Meme Coins Market Surge: Binance CMO Speaks on Growth and Challenges

The digital asset industry has long been a hotbed of innovation and speculation, with meme coins being the latest. Despite skepticism over their utility, these meme-themed tokens continue to attract investors.

According to Rachel Conlan, Binance’s chief marketing officer (CMO), the world’s largest crypto exchange has taken a strategic approach to meme coin listings. She discussed Binance’s selective listing procedure for cryptocurrencies, including meme coins, during her speech at the Aus Crypto Con 2024.

Binance’s Rigorous Listing Process for Meme Coins

Conlan underlined that several criteria affect the decision-making process. She explained that the listing team at Binance carefully assesses businesses according to their founders, essential employees, and long-term goals.

This close examination is critical given the rise in popularity of meme coins and the growing danger of fraudulent initiatives. The exchange’s CMO further noted that trends and feedback from the community are vital elements in Binance’s decision.

However, the CMO acknowledged that meme coins are frequently criticized for their lack of usefulness. Although many meme coins lack built-in functionality, she pointed out that the new ones are starting to incorporate practical use cases.

Meme Coins: A Mixed Bag of Popularity and Skepticism

Meme-based tokens have proven resilient and growing despite their contentious nature. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) led the sector’s 4.4% value growth over the last day.

Dogecoin, the first meme coin, rose 6.8% and approached the $0.50 barrier, with a $63.29 billion market valuation. Likewise, Pepe had a 4.6% increase, while Shiba Inu surged 3% to become the 14th largest cryptocurrency.

Due to their impressive results, the spotlight has also been drawn to lesser-known meme currencies. Recently released tokens like GOUT, MEMEAI, and AI16Z recorded gains ranging from 47% to 64%, while Solana-built Bonk (BONK) reported a 10% daily increase.

Challenges and Opportunities

While meme tokens flourish on community engagement and viral trends, they often face skepticism over their utility and regulatory scrutiny. Conlan noted that a lack of knowledge and misconceptions are two factors that lead to the erosion of consumer confidence in cryptocurrency products.

Therefore, Binance wants to increase customer confidence by promoting transparency and providing the necessary education for its users.

Analyzing Top Performers

Besides the popular meme-themed tokens, lesser-known ones such as Goatseus Maximus (GOAT) and SPX6900 (SPX) have experienced price gains of 11,917% and 6,992% during the last three months. Act I: The AI Prophecy (ACT) and Neiro (NEIRO) are two other notable performers, with gains of over 4,000% within the same period.

These rapid increases demonstrate the speculative attraction of meme coins, which present investors with high-risk, high-reward options. Meanwhile, Dogecoin (DOGE) is leading other meme-themed tokens in price surge after the Thanksgiving holiday in the United States,

In addition, the spike in the price of several meme coins coincides with Bitcoin’s return to the $99,000 mark after days of hovering below that threshold. Notably, DOGE jumped by 149% in price over the last 30 days amid Elon Musk’s support of Donald Trump’s presidential move.

In the past 24 hours, the global cryptocurrency market saw $228.21 billion in trading activity, with meme coins accounting for $25.6 billion. This data highlights the sector’s increasing force in the broader crypto market.

Resolving Issues with Meme Coins

Once dismissed as fads, meme currencies continue to demonstrate their durability in this market. These coins continue to draw interest from exchanges and investors because of their notable gains and growing community involvement.

However, resolving issues with trust and usefulness is crucial to their future. Binance’s strategy for listing meme coins reflects an attempt to maintain the integrity of the cryptocurrency ecosystem.

The platform establishes the standard for other exchanges by prioritizing community feedback, thorough assessment, and education before listing any meme coin. Nevertheless, analysts noted that projects that blend practical uses with community appeal will succeed over the long term.

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How to Protect Your Data Against Known Plaintext Attacks

While encryption is critical in protecting sensitive digital information, it has limitations, as no system is perfect. One possible threat is the known plaintext attack (KPA). This guide highlights the most essential aspects regarding KPA attacks, their mechanisms, and how to thwart them.

What Are Known Plaintext Attacks?

