By Shikha Singh
Ethereum Launches Mekong Testnet To Preview Pectra Upgrade Features.
On November 7, the Ethereum Foundation launched the Mekong testnet, a temporary platform for developers to test user experience (UX) changes and prepare for the upcoming Prague-Electra (Pectra) fork.
Mekong allows developers to explore changes to staking, deposits, exit mechanisms, and other Ethereum Improvement Proposals (EIPs) ahead of their integration into public testnets and the Ethereum mainnet.
The testnet provides developers with a “pre-Devcon” opportunity to provide feedback, without any impact on the mainnet or other testnets such as Holesky or Sepolia. The name “Mekong” is a tribute to the Mekong River in Southeast Asia.
DeFi Tokens Soar 30% as Traders Tip ‘Friendlier’ DeFi Landscape Under Trump.
DeFi tokens surged over 30% following Trump’s election win, fueled by expectations of a friendlier regulatory environment. Key tokens like Uniswap (UNI), Lido DAO (LDO), and AAVE rose as traders bet on “value accrual mechanisms” such as protocol fees. Analyst Charlie Sherry noted that DeFi tokens could gain value if regulations ease under Trump’s administration. There’s also speculation about SEC Chair Gary Gensler’s resignation and BlackRock’s potential promotion of a spot Ether ETF, which could drive Ethereum to $3,000.
Tether to Perform Chain Swap to Ethereum.
In order to enable traders to use the same digital asset across different ecosystems, Tether plans to conduct a chain swap, moving a significant portion of its USDT holdings from various blockchains to the Ethereum network.
This swap will involve transferring 1 billion USDT from TRON (TRC20), 600 million from Avalanche (AVAX), 300 million from NEAR, 75 million from CELO, and 60 million from EOS to Ethereum.
While the total supply of USDT will remain unchanged, the redistribution across blockchains will alter the balance of assets.
BlackRock and Fidelity Lead $622 mn Inflows Into Spot Bitcoin ETFs as Trading Hits New High.
On November 6, 2024, Spot Bitcoin ETFs saw a record $622 million in inflows and $6.07 billion in trading volume, led by BlackRock’s iShares Bitcoin Trust (IBIT) with over $4.1 billion. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $309 million, and other ETFs like ARK Invest and Grayscale saw significant contributions.
This surge highlights growing institutional interest in Bitcoin, fueled by optimism around potential favorable regulatory changes after the U.S. presidential election, signaling strong future growth for Bitcoin ETFs and the broader crypto market.
WazirX Proposes Launching DEX & Recovery Token As Investors Wait To Access Locked Up Crypto.
On November 6, 2024, WazirX, an Indian crypto exchange, and risk advisory firm Kroll announced plans to launch a decentralized exchange (DEX) and a new crypto token to compensate investors whose funds have been locked since the July cyber-attack, which caused a loss of over $230 million.
WazirX aims to become India’s largest DEX within 12 months, offering users more control over their assets, though KYC protocols may be less stringent.
The exchange will also create “Recovery Tokens” to help reimburse users, with these tokens airdropped to affected accounts based on a pro-rata distribution. However, the tokens are not stablecoins. The recovery process is expected to be completed by early February 2025. Meanwhile, many WazirX users are frustrated as they cannot access their Bitcoin holdings amid rising prices.
Bitcoin Makes A New ATH as The Crypto Market Adds $200 bn Overnight Following Trump’s Victory.
Following Donald Trump’s victory in the 2024 U.S. elections, cryptocurrency investors have poured over $200 billion into digital assets, driving the market capitalization of all crypto assets to $2.652 trillion. Bitcoin soared to an all-time high of $76,400, securing a market cap of $1.4 trillion and maintaining 57% market dominance.
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