Vitalik aims to reduce gas costs amid competition with Solana

Hot projects + Market overview

I. Mainstream exchange news

• Kraken is planning to launch its own blockchain network called Ink, with development set to begin later in 2024 and a full launch anticipated for 2025.
• Binance has launched the GOAT/USDT perpetual contract with up to 75x leverage, while OKX launched the same contract.
• Bitget has launched an MTL/USDT perpetual contract with up to 25x leverage.
• Korean exchange Bithumb has listed  BEAM/KRW and AUCTION/KRW spot trading pairs.
• Upbit, another Korean exchange, has listed the SAFagrE/KRW, SAFE/USDT, and SAFE/BTC spot trading pairs.

II. Mainstream projects and trending events

• Grass Foundation, which supports a decentralized network allowing users to contribute and share internet bandwidth, will begin its first round of airdrops on October 28.
• Fox Business reporter Eleanor Terrett posted on X on October 24, Ripple will submit its civil appeal document, outlining its main appeals against the US SEC's case in the Second Circuit Court.
• SunPump has established ecosystem partnerships with blockchain-based platform TravelSwap and Ethereum-based middleware protocol Biconomy.
• Safe Wallet, a smart contract wallet solution, has launched a multichain functionality, which allows users to manage their SAFE accounts across multiple blockchains with a single address without incurring gas fees.
• Tether Holdings Ltd., a cryptocurrency exchange based in Istanbul, has proposed that Turkey's government consider issuing a digital token for borate minerals to overhaul the nation's boron market.
• Midas, a tokenization protocol, has launched its latest product mBTC, a wrapped Bitcoin offering that provides a 4% yield on Bitcoin-denominated assets.
• Ordinals founder Casey Rodarmor's new rune, MEMENTO・MORI, would begin casting in 1,075 blocks and would be cast after 50,000 transactions.
• Ethereum co-founder Vitalik Buterin plans to reduce gas costs to boost Ethereum TPS by 1.5x amid Solana competition.
• Twine, a multi-chain settlement network, has released a project introduction to allow users access to the liquidity of multiple chains and aggregate multiple chains to achieve a seamless user experience and DevX.
• Ethereum re-staking protocol Renzo has officially launched redETH on the Sei network.
• Linea is planning to conduct the last LXP distribution in Culture SZN.
• On-chain investigator ZachXBT uncovered a potential SHAR token rug pull, with a conspiracy group and 50 KOLs driving its value to $50 million before a 95% crash.

III. Funding news

• Social media startup Bluesky has completed a $15 million Series A round, led by Blockchain Capital.
• Web3 fitness app Moonwalk has raised a $3.4 million seed round, led by Hack VC.
• Skyfire raised $9.5 million in a seed round participated in by Coinbase Ventures and a16z CSX.
• Web3 game studio Opti Games has completed a $2 million funding round, led by L1D.
• Validation Cloud, a Web3 data flow and infrastructure company, has completed a $10 million funding round, led by True Global Ventures.
• Decentralized exchange BulbaSwap has completed a $1.3 million seed round led by Foresight Ventures
• STOKR, a Luxembourg-based fintech, has completed a $7.98 million funding round led by Fulgur Ventures.

IV. Regulatory news

• The US Pennsylvania House of Representatives passed a bill, dubbed the Bitcoin Rights bill,  that protects residents' rights to self-custody digital assets, ensures their ability to use bitcoin as a payment and provides explicit guidelines around taxing bitcoin transactions. 

V. Popular projects 

Market overview

Bitcoin recently surged to a new phase high of $68,850. To sustain this upward trend, it must not fall below the critical support level of $68,000.

Meanwhile, Solana has reached a new phase high of $179.3 and is exhibiting smoother trading dynamics, with a short-term resistance anticipated at $194.

WUFFI: A multichain meme sensation

WUFFI, a dog-themed memecoin, operates across Solana, BASE, WAX, and TON. It's fully verified on GIPHY, the largest online GIF library, making its animations easily accessible on social media platforms like X, Discord, and WhatsApp.

On the TON blockchain, funds from the game and token purchases are used to buy back and burn WUF tokens. Additionally, WUFFI has airdropped tokens to BONK holders, leveraging the popularity of the BONK community.

BONK has reached a market cap of $61.2 million.