Known plaintext Attacks are situations in which the hacker knows particular bits of data about plaintext and ciphertext. There are many types of KPAs; what makes them different is that there are other models in which the adversary can construct a linear relation.

Each of the different models has its properties or parameters and additional security modes that must be accounted for before proceeding to an attack towards encryption. For example, in transforming the word “crypto” to the string “ftszxu,” a hacker familiar with both can utilize that knowledge to fabricate an attack.

Therefore, a known plaintext attack exposes details about encrypted data many hackers use to break encryption.

How Does a Known Plaintext Attack Work?

Usually, a KPA can be any of the following forms.

• Gathering Known Pairs: The attackers acquire a specific pair of plaintext and ciphertext from communication intercepts or a leaked database.

• Identifying Patterns: The attackers cross-examine the plaintext with the ciphertext to obtain identical patterns.

• Diabolical Guesswork: The attackers make informed guesses about how the text has been encrypted. For example, they could see that all the uppercase letters are substituted with ‘X.’ 

• Break Code: Once the attacking team has figured out the encryption algorithm and its decryption key, they can break the code of other encrypted messages using the same technique. 

Techniques Used in Known Plaintext Attacks

Two approaches that are widely used by hackers in KPAs are frequency analysis and pattern matching. 

• Frequency Analysis involves extensively analyzing the average frequency of the letters or symbols appearing in plaintext. This type of attack is very effective against the most basic encrypted algorithms. For example, in the English language, the letter “G” appears the most frequently, so this could act as a lead in the encryption.

• Pattern Matching: When the same piece of plaintext leads to the same piece of ciphertext, it helps attackers identify repetitive sequences. Such patterns can indicate the encryption algorithm or key, allowing intruders to decrypt other messages.

Real-World Example of a Known Plaintext Attack

A well-known encryption method, the Caesar cypher, demonstrates how KPAs work. In this technique, every letter of the plaintext is replaced by a letter at a certain number of shifts in the alphabet.

For instance, if an intruder finds the plaintext crypto teamed with ftszxu ciphertext, then that intruder can make shifts and decrypt other messages that use that key.

How do Known Plaintext Attacks Differ From Chosen-Plaintext Attacks (CPAs)?

KPAs depend on the availability of plaintext and ciphertext pairs, which has been known previously; CPAs do not. Instead, CPAs involve the attacker actively choosing the piece of plaintext to encode.

Thus, specific pieces of plaintext are enciphered into a ciphertext, and the attacker gets to analyze the transformation.

The difference is in how the attackers get access to the plaintext:

• In KPAs, attackers are passive and use the already available data.
• In CPAs, the attackers are active and use whatever data they need.

These differences are critical for designing effective countermeasures.

Protecting Against Known Plaintext Attacks

Organizations and individuals trying to defend against known plaintext attacks must strategize around the focus of the following strategies.

Cryptographic Algorithms

Modern algorithms like Advanced Encryption Standard (AES) resist KPAs by deleting ciphertext patterns. AES’s complicated data makes it hard for attackers to find plaintext-ciphertext links.

Key Management

Encryption is only as strong as its keys. Store keys securely, change them periodically, and generate them using powerful methods.

Focusing on Session-Based Keys

Never use the same key for more than one session. By producing distinct keys for each encryption session, you limit the impact of an attacker’s access to a single key to that specific session.

Using More Randomization While Encrypting Data

Even for the same plaintext inputs, techniques like adding a cryptographic salt—a random value attached to plaintext—make each encryption different. This prevents attackers from discovering trends in the ciphertext.

Avoid Predictable Data Structures

Encrypt whole communications or files. Predictable structures simplify pattern analysis in plaintext-ciphertext couples for attackers.

Engagement in Security Audits

Systems encryption must be subject to penetration testing and a code review to find weaknesses in a given instance and ways to strengthen the system.

Conclusion

Encryption, while essential to cybersecurity, is not a risk mitigation panacea. Strategies of known plaintext attacks often subvert encryption systems and demonstrate the need for up-to-the-minute algorithms and robust key management systems.

Therefore, it’s crucial to understand how known plaintext attacks work, which can help negate their damaging impact. Remember, your algorithm’s security strength relies not solely on the algorithm itself but on how the entire encryption is structured and secured.

