January 30, 2024
Solana's Jupiter aggregator platform recently achieved a $500 million daily trading volume, surpassing Uniswap's V2 and V3 protocols combined on Ethereum. In anticipation of the JUP token airdrop, Jupiter demonstrated its Launchpad capabilities with the release of memecoin WEN, which has since amassed over 330,000 holder addresses, recorded 118,000 daily transactions, and achieved a 24-hour trading volume of $54 million. WEN’s value surged over 15 times, elevating expectations for JUP, briefly reaching over $0.7 on Aevo.
TAO BIT1 hints at a multi-token shift, propelling market cap to $2.5 billion
TAO's BIT1 proposal hints at a shift to a multi-token system, enabling limited subnets to create their own tokens, exchange them with TAO tokens, and introduce subnet staking. Under this model, daily TAO emissions are distributed across different subnets. TAO functions as the network's equivalent of ETH, and each subnet token behaves like an ERC20 token. BIT1 also introduces a subnet staking strategy, expanding the opportunities within the Bittensor ecosystem and encouraging users to weigh stake allocations across multiple subnets. In response to the proposal, TAO's value rebounded two-fold from its low point, achieving a new all-time high market capitalization of $2.5 billion.
dYdX Chain upgrades to version 3.0 ahead of $88.67 million unlock
Cosmos-based dYdX Chain has upgraded to version 3.0, bringing in inter-chain accounts and enabling liquidity staking protocols to join the dYdX Chain. The upgrade allows users to convert their staked DYDX into liquid assets for DeFi applications. As the liquidity staking and re-staking sector continues to thrive on Ethereum, drawing in substantial TVL, dYdX's liquidity staking integration is poised to unlock additional liquidity and assets. These developments warrant attention, particularly in light of the imminent release of around $88.67 million worth of DYDX scheduled for this Thursday.
Dymension's airdrop update to benefit ATOM and TIA stakers
Dymension, a platform for deploying app chains known as 'RollApps' has updated its airdrop distribution, reallocating unclaimed tokens to addresses that have previously received airdrops. Users who staked ATOM and TIA will see a significant increase in their received amounts. As a key project embodying the concept of modularity, Dymension remains interesting.
OKX web3 wallet to integrate various inscription tokens
OKX's web3 wallet is set to integrate various token standards (ARC-20, SRC-20, Runes, and DRC-20) as Bitcoin rebounds above $43,000, marking the second phase of inscription hype. ORDI has led this resurgence and noteworthy projects in the token issuance protocol space warrant monitoring. Binance wallet, yet to officially support inscription, is expected to endorse it by late February.
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