that they were aware of illegal popups emerging for visitors, and advised them not to conduct any transactions with these links.

CoinGecko attack originated from a BAYC-linked domain

Reports further mentioned that the suspicious link appeared to come from a website displaying the Bored Ape Yacht Club project, with an ape skull logo and a now-deactivated nftapes.win domain.

It urged users to connect their MetaMask, a crypto wallet app to use on the site, and due to its popularity, users often risk mistaking it as legitimate and giving it access.

The MetaMask crypto wallet is the one most commonly used by holders of Ethereum cryptocurrencies with over 30 million active users as of March.

Barely a month ago, a Phishing scam targeted MetaMask Crypto Wallet Holders Netting $650k. This was due to a flaw in its default settings where the app writes the security seed phrase needed for remote access to iCloud backups.

In February 2022, OpenSea came under a $1.7 million phishing attack where hackers exploited a planned upgrade to trick users into essentially signing a blank NFT check.