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🚀Solana Posts Record Monthly Performance

The Defiant

DeFi Daily

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Solana continues to outperform the broader crypto markets, with its network token, SOL, gaining 147%% since the start of October. The network also hosted record monthly volume of $5.1B on decentralized exchanges.

In stablecoin news, the Curve community is voting on a proposal to hike interest rates in a bid to restore the token's peg. Circle also launched a bridging standard for its USDC and EURC stablecoins, allowing the tokens to migrate to any EVM-compatible chain.

Polygon announced it is providing the tech underpinning the crypto embrace Lugano, a Swiss city. The Lugano municipality plans to allow citizens to pay taxes and social services using crypto in the future.

Plus, KyberSwap suffered a near-$50M loss after getting exploited

✍️ In today’s newsletter:

  • Solana surge continues
  • Curve floats crvUSD interest hike
  • Circle deploys bridged USDC standard
  • Swiss city taps Polygon for web3 embrace
  • KyberSwap loses $48M to exploit

🙏Sponsored

📈 Markets in last 24 hrs:

TickerValue24h
BTC$35,965 -4.06%
ETH$1,940 -4.05%
S&P 500$4,557 0.41%
GOLD$1,991 -0.4%
Arch WEB31.12pts +9.84%
FINANCE1.08pts 13.04%
INFRA1.25pts 6.18%
CONSUMER1.16pts 8.65%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Check out our interview with Star Atlas CEO, Michael Wagner to learn more about the web3 gaming and Solana ecosystems. And watch our podcast with David Gogel of the dYdX Foundation to find out why his team migrated from an Ethereum Layer 2 to a Cosmos appchain.


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Markets

Solana is Having its Best Month Ever

TLDR Solana's impressive rally continues, with the network's native SOL token up nearly 150% since October began. The network also hosted a record volume of DEX trades, with $5.1B worth of swaps executed on the network in November alone.

SO WHAT Solana's recovery follows a violent downtrend, with the SOL token remaining down 78% from its all-time high despite the recent rally. The impressive performance can be attributed to Solana's robust developer community, which continued to build in spite of Solana's underperformance following the collapse of its major investor, FTX.

READ MORE: Solana is Having its Best Month Ever


Business

Swiss City of Lugano Embraces Crypto With Polygon Integration

TLDR MyLugano, the payments app launched by the Swiss city of Lugano, tapped Polygon to provide the tech underpinning its application. Users can now buy, sell, and send crypto, explore Polygon-based dApps, and soon mint NFTs using the Polygon-powered application.

SO WHAT MyLugano is an impressive example of municipal government adopting. Lugano said it aims to allow citizens to pay taxes, parking fines, and public services via the app in the future. MyLugano recognized Bitcoin, Tether, and its LVGA stablecoin as legal tender last year.

Read More: Swiss City of Lugano Embraces Crypto With Polygon Integration


Stablecoins

CrvUSD Proposal Aims to Increase Rates and Restore $1 Peg

TLDR Curve's community is voting on whether to hike crvUSD interest rates in a bid to restore the stablecoin's peg. The move is intended to push up the market value of crvUSD, which has trended toward $0.99 throughout November.

SO WHAT CrvUSD's underperformance comes as competition within the decentralized stablecoin sector is heating up, with decentralization devotees increasingly exiting MakerDAO's DAI stablecoin, the LST-backed mkUSD shaking up the decentralized stable token landscape.

Read More: CrvUSD Proposal Aims to Increase Rates and Restore $1 Peg


SPONSORED POST

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Read more: What is Vertex Protocol?

This article may only be accessible in selected countries.


Stablecoins

Circle Launches Bridged USDC Contract For EVM Chains

TLDR Circle has launched a token standard allowing EVM-compatible chains to permissionlessly bridge the USDC and EURC stablecoins onto their networks. The standard has already been adopted by Linea and Scroll among other Layer 2s.

SO WHAT The launch comes as Circle is looking to reverse the long-term decline in USDC's market cap by expanding onto new networks. USDC is now natively deployed on 15 networks following a flurry of integrations over the past few months, up from eight 12 months.

Read More: Circle Launches Bridged USDC Contract For EVM Chains


Hacks

KyberSwap Dex Hacked for $48M

TLDR The KyberSwap decentralized exchange was hit by an exploit resulting in a $48M loss. KyberSwap urged users to withdraw their funds as soon as possible.

SO WHAT The incident comprises the second major vulnerability to disrupt by KyberSwap this year, with the latest hack resulting in a more than 90% TVL drawdown in a single day. The protocol also lost three-quarters of its value in April after urging liquidty providers to withdraw their assets after identifying a possible exploit.

Read More: KyberSwap Dex Hacked for $48M


SPONSORED SHOUTOUT

dYdX doubles down on decentralization with the mainnet launch of the dYdX Chain!

You can bridge and stake DYDX to secure the chain, whilst earning trading fees in USDC on a per block basis.

Check out the new dYdX Chain platform at https://dydx.trade/ and don’t forget to read our short-forum how-to-bridge and how-to-stake guides
https://thedefiant.io/dydx-doubles-down-on-decentralization

Shoutout to the dYdX Ecosystem for empowering the community and helping to lead the future of decentralized finance


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🌍 ELSEWHERE

  • South Korea to Pilot CBDC With 100K Citizens in 2024 ( CoinDesk)
  • UK Launches Digital Securities Sandbox for Financial Growth ( CoinGape)
  • User claims $11M in Blur token rewards at NFT marketplace’s season 2 airdrop ( Cointelegraph)