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Cardano Outperforms Solana in Transaction: UTxO Magic?

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  • Cardano has surpassed Solana in transaction speed, processing over 9,900 transactions per second.
  • ADA’s price has reclaimed $1, and the network is on the verge of overtaking Solana in 24-hour trading volume.
  • Cardano’s UTxO model and upcoming scalability solutions position it as a strong, secure, and scalable blockchain platform

Cardano’s native token, ADA, has made significant strides in recent days, surpassing Solana in terms of transaction speed. The network has successfully processed over 9,900 transactions per second, a remarkable feat that positions it as a strong contender in the blockchain space.

Continuing its giant march, Cardano is on the brink of overtaking Solana in terms of 24-hour trading volume, indicating a surge in investor interest. Notably, it is one of the few chains that work 24/7 without any failed transaction since its launch.

The UTxO model, a core component of Cardano, allows for complex transactions to be bundled together into a single block. This efficient approach enables the chain to process a large number of transactions, even though it may appear to have a lower TPS.

Additionally, experts also cite Cardano’s development roadmap that includes various scalability solutions, such as Hydra and Mithril, which are designed to significantly increase the network’s capacity and performance. As the cryptocurrency market matures and businesses demand higher levels of security and decentralization, the blockchain’s unique approach could position it as a strong contender to Ethereum.

Cardano Price Reclaims $1

This surge in transactions comes as ADA’s price reclaimed the elusive $1 mark, despite a recent unlock of 36.84 million tokens. On Dec 6, the smart contract blockchain is again set to release $21.3 million tokens, accounting for 0.05% of the circulating supply. While this token unlock represents a relatively small portion of the total circulating supply, it could still influence the market dynamics.

Cardano
Cardano Outperforms Solana in Transaction: UTxO Magic? 2

Nevertheless, analysts remain optimistic and believe that ADA’s bullish momentum hinges on a combination of factors. This includes increased institutional interest, speculation surrounding potential cryptocurrency exchange-traded funds (ETFs), and a notable influx of new users to the Cardano network.

Furthermore, recent data from IntotheBlock reveals that the number of new ADA wallets has reached its highest point since mid-2023, signifying heightened interest from both retail and institutional investors.

As Cardano continues to innovate and expand its ecosystem, it appears poised to solidify its position as a leading blockchain platform.

Whale Makes $1.52M Profit with 416.8M $MEW to 16,270 Solana Trade

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  • $MEW Whale Uses DCA Strategy for $2.42M Investment
  • Solana Surpasses Ethereum in Monthly Fees with $183.46M Revenue
  • Solana Correction May Lead to New All-Time High by Year-End

Solana’s dominance grows as a whale earns $1.52M trading $MEW for $SOL. The network surpasses Ethereum in fees with $183.46M and showcases a 2,700% price rally, forming bullish patterns that could push its price to $550.

Whale Profits $1.52 Million with Strategic $MEW Trade

A cryptocurrency whale capitalized on market opportunities and made $1.52 million in profit from a $MEW to $SOL trade. The whale traded 416.8 million $MEW tokens for 16,270 $SOL worth $3.94 million. Initially, the whale traded 10,000 $SOL worth $2.42 million to acquire the $MEW tokens.

The whale used the dollar-cost averaging (DCA) strategy to buy $MEW at several intervals to minimize market risk. This method enabled the investor to consistently buy tokens over time which enhanced stability amid market volatility.  Solscan, a blockchain explorer for Solana, confirmed the transactions indicating the precision and effectiveness of the strategy.

Solana Surpasses Ethereum in Monthly Fee Revenue

Solana has surpassed Ethereum in monthly fees and collected 183.46 million of revenue. Ethereum, which has dominated the blockchain space for a long time, was second with $181.42 million. 

Circle ranked third and Uniswap ranked fourth with $123.83 million and $81.94 million in fees revenue, respectively. Other platforms such as Pumps and Lido made $81.74 million and $79.37 million respectively. This shows that Solana’s decentralized platform is competitive in the blockchain industry.