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Crypto Tax Discussion Takes Center Stage in Russia and India

Crypto tax regulations are changing dramatically worldwide, and recent events in Russia and India have sparked discussions about their legal frameworks and how they affect adoption. India is still dealing with the consequences of its strict tax system, while Russia is shifting toward a more organized approach to cryptocurrency taxation.

These diverse situations demonstrate countries’ methods of controlling the rapidly expanding cryptocurrency industry.

Russia Moves Closer to Adopting Crypto Tax

Russia has made significant progress in formalizing its crypto tax system. Thanks to recent legislation enacted by the Federation Council, the nation’s highest chamber of parliament, digital currencies are now considered property.

This historic ruling brings cryptocurrency transactions and mining operations into compliance with Russia’s more comprehensive tax laws. The proposed law’s exemption of Bitcoin transactions from value-added tax (VAT) is among its most noteworthy features.

With a 15% personal income tax rate cap, profits from cryptocurrency trading will be taxed at rates similar to those for securities transactions. Operators of crypto mining infrastructure will also be required to notify tax authorities with client information.

The market value of the revenue at the time of receipt will determine how the digital asset is taxed. Meanwhile, President Vladimir Putin’s signature is now required for the bill to become law after the Federation Council and the State Duma approved it.

Implementing this bill would close the regulatory gaps that have long afflicted the cryptocurrency industry and give users and businesses a more transparent framework. Additionally, Russia has restricted unregistered companies or entities that mine cryptocurrencies.

The government is monitoring unregistered mining operations closely since they overburden its energy resources. Hence, it has imposed a monthly power consumption cap of 6,000 kilowatt-hours for miners.

These actions demonstrate Russia’s intention to balance innovation and regulatory oversight in the rapidly changing cryptocurrency market.

India’s Crypto Sector Thrives Despite Harsh Taxation

India contrasts with Russia, whose strategy promotes adoption through simplified taxation. Despite significant taxes levied by the Indian government on cryptocurrency trading and profits in 2022, the local cryptocurrency community has remained resilient.

In addition to a 1% tax deducted at source (TDS) on all transactions, India presently imposes a 30% tax on cryptocurrency gains. The government included these policies in the Union Budget 2022 to improve crypto tax compliance and deter speculative trading,

Despite these obstacles, India is still one of the world’s top markets for Bitcoin adoption. With an estimated 100 million crypto asset owners, India leads the world in crypto adoption in 2023, according to Chainalysis.

The country’s young, tech-savvy populace, reasonably priced internet service subscriptions, and extensive smartphone use significantly contribute to this feat. Additionally, local exchanges have been essential to keeping the market afloat.

Users can now more efficiently manage the high tax environment because platforms like CoinSwitch and ZebPay have made fiat-to-crypto transactions more straightforward.

Two Crypto Tax Regulatory Framework

Russia and India have differing interests, as seen by their divergent approaches to crypto taxation. Russia’s desire to legitimize the cryptocurrency industry while maintaining government monitoring is reflected in its decision to exempt cryptocurrency transactions from VAT.

Russia wants to incorporate cryptocurrency into its economy without impeding growth by taxing mining profits according to market value and mining firms’ reporting. Rather than encouraging innovation, India’s strict crypto tax system is more concerned with preventing speculative trading.

This strategy has discouraged some traders and investors even if it has produced a sizable amount of tax money. Nevertheless, the Indian government has expressed interest in working with players in the cryptocurrency sector for a favorable tax system.

For example, the Financial Intelligence Unit authorized regulatory frameworks for significant international exchanges such as Binance and KuCoin earlier this year. The two nations’ approach to establishing favorable crypto tax laws could set the tone for other countries looking to do the same soon.

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Binance Expands Offerings with Thena Airdrop Campaign

Binance, the world’s leading crypto exchange by trading volume, has made significant strides to improve its ecosystem with two innovations. These include the introduction of BFUSD, a reward-bearing margin asset, and the inclusion of Thena (THE) in its HODLer Airdrops program.

These programs reflect Binance’s continuous attempts to improve user interaction and offer traders cutting-edge solutions on its platform.

