By Shikha Singh
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Ethereum Layer-2 Scroll’s Token Launch Falls Short of Expectations.
Ethereum scaling solution Scroll launched its native token, SCR, but faced backlash from the community over its token allocation.
The distribution included 55 million SCR tokens, accounting for 5.5% of the total supply, and was aimed at early adopters and active participants in the Scroll ecosystem.
Of the total, 40 million tokens were reserved for users who had earned over 200 Scroll Marks through their network activities. The response on social media raised concerns about the sustainability of crypto airdrop models.
BNB-Based Simon’s Cat Token Surges Following Binance Derivatives Launch.
Simon’s Cat (CAT), a BNB chain-based token, jumped over 26% on October 21 after Binance announced its perpetual futures listing and the 1000CAT derivatives contract with 75x leverage. Launched with an airdrop for FLOKI holders, CAT has risen 138% since its August 22 debut.
After a three-week consolidation, CAT recently hit a seven-day high 45% up in 24 hours, but is currently 21% below its all-time high.
Toncoin User Base Shrinks to 1.58 mn.
The TON network has seen a sharp decline in daily active users, dropping from over 5 million to 1.58 million, raising concerns about fading hype or a potential new surge. User activity has fluctuated significantly, with spikes tied to specific events and market excitement.
As of now, TON is trading at $5.26, down 0.34% in the last 24 hours but up 2.11% for the week. Its market cap is approximately $13.32 billion, but 91% of the token’s supply is held by large holders, indicating high centralization. With 73% of holders at a loss, market sentiment remains cautious.
Turkish Bank Garanti Partners With Ripple and IBM for Crypto Trading Platform.
Turkish banking giant Garanti BBVA Kripto has partnered with Ripple Inc. and IBM to enhance its crypto trading and custodial services, following Ripple’s launch of its Custody solution.
This collaboration aims to improve performance and security for Garanti’s trading platform, which serves over 14,000 customers.
Through this partnership, Garanti BBVA will utilize Ripple Custody and IBM’s combined technology to establish an institutional-grade management infrastructure with end-to-end security, protecting applications, data, and private keys.
Robinhood Adds XLM To Crypto Transfers, XRP Next.
Robinhood Crypto EU announced on October 23 that it has added Stellar (XLM) to its supported cryptocurrencies for transfers, allowing users to deposit and withdraw XLM with a 1% deposit bonus for a limited time.
This expands the platform’s offerings to over 25 cryptocurrencies, including Bitcoin, Ethereum, and Solana.
Despite the announcement, XLM’s price fell by 1% over the last 24 hours, currently trading at $0.09429.
Solana hits $7.9 mn All-Time High In Daily Real Economic Activity.
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Solana reached a record daily economic value of $7.93 million on October 22, driven by significant increases in transaction fees and miner extractable value (MEV) tips.
This milestone marks a steady rise in economic activity since late September, surpassing a previous high of $7.07 million on October 19.
The majority of Solana’s revenue comes from tips which accounts for 48.3% and priority fees accounting for 48.9%, while base fees and vote fees contribute minimally. On October 21, tips accounted for 50.9% of revenue.
Additionally, Solana has outperformed the Ethereum ecosystem in transaction volume, achieving over $1.6 billion in the last week despite ongoing concerns related to the FTX asset distribution process.
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