Elliott Wave Analysis Signals Solana’s Next Move Toward $270-$280

Solana is now in a correction phase within its bullish cycle after a major rally. Analysts predict that the correction phase will end with a recovery which might drive the price towards an all time high (ATH) during the holidays. Technical analysis suggests that the bullish trend will continue after the current phase.

The Elliott Wave analysis indicates the completion of wave 3 and continuation of wave 4 may lead to increase in prices to $270-$280. The consolidation of Solana prices near key Fibonacci retracement levels acts as major technical support. Furthermore, the Relative Strength Index RSI suggests a bullish momentum as price remains above 200-everyday moving average (EMA). 

Market trends suggest short-term volatility for Solana before its bullish trend resumes. If the correction completes as expected, Solana could achieve a new ATH, supported by technical patterns and positive sentiment.

Cardano Founder Predicts Bitcoin Will Hit $500K: Here’s Why

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  • Cardano founder Charles Hoskinson predicts Bitcoin could reach $250k to $500k in the next year or two, driven by institutional adoption and its role as a digital store of value.
  • Bitcoin is gaining traction among institutions as a strategic reserve asset, similar to gold, due to its limited supply, decentralized nature, and growing utility.
  • Cardano’s ADA token has surged significantly, indicating strong market sentiment and potential for further growth, even as Bitcoin continues to dominate the cryptocurrency market.

Cardano founder Charles Hoskinson has doubled down on Bitcoin’s future, predicting that its price could soar between $250,000 and $500,000 within the next 12 to 24 months. BTC is gaining massive action among institutional investors as it is seen as a primary entry point in crypto. This growing attraction positions BTC as a strategic reserve asset similar to gold.

“Governments are talking about a strategic reserve of Bitcoin and Bitcoin alone,” Hoskinson stated. Although other cryptocurrencies like Ethereum, Solana, and Cardano offer immense utility and innovation, the founder believes that Bitcoin remains unmatched as a store of value for the digital age.

According to the founder, the growing inflow of institutional investments and the recognition of Bitcoin as “digital gold” will propel its value closer to the global gold market, an asset humans have relied on for over 5,000 years. With its capped supply, decentralized nature, and now a DeFi layer through advancements like the Lightning Network, Bitcoin’s appeal as a reserve asset is solidifying its position in the financial world.

Cardano’s ADA Surges as Bitcoin Gains Institutional Traction

While he acknowledged the strengths of competing blockchains, Hoskinson stressed the unique narrative surrounding Bitcoin. “As good as Ethereum, Solana, and Cardano can be, let’s be intellectually honest about this. Bitcoin is the store of value for the internet and will remain in that role for the foreseeable future,” he said.

Hoskinson’s comments come amid rising interest in Bitcoin ETFs and growing discussions around its use in national reserves. If his predictions materialize, Bitcoin’s market cap could approach that of gold, signaling a monumental shift in the global financial system.

On the other hand, Cardano’s native token ADA has climbed by a staggering 260% in just three weeks, signaling strong momentum for the cryptocurrency in the current market cycle. While the surge is still 62% below its previous all-time peak, analysts see substantial room for growth and potential price appreciation

Solana Takes Center Stage With Spot ETP Filing

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  • Cboe BZX files for Solana Spot ETP from Bitwise Asset Management.
  • Solana’s growing popularity and global adoption with Europe leading the way.
  • A crypto-friendly administration could accelerate SOL Spot ETF in the U.S.

The Cboe BZX Exchange has just filed to list a spot Solana ETP from Bitwise Asset Management. Bitwise now joins VanEck and Canary Capital in the race for SEC approval. The filing has sparked exciting developments that could open up new investment opportunities for crypto enthusiasts and traditional investors alike.

The proposed ETP would directly hold SOL, the native token of the Solana blockchain and the third-largest crypto asset in the world. While the ETP will initially operate as a cash-settled product, Bitwise aims to transition it to a physically-backed structure, allowing investors to directly own SOL tokens. This would make it a truly unique investment vehicle.

