Thursday, November 7, 2024
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As BTC hits a new all-time high, old and new altcoins seem to have awakened from their temporary slumber. In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | Top NFT Collections' Dominance 2023 | | Last year, CryptoPunks dominance strengthened from 23.6% to 33.6%, fully surpassing BAYC in May to become the largest NFT collection by market capitalization.
Previously, CryptoPunks had overtaken BAYC for the first time in the month of November 2022, but had subsequently slipped back into second place. | | | All it takes is a little switch 💡 Market maker Wintermute has proposed to enable a fee switch for Ethena's native ENA token. According to Wintermute, the stablecoin protocol has generated a significant amount of revenue, yet none of it has gone to staked Ethena (sENA) holders.
To further align ENA holders with the protocol's growth, the market maker has proposed that Ethena redirect some of that revenue to sENA and other integrated products.
Although the market maker did not mention any specific mechanisms or amounts to be allocated to sENA holders, their proposal merely asks Ethena's governing committee to consider the most 'optimal' fee switch to sustain the protocol's growth. However, some users have argued that allocating a portion of the yield from its native USDe stablecoin will negatively affect the protocol's usage and overall revenue.
Regardless of the pros and cons, the prospect of future yield going to governance token holders boosted the price of ENA by 15.3% from $0.46 to $0.53 today.
Editor's Note:
Fee switches are not new in DeFi, and many protocols, such as Uniswap, have flirted with the idea. However, these features have yet to be realized due to strict US regulations. In any case, this is simply the first step in turning on revenue streams to native holders, and it is still a long way from being actualized. | | | Getting started on Solana or want to see wallet alternatives for the chain? Check out this video on the top 5 Solana wallets you can try. | | | From lurking on-chain to 10x longs 💱 Blockchain analytics firm Arkham Intelligence is launching its own perpetuals exchange. The platform will mainly target retail users to compete with some of the largest exchanges in the market.
While no further details have been shared, Arkham mentioned that the perpetuals exchange would include Arkham's own research pieces, as well as live on-chain audits and Proof-of-Reserves. Trading on the exchange will go live next week but will not be accessible to US residents.
Since the announcement, the price of Arkham's native ARKM token rose by 5.3% from $2.06 to $2.17 but has retraced to $2.11.
| | | Trezor Safe 5 Review
Securing cryptocurrency has never been more important, especially with the rise of hacks and security incidents. One of the best ways to store cryptocurrencies is to use a cold hardware wallet, which is exactly what the Trezor Safe 5 is. In this review, we cover all there is to know about the Safe 5! | | | In Other News... Gary Gensler Likely To Resign. "I will fire Gary Gensler", Donald Trump famously said if he was to be elected president. While Trump is unlikely to be able to fire Gensler without cause, analysts suggest that he may resign in the near future. On Chain Forex Services From JP Morgan. The project formerly known as Onyx will be rebranded as Kinexys to serve a growing global client base. JP Morgan reported a 10x year-on-year increase in market demand for the platform.
Pump It Up. Pump.fun, the platform behind many memecoin launches, hit a new monthly high with $30.5M in revenue during the memecoin rush.
Ethereum Making Its Move. ETH surged 10% in the last 24 hours, boosting hope among DeFi investors. This could signal a breakout as Ethereum has lagged behind Bitcoin in recent months.
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