By Shikha Singh
Bitget Becomes the Second Largest Crypto Exchange Ecosystem by Userbase.
Bitget, the leading cryptocurrency exchange experienced a surge in its user base, expanding from 20 million in January to over 100 million in December—an extraordinary growth of 400%.
This expansion was matched by significant advancements in trading activity, with daily volumes doubling to $20 billion.
Spot trading volumes grew exponentially, rising from $160 billion in Q1 to $600 billion in Q4.
Ethereum Launches Etherealize to Reshape Ethereum’s Future Amidst Controversy.
Ethereum has launched Etherealize, a new initiative aimed at attracting institutional investors to its blockchain ecosystem.
The initiative, led by Wall Street veteran Vivek Raman and Ethereum co-founder Vitalik Buterin, aims to bridge the gap between Ethereum and TradFi by offering a range of institutional-focused products and services, including dApps and tokenization services.
Raman, a former bond trader at Nomura and UBS, expressed confidence in Ethereum’s potential.
Despite the launch, the Ethereum Foundation has faced criticism from its community, particularly regarding its management of its $900 million Ether holdings and perceived failure to support network developers.
The community’s frustration has been exacerbated by Ethereum’s struggle to compete with fast-growing competitors like Solana and XRP.
Vitalik Buterin has acknowledged the criticisms but has defended the foundation’s efforts and emphasized the need for constructive feedback. The recent resignation of prominent Ethereum developer Nick Conner has further highlighted internal tensions within the foundation.
BNB Foundation Completes 30th Quarterly Token Burn on BNB Chain.
The BNB Foundation has completed its 30th quarterly BNB burn, reducing the total supply by over 1.6 million tokens valued at $1.16 billion.
The foundation still needs to burn another 42.47 million BNB to reach its 100 million BNB target. The Auto-Burn mechanism introduced in BEP-95 cleared over 1.5 million BNB in the actual burn, while the Pioneer Burn accounted for the remaining 110K BNB.
The foundation plans to use the Auto-Burn system to gradually reduce the total supply of BNB tokens to 100 million BNB.
The Auto-Burn mechanism will adjust future burn amounts based on BNB’s price and the number of blocks generated on the BSC (BNB Smart Chain) during each quarter to ensure predictability and transparency. This quarter’s and future burns will occur directly on the BSC due to the BNB Chain Fusion.
Solana Stablecoin Supply Explodes Past $10B, Secures New All-Time High.
Solana’s stablecoin supply has surpassed $10B for the first time, reaching an all-time high. This could potentially push the asset to $360 by March 2025.
Solana’s DeFi ecosystem is flourishing, with memecoin launches from the White House cabal in $TRUMP and $MELANIA attracting billions in capital inflows and onboarding hundreds of thousands of new users. Historical data suggests that sharp increases in onchain stablecoin supply could forecast a spike in $SOL value.
On September 11, 2021, Solana’s stablecoin supply recorded a 93% increase over a 7D period, and over the following two months, $SOL value surged by 45.76%. If $SOL replicates this price action, a similar 45% price increase could potentially push $SOL as high as $362 by the end of March 2025. However, historical data doesn’t account for Solana’s DeFi remarkable growth over the past 3 and a half years, as the Solana ecosystem boasts a more diverse range of applications and tokens.
Real-World Assets See 200% Growth, Led by Usual Protocol and Hashnote USYC.
The total value locked in real-world assets protocols has risen by 200% to $7.92 billion, reaching approximately two-thirds of the total TVL.
This growth is primarily due to the increasing adoption of government securities within the RWA market, which now account for two-thirds of the total TVL.
Leading players in the RWA sector are Usual Protocol and Hashnote USYC, each with a TVL of approximately $1.25 billion.
Usual Protocol, a decentralized stablecoin issuer, tokenizes real-world assets and redistributes value to users through governance tokens, offering a secure and transparent alternative to traditional stablecoins.
Hashnote USYC, a regulated digital asset management platform, provides innovative investment strategies with a focus on transparency.
Jupiter’s $500 mn Airdrop Sparks Selloff.
Jupiter, a decentralized exchange (DEX), has launched its Jupuary airdrop, distributing 700 million JUP tokens worth around $500 million to over 2 million wallets.
This event has triggered a wave of selloffs, putting significant pressure on the token’s price. The massive influx of tokens into the market has prompted traders to liquidate their holdings for profit, contributing to the downturn.
JUP’s trading volume is up 166%, totaling $609 million. This confirms the surge in JUP selloffs among market participants.
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