Solana
Solana Takes Center Stage With Spot ETP Filing 4

The rise of Solana-linked funds (ETFs) comes amidst a rebound crypto market led by Bitcoin’s recent rallies. This signals a transformative phase for the crypto industry. Investment giants such as Grayscale and Bitwise have already introduced crypto index funds and spot ETFs for major assets

In Europe, SOL-linked ETFs have already made their mark. Platforms such as Euronext and Xetra facilitate the trading of these products, demonstrating a growing appetite for altcoin-focused funds.

Solana Spot ETF: A Waiting Game for U.S. Investors

Despite this progress, skepticism persists in the U.S. market, primarily due to regulatory hurdles and the absence of a futures market for Solana. Historically, approvals for spot Bitcoin and Ethereum ETFs were heavily influenced by the existence of futures markets, which addressed concerns about fraud and market manipulation.

The U.S. Securities and Exchange Commission (SEC) has expressed apprehension about altcoin ETFs, citing the potential for abuse in markets without established futures mechanisms. Experts believe that introducing a Solana futures ETF could serve as a precursor to securing spot ETF approval.

Another major hurdle is Solana’s classification as a security under certain conditions. Unlike commodities such as Bitcoin or Ethereum, securities require compliance with stricter disclosure and reporting standards. This classification complicates the approval process, as ETFs linked to securities must meet heightened regulatory requirements.

The landscape could shift with changes in U.S. political and regulatory leadership. A crypto-friendly administration, coupled with a new SEC chair open to innovation, might redefine the framework governing altcoin ETFs. Analysts suggest that rising institutional interest in Solana and evolving policies could create a favorable environment for its ETF approval.

Solana Hits $318B Transfer Volume: A Turning Point or Bot Hype?

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Key Takeaways:

  • Solana’s transfer volume hit a record $318 billion, but declining transaction sizes hint at possible bot activity.  
  • Solana’s fee revenue, surpassing $500M, is heavily reliant on memecoins and liquid staking, signaling room for ecosystem growth.  
  • Market sentiment indicates cautious optimism, pricing in a shift from memecoin reliance to broader use cases.  

On November 16th, Solana’s transfer volume soared to an all-time high of $318 billion, according to Glassnode data. Active addresses also surged, crossing the 22 million mark.

While these metrics demonstrate heightened activity, a closer look reveals a dip in mean and median transaction volumes during the same period. This inconsistency raises questions about the nature of the activity, with patterns resembling bot-driven spikes seen in the past.  

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Despite this, Solana’s chain remains one of the most vibrant in the crypto space and is often touted as a competitor against Ethereum. The high metrics, in turn, reflect the blockchain’s theoretical ability for high throughput, while its sustainability will depend on organic user growth rather than artificial inflation.

Fee Revenue Dominated by Memecoins and Staking  

The ecosystem of Solana will continue to mature, with the total revenues of the generated fees for Q4 surpassing $500 million. Meanwhile, the absolute volume of the fees also managed to overtake Ethereum.

Closer breakdowns show that 75% of those fees originate from memecoin trading and liquid staking, according to research provided by Messari research analyst. This does result in a large concentration of how the network in its early stages depends on specific use cases.

However, while Ethereum has diversified sources of fees from lending, DeFi, and NFTs, the base dependency of Solana upon the action of memecoins is a signal of lesser development. This also represents further potential for growth in those places where Solana is still being underused, such as in yield farming and decentralized lending.

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Markets are cautious yet optimistic. While the set of DEXs on the network is considered suspect due to their heavy reliance on memecoins, protocols focused on lending and liquid staking tokens are prized dearer. In this divergence in sentiment may lie Solana’s partial transitioning toward broadening the fee base.

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A Fork in the Road for Solana  

The future of the network is dependent on further diversification. It could happen either way: the blockchain leverages up-and-coming trends such as DePIN and AI applications to hedge against any potential future decline in memecoin-driven activity, or it leans harder into its current strengths, maintaining memecoin trading as a core driver.