NOS: Growing market traction

Nosana (NOS), a Blockchain-based open-source cloud computing marketplace dedicated to AI Inference, is recently highlighted in a Coinbase AI report. Its product Nosana CI is an economically efficient GPU grid designed for AI inference workloads.

Meanwhile, Nosana has announced its mainnet launch for January 14, 2025.

With these developments, the NOS token has reached a market cap of $239 million.

VIRTUAL: Gaining attention among the AI agent heat

VIRTUAL, an AI agent network on the Base blockchain, develops AI characters for diverse virtual environments.

It revolutionizes incentive mechanisms for decentralized creation and monetization across games, metaverses, and other online interactions.

Boosted by the creation of the virtual figure @luna_virtuals, who engages in continuous livestreams, VIRTUAL has achieved a market cap of $250 million.

SHDW: Streamlining Solana's storage needs

Shadow Drive (SHDW), provides decentralized storage specifically designed for the growing demands of the Solana ecosystem.

Integrating Ceph's open-source solutions with Solana's Proof of History mechanism, it offers a cost-effective storage alternative, aligning closely with Solana's features.

This integration has gained renewed attention due to the increased storage needs driven by AI agent developments and the strong performance of the Solana ecosystem.

Currently, SHDW has a market cap of $65.54 million.

FOREST: Enhancing blockchain activity through conservation efforts

FOREST is a memecoin project that combines forest conservation with digital culture, actively supporting conservation organizations through donations.

It demonstrates notable blockchain engagement, with daily transactions reaching 27,400. The FOREEST token has reached on-chain liquidity of $1.3 million and a market capitalization of $23.66 million.

On-chain daily

1. VIORA: VIORA is an AI memecoin on the Solana blockchain featuring a sexy female robot. 

• On-Chain Token Holding Addresses: 7,947 
• Current Price: $0.00179
• Market Cap: $1.79 million
• Official Twitter: https://x.com/viorasol

2. Project89: Project89 is an AI memecoin on Solana, created by Twitter user @whyarethis, with the vision to counter corporate monopolies through decentralization. 

• On-Chain Token Holding Addresses: 4,868 
• Current Price: $0.00915
• Market Cap: $9.15 million
• Official Twitter: https://x.com/project_89

3. MemesAI: MemesAI is an AI memecoin on Solana. It is recognized by Truth Terminal's founder as the official bot memecoin. 

• On-Chain Token Holding Addresses: 6,336 
• Current Price: $0.128
• Market Cap: $12.8 million
• Official Twitter: https://x.com/AIHegemonyMemes

4. APED: APED is a memecoin on the Ethereum blockchain featuring a cartoon ape design. In crypto slang, "Aped" suggests a "high-risk investment." 

• On-Chain Token Holding Addresses: 948 
• Current Price: $6
• Market Cap: $6 million
• Official Twitter: https://x.com/Aped_cto

5. Fartcoin: Fartcoin is a Solana-based AI memecoin. It is considered a "beta" version of GOAT due to Truth Terminal’s initial humorous mission around fart jokes. 

• On-Chain Token Holding Addresses: 11,162 
• Current Price: $0.065
• Market Cap: $65 million
• Official Twitter: https://x.com/FartCoinOfSOL

6. FOREST: FOREST is another project involving Truth Terminal founder Andy Ayrey, 

• On-Chain Token Holding Addresses: 6,225 
• Current Price: $0.025
• Market Cap: $25 million
• Official Twitter: https://x.com/MycelialOracle

Bitcoin Ecosystem Overview

BTC Mainnet Gas Fee Update:

• Current BTC Transaction Fee: 4 satoshis/byte.
• Gas fees have seen a modest recovery today, reflecting a general rebound in overall levels.

Fractal Bitcoin Gas Fee Update:

• Current Transaction Fee: 4 satoshis/byte.
• The gas fee has significantly dropped, marking the first time the overall cost has fallen below the mainnet fee, with recent trends remaining sluggish.

Inscription, Rune, and Fractal Bitcoin Leading Token Tracking:

ORDI:

• Current Price: $34.00
• 24-Hour Change: -1.29%
• Market Cap: $714.05M

DOG:

• Current Price: $0.004633
• 24-Hour Change: -2.79%
• Market Cap: $463M

FB:

• Current Price: $5.92
• 24-Hour Change: -3.80%
• Market Cap: $26.38M

Today's Popular Projects:

KingTiger: KingTiger is a Fractal Bitcoin Inscription focused on the "King Tiger" theme, led by a Chinese community and recently launched an airdrop.

