⬇️ Solana Fee Revenue At YTD Low

Together with

GM Defiers!

Solana’s fee revenue has slid to new 2024 lows amid a decline in memecoin madness. PumpFun activity and revenue have taken a sharp dive, while DEX volume on the network also tagged a six-month low.

Cryptocurrency markets edged higher on Friday following MicroStrategy revealing that it had acquired 18,300 Bitcoin between Aug. 6 and Sept. 12. BTC gained 2.2% while ETH is up 3%. Meanwhile, DOT rallied 4% and SOL gained 1%.

Sky (formerly MakerDAO) appears poised to fully offboard WBTC amid heightened concerns regarding Justin Sun’s involvement in Wrapped Bitcoin’s looming restructure.

A new bill seeks to get the SEC and the CFTC on the same page on crypto regulation. The bill calls for creating a committee of industry stakeholders to advise the agencies on web3.

Plus, Binance invests in OpenEden in RWA push, Raydium ships burn-and-earn feature, Fractal’s FB surges 300% in four days, ZKsync introduces governance mechanism, and Grayscale launches an XRP trust.

✍️ In today’s newsletter:

Solana’s fee revenue dips 93% in six weeks
MicroStrategy buys more BTC
Sky wants to ditch Wrapped Bitcoin
Can the SEC and CFTC reconcile their differences?
Binance backs OpenEden
Raydium incentivizes liquidity locking with burn-and-earn
Fractal bursts into Bitcoin ecosystem
ZKsync introduces three-pronged governance
Grayscale unveils XRP trust
What is Safe Wallet?
What Is Polkadot 2.0?

📈 Markets in the last 24 hrs:

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

Gain by Kelp gives you access to L2 airdrops, restaking and DeFi rewards. Opportunities with agETH are already live on Pendle & Balancer, with Lyra, Spectra & Silo coming soon! Deposit now!

The 1st Supercharged LST is live on Base!

With Super OETH, DeFi users earn staking yield + layer 2 incentives, which has resulted in far higher yield than mainnet LSTs.

DIA launches ‘Lumina ’ – a brand-new trustless oracle network. Its modular, rollup-based design enables the verifiable sourcing and delivery of any data to any blockchain. Fully decentralized and permissionless.

️📉 Solana Fees Sink To 2024 Low As Memecoin Frenzy Subsides

Fee revenue on Solana is at a 10-month low amid a sharp downturn in memecoin activity. PumpFun launches and revenue are down 77% and 92% from their respective highs, coinciding with a six-month low for Solana DEX volume.

🗑️ Sky Proposal Calls For Fully Offboarding WBTC Over Justin Sun Concerns

BA Labs, a risk analysis team advising Sky, is recommending that the project fully offboard support for WBTC as Wrapped Bitcoin’s corporate restructure approaches. BA Labs said the new joint venture set to take control over the project is hiding the extent to which Justin Sun, Tron’s controversial founder, controls the entity.

🚀Crypto Markets Rally as MicroStrategy Buys More Bitcoin

Cryptocurrency markets edged higher on Friday following MicroStrategy revealing that it had acquired 18,300 Bitcoin between Aug. 6 and Sept. 12. Bitcoin is facing a “make-or-break moment,” according to new research by ARK Invest. In its latest monthly report, ARK identifies $52,000 and $46,000 as key price levels for BTC.

🤝 New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC

Republican Congressman John Rose introduced a bill intended to bridge the divide between the SEC and CFTC on cryptocurrency regulation. If passed, Congress would establish a 20-person advisory committee of web3 industry stakeholders tasked with making recommendations to the agencies on digital asset regulations.

💰 Binance Labs Invests in OpenEden to Boost Development of RWAs Overseas

Binance Labs announced a strategic investment in OpenEden, the largest tokenized real-world asset issuer outside of the United States. Open Eden has emerged as the fifth-largest issuer of tokenized U.S. treasury bills after growing by 10x this year.

SPONSORED POST

Shinkai is a decentralized AI app built for the crypto community, delivering real-time insights, automation, and running entirely on your device. Shinkai taps into a peer-to-peer network to keep its knowledge up-to-date without exposing your data to centralized systems. Whether you're tracking market trends or automating smart contracts, Shinkai helps you optimize your DeFi experience.

🔥 Raydium Launches Burn-and-Earn Feature for Coin Creators to Lock Liquidity

Raydium, Solana’s top decentralized exchange, aims to entice token creators with a new burn-and-earn feature. The mechanism rewards users for permanently locking liquidity in the protocol Raydium.

🚀 ‘Fractal Mania’ Continues With Token up 300% in Four Days

Fractal Bitcoin has emerged as a significant player in the Bitcoin sidechain ecosystem less than one week after launching. The price of its FB token has quadrupled in four days, while Fractal is quickly garnering significant Proof of Work hashrate.

🗳️ ZKsync Launches Three-Body Governance System

ZKsync, a top 10 Ethereum Layer 2, launched its token-based governance system. Its three-pronged governance mechanism seeks to balance decentralization while maintaining checks and balances.

🆕 Grayscale Launches First Ripple Trust in the U.S.

Grayscale continues to rapidly expand its suite of digital asset exchange-traded products, with the Grayscale XRP Trust being the latest to join its roster. The trust offers a mechanism for institutional investors to access exposure to the asset.

🌍 ELSEWHERE

Polymarket approaches $1 billion in bets for 2024 presidential election winner (The Block)
Industry leaders a16z, OpenSea pledge $6 million to shield NFT artists from legal threats (CryptoSlate)
MicroStrategy Buys Additional $1.11 Billion Worth of Bitcoin (Bitcoin Magazine)