Current market valuations reflect this uncertainty, but while there’s optimism that Solana can evolve, the overall success of the blockchain is pegged to seamlessly executing this transition. The result might be a far more balanced ecosystem that allows for serious growth and repositions Solana as a leading player in decentralized finance.

Related Reading | Bitcoin’s Calm Signals Potential Breakout Toward $100K

BONK Blasts Off: Upbit Listing Ignites Solana Memecoin

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  • Solana-based meme coin BONK has skyrocketed to new highs after its Upbit listing, with trading volume surging 77%.
  • A large whale recently purchased $3.4 million worth of BONK, signaling strong institutional interest.
  • Technical analysis indicates a bullish trend for the token, with the potential for further price increases.

Solana-powered BONK has taken the meme coin market by storm, hitting new all-time highs after its much-anticipated listing on Upbit. The listing has triggered a parabolic rise, catapulting the market capitalization to over $4.2 billion.

Since listing on South Korea’s premier cryptocurrency exchange, BONK’s trading volume has skyrocketed by 77%. This indicates the growing investor interest in this burgeoning memecoin. Technical analysis reveals that the meme coin has broken out of a long-term consolidation pattern, signaling a potential bullish trend. The recent surge in trading volume and price confirms strong buying interest. As the market enters overbought territory, investors should remain cautious but optimistic about the potential for further upside.

BONK
Source: Cheds Trading

The price of BONK has skyrocketed to a new all-time high of $0.00005916, surpassing DogWife’s previous record. The token also flipped its rival, DogWife with a weekly gain of 75%. This surge in value has bolstered the meme coin’s position as the top meme coin in the Solana ecosystem. However, this influx of investor interest in the meme coin is not limited to retail traders.

Buoyed by the market resurgence, smart money has started to pour in with whales making significant purchases. Blockchain data revealed that a large-scale holder or whale recently bought 65.4 billion BONK tokens in a single transaction, spending a whopping $3.4 million in USDC. This substantial investment underscores the confidence that institutional investors have in its future.

BONK’s Impact on the Solana Ecosystem

That said, the token’s stellar rise has had a profound impact on the Solana ecosystem. The unprecedented buzz and excitement within the community, has captured the attention of new users and investors to the network. As BONK continues to gain traction, it has immense potential to solidify Solana’s position as a leading blockchain platform.

Backed by growing community support, the meme coin is poised to continue its upward trajectory. As the project team executes its roadmap and delivers on its promises, the future of BONK looks bright. Though it has slightly retreated to $0.00005684 at press time, the outlook remains promising for this meme coin.

Solana Surges to $117B: Is $400 the Next Target for SOL?

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Key Takeaways:

  • Solana (SOL) hits a historic market cap milestone of $117 billion.
  • Memecoin frenzy drives significant DeFi activity on the Solana blockchain.
  • SOL may be on track to hit $400.

Solana (SOL) has recently achieved a remarkable milestone, reaching a market capitalization of approximately $117 billion. This surge reflects growing interest in its blockchain ecosystem as investors flock to cryptocurrencies in search of alternatives to traditional financial markets.

SOL 1D graph coinmarketcap 1
Source: CoinMarketcap

With the ability to provide fast, low-cost transactions, Solana has been positioned for some time now as a leading player in the space, increasingly attracting DApps and developers alike looking for efficient platforms.

This growth in itself is indicative of the trend going on in the larger cryptocurrency world: a growing interest in digital assets of place and credibility.

While many sectors are looking into blockchain solutions, Solana’s recent market performance could mean its further expansion, with probably some twist in the dynamics of the crypto world in the future.

Record DeFi Activity on Solana

Meanwhile, Solana is seeing a wave of activity when it comes to DeFi, with many of its protocols registering record fees. On November 17, five of the top ten protocols by fees were based on Solana, a testament to the growing dominance that the platform seems to enjoy within the space.

Raydium, the automated market maker, set a high of $11.3 million in fees, followed closely by liquid staking protocol Jito at $9.87 million, as the return of the memecoin craze fuels investor interest and burgeoning volumes of transactions.