• Market Cap: $519.47K
• 24-Hour Trading Volume: $330
• 24-Hour Increase: +14.31%
• Number of Holders: 8,230

𐊶: 𐊶 is a leading Inscription with significant recent growth in trading volume and community size.

• Market Cap: $35.83M
• 24-Hour Trading Volume: $36.15K
• 24-Hour Increase: +17.55%
• Number of Holders: 3,001

CYPHER•GENESIS: CYPHER•GENESIS is a rune with broad token distribution, minimizing the risk of early-address concentration.

• Market Cap: $1.73M
• 24-Hour Trading Volume: $779.59K
• 24-Hour Increase: +17.7%
• Number of Holders: 3,308

Performances of today's top three tracks

Payment: Overall Daily Sector Change: +1.39%

1. SAFE: Safe is a leading multi-sig wallet provider and digital asset management platform. Its smart contract wallet allows organizations to manage funds with predefined access controls across multiple private keys and other access modules.

• Daily Increase: +79.12%
• Current Price: $1.711
• Market Cap: $839.56M
• 24-Hour Trading Volume: $111.66M
• Recent News: Safe surged past $1.5 USDT, influenced by Upbit listing on October 24.

2. Nimiq: Nimiq is a unique open-source payment system and cryptocurrency, empowering users with decentralized and user-friendly payment capabilities.

• Daily Increase: +8.6%
• Current Price: $0.00131
• Market Cap: $16.3M
• 24-Hour Trading Volume: $70.26K
• Recent News: Null

3. Ruby Protocol: Ruby Protocol is a privacy data management framework for Web3, proposing and implementing a privacy layer for interaction with multi-chain ecosystems.

• Daily Increase: +3.46%
• Current Price: $0.000478
• Market Cap: $39.99M
• 24-Hour Trading Volume: $94.48K
• Recent News: Null

CeFi: Overall Daily Sector Change: +0.75%

1. BitMEX: BitMEX is a cryptocurrency derivatives exchange offering perpetual leveraged swap contracts, allowing traders to trade Bitcoin futures with up to 100x leverage and no expiration date.

• Daily Increase: +3.91%
• Current Price: $0.1169
• Market Cap: $11.66M
• 24-Hour Trading Volume: $7.83K
• Recent News: Co-founder Arthur Hayes expressed optimism about AI-themed meme coins, speculating GOAT could reach a $1 billion market cap as of October 18.

2. HTX: Huobi Group's virtual asset trading platform, which has expanded into blockchain, public chains, digital asset trading, wallets, and digital economy research.

• Daily Increase: +3.61%
• Current Price: $0.5362
• Market Cap: $85.47M
• 24-Hour Trading Volume: $337.12K
• Recent News: On October 11, HTX updated its October Merkle Tree Proof of Reserves, confirming asset reserve ratios over 100% for eight audited assets.

3. Zignaly: Zignaly is a social crypto investment platform providing actively managed investment services, where users can invest through professional crypto traders and managed funds. Investors pay only when it is profitable.

• Daily Increase: +2.17%
• Current Price: $0.09731
• Market Cap: $138.08M
• 24-Hour Trading Volume: $991.05K
• Recent News: Null

DeFi: Overall Daily Sector Change: +0.45%

1. FOX: ShapeShift is a decentralized cryptocurrency trading platform offering zero-commission trading and self-custody.

• Daily Increase: +47.32%
• Current Price: $0.05168
• Market Cap: $32.16M
• 24-Hour Trading Volume: $6.33M
• Recent News: Null

2. BOND: BarnBridge is a DeFi risk tokenization protocol, allowing users to select from pools called tranches and take positions on risk factors like interest rates or asset prices.

• Daily Increase: +44.43%
• Current Price: $2.152
• Market Cap: $20.86M
• 24-Hour Trading Volume: $898.22K
• Recent News: Null

3. WOM: Wombat Exchange is a multi-chain stablecoin exchange with open liquidity pools, low slippage, and single-sided staking.

• Daily Increase: +17.27%
• Current Price: $0.00611
• Market Cap: $1.37M
• 24-Hour Trading Volume: $76.86K
• Recent News: Null

Disclaimer

The development and market cap of stablecoins mentioned in the above content is speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments. 

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