By Kapil Rajyaguru
Ethereum Leads Blockchain Fee Revenue in 2024 with $2.48 bn in Gas Fees.
Ethereum led all blockchains in fee revenue for 2024, generating $2.48 billion, a 3% increase from 2023, despite the Dencun upgrade reducing Layer 2 transaction costs. Layer 1 and 2 blockchains collectively earned $6.9 billion in transaction fees. Ethereum’s best quarter came in Q1 2024, fueled by airdrop-driven activity.
Stablecoin usage drove Tron to rank second with $2.15 billion in fees, a 116.7% rise. Solana’s fees surged by 2,838% to $750.65 million, making it the most popular blockchain of the year, though it faced network congestion. Bitcoin’s fee revenue grew 16%, bolstered by Ordinal NFTs and BRC-20 tokens, while BNB Chain saw an 8.7% increase.
Poland Overtakes El Salvador In Global Bitcoin ATM Count.
Poland added 10 new Bitcoin ATMs on Jan. 27, bringing its total to 219 active machines and surpassing El Salvador as the fifth-largest cryptocurrency ATM network globally after the US, Canada, Australia, and Spain.
Poland added 24 crypto ATMs in its ongoing four-month-long installation spree that began in October 2024. Numerous other countries, including current leaders Canada, Spain, and Australia, continue to see an uptick in local active crypto ATMs month over month, according to Bitcoin ATM Radar data.
$849 mn in Crypto Liquidations as Bitcoin Falls Below $100,000.
The crypto market is facing a significant sell-off, with liquidations reaching $849 million as the total market capitalization dropped 6.65% to $3.37 trillion.
Bitcoin (BTC) led the way with a 5.81% drop, resulting in $259.21 million in liquidations, mostly affecting long traders.
Other cryptocurrencies like Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) also saw substantial liquidations.
Analysts are forecasting a major correction for Bitcoin, though it remains a key driver for the industry. Despite the bearish outlook, some believe Bitcoin’s fundamentals and market demand will lead to future growth, potentially pushing its price to new highs.
Jupiter (JUP) Jumps 6% as $3 bn Token Burn and Buyback Plan Ignite Market.
Jupiter’s native token, JUP, has seen a 6% surge in the past 24 hours, making it the top market gainer despite broader market declines.
This increase follows the announcement of a token burn of 3 billion JUP (valued at $3.6 billion) and a buyback program, where 50% of Jupiter’s fees will be used to repurchase tokens.
These actions aim to reduce emissions and stabilize JUP’s value. Following the announcements, JUP’s price reached a 30-day high of $1.28, with increased buying activity and open interest.
The bullish sentiment suggests potential price gains, with key resistance levels at $1.08 and $1.22. However, a market shift toward profit-taking could lead to a decline to $0.81.
Jordanian Government To Create Virtual Assets Framework By End Of Year.
Within a year, the Jordanian government has approved the establishment of a comprehensive regulatory framework for virtual and digital assets.
This initiative aims to align with global standards and promote a robust digital economy. The National Council for Future Technology and the Jordanian Securities Commission (JSC) will lead the development of legal, technological, and regulatory infrastructure, including the licensing of crypto platforms.
A ministerial committee, involving key government officials, will oversee the process. This move comes as part of Jordan’s efforts to address concerns raised by the Financial Action Task Force (FATF) that placed the country on its grey list in 2023 due to risks in virtual assets.
Additionally, the government approved a blockchain strategy for 2025 to enhance transparency, privacy, and innovation in government services and the broader economy.
Ethereum Foundation Launches Multisig Wallet for DeFi Participation.
The Ethereum Foundation (EF) has set up a multisig wallet to engage with DeFi, transferring 50,000 ETH (about $165.3 million) into it. Safe manages the wallet, which has a 3-of-5 configuration and a test transaction to Aave. This move addresses concerns about EF’s transparency and frequent ETH sell-offs, which have pressured ETH’s price. EF’s treasury has dropped 39% over the last three years, prompting discussions about using staking or on-chain deployment for returns.
EF also faces leadership scrutiny amid Ethereum’s market performance and competition from Solana. In response, Vitalik Buterin confirmed leadership reforms, and Joseph Lubin proposed a dual-leadership structure to balance technical and business strategies.
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