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Other contributors to the record earnings include memecoin projects like pump.fun and Photon, a Telegram trading bot, where pump.fun raked in $1.65 million in fees, and Photon is at $2.36 million. The activity underlines the increasing popularity of Solana-based platforms amid the broader crypto market shift.

Solana (SOL) Price Surge Predictions

As SOL continues to break records, some experts predict further gains for its price. Analyst Titan of Crypto has suggested it could now aim as high as $400 for SOL, as it breaks out of a Cup & Handle pattern on the monthly chart.

It would create the perfect setting for a significant price surge if SOL manages to clear its previous ATH. With the gradually increasing market capitalization added to the strong DeFi activity, this might signal that SOL is about to reach new highs both in price and influence within the blockchain space.

Related Reading | Cameron Winklevoss Supports Trump’s DOGE Initiative To Slash $2 Trillion: Report

Solana’s DeFi Dominance Amid Price Surge: A Perfect Storm

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Solana DEX ecosystem has soared to new highs, as trading volume reached historic highs, surpassing $5 billion daily for three days. With a 60% market share is Radium, driving nearly $16 billion of this volume from November 10 to 16, per DeFiLlama data. This milestone highlights Solana’s growing significance in the DeFi ecosystem.

On the price front, Solana is set on a bullish path with the potential for significant upside in the coming months. As seen in the below chart, the token has formed a bullish flag pattern, suggesting a potential breakout to the upside.

With the current price consolidating between $200 and $220, the trend offers a healthy opportunity for accumulation before a potential breakout. Once the price breaks above the resistance level, it could aim for the target zone around $300 to $320.

Solana
Source: John Luciam

Several technical indicators also support a bullish outlook. The Relative Strength Index (RSI) is currently in oversold territory, indicating potential for a rebound. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, further confirming the bullish sentiment.

While the exact timing of the breakout is uncertain, many analysts believe that a significant price surge could occur in the first quarter of 2025. Investors and traders should keep a close eye on Solana’s price action and technical indicators for potential entry and exit points.

Solana’s Liquid Staking Hits $5.6 Billion Market Cap

Meanwhile, Solana’s liquid staking ecosystem has skyrocketed, hitting a $5.67 billion market cap alongside a staking ratio of 8.10%. Its need to noted that liquid staking lets stakers lock their assets while retaining the option to trade them. This enhances flexibility and can increase staking returns.

SOL- based liquid staking tokens such as JitoSOL, which currently holds a nearly 43% market share, Marinade’s mSOL, with a 16.8% share, and jupSOL with 12% are hearing up the network.

This burgeoning interest in liquid staking reflects both Solana’s network advancements and investors’ desire for optimized returns without long-term asset lockups. 

Solana’s unique consensus mechanisms and low transaction fees is what makes it appealing for staking. Liquid staking also provides additional benefits, like letting staked assets be used across DeFi ecosystems.

Is Solana the Next Big Ethereum Rival? Key Growth Metrics Suggest So

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Key Takeaways:

  • Solana has significantly narrowed the gap with Ethereum, now capturing more market share across critical metrics.
  • The platform’s speed, cost-efficiency, and unique infrastructure continue to drive an increase in on-chain activities.
  • Solana’s developer community growth and ecosystem expansion position it as Ethereum’s top competitor.

The Solana blockchain network has been gradually closing in on Ethereum, capturing substantial market share and revenue in 2024. According to a new hedge fund Syncracy Capital report, Solana has seen steady growth across most major economic metrics, positioning itself as a prominent competitor to Ethereum.

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The report illustrates that Solana’s valuation has now jumped from a fraction of Ethereum’s to 33%, indicating a testimony of the network’s recent strides and increasing attractiveness. In the beginning, Syncracy noted that with its promising scaling, integrated design, and ease of development on the platform, it was undervalued in 2023.

On-chain activity on the platform increased once the FTX-related setbacks finally dissipated, and the new activities centered around retail trading and the emerging areas, DePIN, and Payments.

