👀 Vitalik Says Ethereum Is Ready For Prime Time
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Ethereum creator Vitalik Buterin, believes the Ethereum ecosystem is ready to onboard “tens of millions” of users. Buterin urged developers to focus on building out applications that are suited to beginners and advanced users alike, and to work on improving Layer 2 interoperability.
Solana’s on-chain trading boom continues to flourish, with the network overtaking Ethereum by monthly DEX volume for the first time. Driving that activity are memecoins, where degens have been turning to the Olympics for inspiration in a bid to capitalize on anything from triumph to controversy.
Plus, the tide for spot Ether ETFs may be turning, with the funds hosting recent daily inflows, Do Kwon is set for South Korean extradition, Polkadot activity spikes amid Mythos migration as does monthly Polymarket volume, and Bitlayer consolidates Bitcoin Layer 2 dominance.
✍️ In today’s newsletter:
- Vitalik says Ethereum can onboard millions of users
- Solana challenges Ethereum’s DEX dominance
- Spot Ether ETF outflows slow
- Crypto markets dip after Mt. Gox distributions
- Olympic memecoins proliferate
- South Korea secures Do Kwon extradition
- Mythos migration spikes Polkadot transactions
- Polymarket volume soars
- Liquid staking propels Bitlayer atop Bitcoin L2 rankings
- KUJI tanked by Kujira Foundation liquidation
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📣Vitalik Says Ethereum Is Ready To Support ‘Tens Of Millions’ Of On-Chain Users
Ethereum’s chief scientist is calling on developers to build infrastructure for onboarding millions of new users. Vitalik Buterin urged developers to prioritize achieving cross-Layer 2 interoperability, pursuing decentralization, and advancing account abstraction.
️🚀Solana Flips Ethereum in Monthly DEX Volume For First Time Ever
Solana-based decentralized exchanges hosted $54 billion worth of trades in July, overtaking Ethereum by monthly volume for the first time. The two networks account for 57% of DEX volume, with top Layer 2 networks also driving more than $44 billion combined.
🏜️Spot Ether ETF Outflows Drop As Grayscale Flows Dry Up
Spot Ether ETFs hosted inflows during two of the past three days as outflows from the Grayscale Ethereum Trust (ETHE) dwindle. Although spot Ethereum ETFs have shed $456.4 million since launching last week, funds excluding ETHE hosted more than $1.5 billion worth of inflows.
📊Bitcoin, Ethereum Tread Water as Mt. Gox Distributions Continue
Crypto markets are posting losses, with the top 10 cryptocurrencies shedding up to 5.4% over the past 24 hours. Digital asset bulls likely took pause after the Mt. Gox rehabilitation trustee distributed more than $3.1 billion worth of BTC to creditors earlier this week.
🥇Olympics Aren’t Spared By Degen Memecoin Makers
Memecoin creators are looking to the Olympics for inspiration. Notable tokens include 12 difference assets inspired by the Turkish shooting competitor, Yusuf Dikec, the IStandWithAngelaCarini token in reference to the Italian boxer, Angela Carini, who abandoned her boxing match with a transgender athlete, and a plethora of tokens seeking to leverage the Olympic moniker.
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The state bloat problem is blockchain’s biggest elephant in the room. Every day, millions of new entries are created on public blockchains like Stellar and Solana, and each validator needs to store all this state indefinitely. Every meme NFT, hello world test contract, and spam token needs to be kept around forever no matter how often the information is actually used, or even if it gets used at all. As more users and use cases come to blockchain, the issue will only grow, causing networks to become slower and more expensive as they try to keep up with all this bloat.
READ MORE: Scalability with State Archival on Stellar vs. Solana’s Avocado
🇰🇷 ️South Korea Wins Extradition Battle for Do Kwon
The Montenegro Appellate Court has ruled that Do Kwon, the co-founder of Terraform Labs — the company behind the collapsed Terra network will be extradited back to his home country of South Korea and not the United States. No specific date was determined for Kwon’s extradition.
⬆️Polkadot Processes 3.8 Million Transactions on July 30 after Mythos Migration
The recent migration of Mythos, a web3 gaming project, into the Polkadot ecosystem has sent activity on the network skyrocketing. Polkadot hosted 3.3 million transactions on July 30, up from less than 500,000 one day prior.
️📈Polymarket Shatters Monthly Usage Stats in July
Polymarket, the top web3 prediction market, continues to post record monthly volume. The platform hosted $387 million worth of trades in July, beating out June’s previous record by 250%.
🔥Bitcoin Layer 2 Bitlayer Overtakes Merlin as Scaling Battle Heats Up
Bitlayer roared to the top of the Bitcoin Layer 2 rankings by TVL after growing 10 times in the past two months. The move coincides with Merlin’s TVL slumping 50%, with Bitlayer’s co-founder attributing its rise to liquid staking and restaking protocols.
💥Kujira Token Drops 40% After the Foundation Gets Liquidated
KUJI, the native token of Kujira, plummeted 63% over the past week after the project’s foundation suffered a violent liquidation. The foundation aims to transfer control over its remaining reserves to an “Operational DAO” moving forward.
🌍 ELSEWHERE
- Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank (CNBC)
- Crypto Exchange Bybit Withdraws From France in Response to Regulations (CoinDesk)
- Hong Kong’s major online brokerage Futu launches crypto services with fiat trading pairs (The Block)
- Coinbase Reports Third Straight Profitable Quarter, But Revenue Falls 11% (Unchained)
🔥TRENDING
- Arbitrum To Expand Orbit Chains Beyond Ethereum Ecosystem
- XRP Rallies 8% as Bitcoin and Ether Trade Flat Ahead of Fed
- Compound Governance Attack Reveals Inherent Vulnerabilities Of DAOs
- Exclusive With Jordi Montes, the Man Who Delayed Trump at Bitcoin2024
- Pump.Fun Flips Ethereum Blockchain in Daily Revenue
- Artists Sue The SEC to Get it to Say NFTs Are Not Securities
- SEC Charges BitClout Founder with Fraud and Unregistered Offering of Securities
- BlackRock Not Interested In Solana ETF, Expects To See Strong Inflows To Ether ETFs Around 2025
- Laser Digital Teams Up With Dinero On Institutional LST
- Markets Turn Lower Amid Fears of U.S. Government Sales
- Compound Agrees To Distribute 30% Of Reserves To COMP Stakers To End Alleged Governance Attack
- SEC Amends Binance Lawsuit, Drops Security Claims for Solana and Other Cryptocurrencies
- Very Liberal Americans Are Most Likely To Own Bitcoin Says New Study
- Ordinals Bleed as BTC Touches $70,000
- Slovenia Issues First Digital Sovereign Bond In Europe
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