Metrics on Solana are skyrocketing as the network becomes more resilient and stable and attracts new projects to its blockchain ecosystem. This and more news is in this handy daily digest so that you are always up to date with the latest events happening within the crypto world.
Solana has a bullish month
📍Several of Solana's metrics have seen significant growth this month. Both the price of its native cryptocurrency SOL, its trading volume and the total value locked (TVL) in the DeFi ecosystem have increased significantly this month.
According to CoinMarketCap data, the price of SOL has increased by 76% since the last week of October. The platform also shows that the daily trading volume for SOL has increased from $870 million on October 27 to over $911 million at the time of writing, which represents an increase of almost 5% in the last 30 days.
On the other hand, the DeFi platform Llama shows that the TVL of Solana-based decentralized applications is $ 611 million dollars currently showing growth of over 60% in the last month.
Data from DeFi Llama also shows that trading volume on Solana DEXs surged to over $5.000 billion this month, surpassing the peak of $2.800 billion seen a year ago.
Kunal Goel, Research Analyst at Messari, he pointed The upcoming DePIN projects to be launched on the Solana network and its partnership with Visa as possible causes of the renewed enthusiasm of the crypto community for this blockchain ecosystem and, therefore, the rise that the blockchain is experiencing in several of its metrics. Also, Solana security researcher Matías Barrios said that the network was demonstrating greater resilience and stability, reducing the incidents and interruptions it had suffered in the past.
New changes coming to the Polkadot ecosystem
📍Fabian Gompf, current CEO of the Web3 Foundation, confirmed that major changes are coming to the Polkadot ecosystem. Gompf announced that Polkadot will be replacing the parachain auction mechanism it has implemented so far to allocate block space on the chain with an on-demand leasing mechanism, which will allow developers to rent said space directly, based on their requirements and needs.
According to Gompf, Polkadot will implement the Agile Coretime upgrade later this year on the Rococo testnet and in Q2024 XNUMX on the Kusama network in order to test the changes before their deployment on the mainnet, which is planned to occur sometime in QXNUMX.
In addition to this, the current CEO of the Web3 Foundation also reported that Polkadot is building a new bridge to interconnect the Ethereum and Polkadot blockchains and that the new financing program of the network will help boost activity in the blockchain ecosystem.
The Web3 Foundation is the organization in charge of overseeing and financing the development of Polkadot, while the company Parity Technologies is the one in charge of the development of Polkadot at the software level.
Harvest Global joins the tokenization craze
📍Global investment fund manager Harvest Global is collaborating with Meta Lab to tokenize real-world assets. Amid growing optimism over the price rally of Bitcoin and cryptocurrencies, financial institutions continue to bet on blockchain technology to optimize and streamline their processes.
Recently, Hong Kong-based investment management firm Harvest Global announced that it will launch a tokenized fixed-income bond fund alongside Meta Lab, a digital asset specialist.
Through this tokenized fund, the investment management firm hopes to meet the growing interest of its professional and institutional investors in real-world tokenized assets, as well as contribute to Hong Kong's growing leadership as a cryptocurrency and Web3 hub.
The number of transactions skyrockets on Avalanche
📍The arrival of ASC-20 tokens increased the number of transactions on Avalanche by 2.000%. This is detailed by The DeFiant, a site specialized in DeFi, which highlighted the great boom that ASC-20 tokens, similar to Bitcoin Ordinals, have had on the Avalanche network.
As reported by Bit2Me News last week, the ASC-20 token standard allows users to inscribe data on the Avalanche blockchain, similar to Ordinals. In line with the frenzy of inscriptions on the Bitcoin chain, the arrival of this new token standard on Avalanche caused a huge increase in the network’s trading activity, skyrocketing the number of transactions by 2.000% in just 7 days.
Jacob Everly, technical product manager at Ava Labs, had said that the network was processing between 40 and up to 100 transactions per second. However, despite the massive volume of activity, Avalanche was operating as normal.
Continue reading: Blast, Ethereum's new L2, TVL exceeded $500 million in one week
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