Solana Surpasses Ethereum in Monthly App Revenue

The main reasons behind such interest and attraction of both users and developers to SOL are its speed, latency, and cost-efficiency. The low transaction cost and mobile accessibility have actually fueled its usage in many sectors, especially retail trading.

According to data from Syncracy, all major metrics, such as Real Economic Value and Total Application Revenue, point toward Solana turning into a keystone within the blockchain economy. For the first time, Solana applications generated more revenue than those of Ethereum last month, courtesy of a spurt in applications that connect trading and finance.

The growing popularity of SOL-based applications indicates a pivot in the crypto economy. Also, the rapid rise of SOL’s top apps, like Pumpdotfun, showcases the chain’s full potential. Currently, Pump generates more than $348 million in annual revenue, attracting other developers to create their applications.

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The Next Chapter in the Blockchain Competition

Although Ethereum has some sort of established niche, the rapid progress of Solana surely points to greater competition within the blockchain space. Since the upcoming Firedancer upgrade is said to further improve the scalability of the network, its valuation gap with Ethereum may stay close.

Syncracy believes that with further decentralization and a strong developer ecosystem, Solana is more of a strong peer to Ethereum rather than an “Ethereum killer.” That would explain the view that in the future, the two might share major importance in the blockchain economy.

Related Reading | Cardano Blazes Ahead: A 72% Rally and Potential for More

Solana’s DeFi Landscape Expands as TVL Reaches $5.7B in Q3 2024

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Key Takeaways:

  • Solana’s DeFi TVL rose to $5.7 billion in Q3 2024, marking a 26% increase in QoQ.
  • Kamino led with $1.5 billion in TVL and a 57% QoQ growth, boosted by PYUSD and jupSOL additions.
  • Solana’s stablecoin market cap climbed by 23% to $3.8 billion, driven by PayPal’s PYUSD integration.

Solana’s decentralized finance (DeFi) ecosystem saw significant growth in Q3 2024, achieving a total value locked (TVL) of $5.7 billion. This represented a 26% QoQ increase, placing the network as the third-largest network in this metric, surpassing Tron.

According to a recent report by Messari, TVL in SOL rose by 20%, reaching 37 million. Kamino played a pivotal role, leading the way with $1.5 billion in TVL, a 57% rise over the quarter, thanks to new offerings like PYUSD and jupSOL.

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Source: Messari

Kamino’s innovations in lending included the launch of Kamino Lend V2, which introduced a permissionless market layer and a vault layer. These changes, along with new products like Lending Orderbook and Spot Leverage, are expected to further bolster its market position in Q4.

DEXs and Perpetual Trading Growth

Although the trading volume of Solana’s DEXs did see a slight decline of 10% QoQ, the activities there started to rebound in late September. Its average daily volume coming from DEX has reached $1.7 billion, while most challenges are authored to waning memecoin hype.

Raydium still had the largest market share with 51%, although it witnessed its daily average volume slide 13% to $852 million. Its volumes added $350 million upon the launch of Moonshot, a user-friendly mobile app for trading.

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Source: Messari

Jupiter remained at the top, with 43% of the total spot DEX volume. New developments included the release of Jupiter Mobile, allowing seamless onboarding through Apple Pay and Google Pay. SolanaFM and Coinhall contributed to the acquisition of the Jupiter ecosystem.

Solana’s Stablecoin Market Boosted by PayPal’s PYUSD

The stablecoin landscape of Solana grew 23% to a market capitalization of $3.8 billion. In May, PayPal’s PYUSD launched on Solana and thereby played an important role. With features such as transfer hooks, programmable transfers were an immediately adoptable feature, and adoption increased significantly.

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Source: Messari

By the end of Q3, PYUSD’s circulating market capitalization was $331 million, a 341% increase. Meanwhile, USDC continued to dominate and rounded off the high performance for Solana regarding stablecoins.

Circle’s expansion into Web3 services for Solana offers enterprise functionality features, including programmable wallets and fee sponsorships so that developers can integrate seamless, multichain solutions.

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