Thena Joins Binance’s HODLer Airdrops

Thena (THE), a decentralized exchange (DEX) and liquidity layer on the BNB Chain and opBNB, has become the second project in Binance’s HODLer Airdrops campaign. Thena, a community-driven platform focusing on SocialFi and decentralized finance (DeFi), was founded in 2022.

On September 26, the project received funding from the BNB Chain to create THENA ARENA, a SocialFi platform that combines social interactions and blockchain technology. Binance’s addition of Thena to its airdrop program has marked a significant turning point in the project.

It is also part of the crypto platform’s larger effort to compensate long-term token holders. According to the official announcement, eligible users who subscribed to BNB items on Binance’s Simple Earn platform would receive 7% of Thena’s total token supply (310,000,000 THE).

To be eligible for the airdrop, users had to lock their BNB tokens in flexible or fixed-term products during the subscription period from November 6 to 13.

Airdrop Eligibility and Trading Launch

Only users who live in approved jurisdictions and have finished their Know Your Customer (KYC) verification are eligible airdrop participants. According to Binance, local regulatory constraints prevent its customers in the United States, Canada, the United Kingdom, and Australia from being eligible.

The airdropped tokens will be automatically moved to the beneficiaries’ spot wallets. Notably, the THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY trading pairs will be available for traders starting on 27 November.

THE tokens are helpful for yield farming, liquidity provision, and accessing DeFi applications within the BNB Chain ecosystem. The airdrop program encourages loyalty within Binance’s user base by rewarding users appropriately based on snapshots of their BNB holdings.

BFUSD: A Reward-Bearing Margin Asset

On 27 November, Binance will introduce BFUSD, a unique margin asset intended to rejuvenate the trading experience for futures market players. Unlike conventional stablecoins, BFUSD functions as a unique margin asset designed to provide profits for its investors.

Although fees are involved, this cutting-edge margin asset can be bought or redeemed at 1:1 with USDT. With its almost 100% collateralization value, BFUSD is a desirable choice for traders looking for dependable leverage options.

Two forms of Annual Percentage Yield (APY) will be available for BFUSD holders – the Boosted and Base APYs. The former offers higher returns for active trading in USD-margined futures, while the latter pays customers for merely holding the asset.

Rewards are credited daily, guaranteeing all users a steady passive income.

Binance Sustains Returns through Innovative Strategies

Binance stated that its platform keeps its members’ BFUSD returns pool consistent by combining staking and delta hedging techniques. While staking activities bring extra revenue to the reward pool, delta hedging balances holdings between the spot and futures markets.

Binance has also created a Reserve Fund seeded with one million USDT to offset potential negative financing rates. This protection guarantees that the APY for BFUSD stays above zero even during market volatility.

Binance Founder Knocks Meme Coins

Meanwhile, Binance founder and former CEO Changpeng Zhao has stated that he is not against memes, but these coins are not what the industry currently needs. According to him, the crypto ecosystem should use blockchain to create practical applications that solve real-world problems.

His comment reflects growing concerns about the spread of low-utility tokens in the cryptocurrency market. Despite being created for entertainment, meme coins’ popularity has raised questions about their long-term worth.

Claims of market manipulation further complicate the debate around these meme-themed cryptocurrencies. Despite concerns over the impact of meme coins, a sizable segment of the crypto community still prefers this asset class.

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How to Use BscScan for Blockchain Insights: A Beginner’s Guide

BscScan offers tools for analyzing blockchain education, development, and finance. This BNB Smart Chain (BSC) block explorer displays transactions, wallet balances, coins, and blockchain smart contract processes.

This guide describes how to use BscScan, including the BSC network, since its operations are comparable to those of other BSC blockchains.

What is BscScan?

BscScan is a web tool for viewing transactions, tokens, wallets, and smart contracts on the BNB Smart Chain. It was developed by the same team that created Etherscan.

Like Etherscan for Ethereum, BscScan allows users to monitor blockchain data easily. Whether you’re confirming a transaction, investigating wallet activity, or evaluating tokens, BscScan makes on-chain data available without technical knowledge.

Its simple interface allows anyone to verify data and engage with any network effectively.

Key Features of BSC Scan

BscScan provides several tools for simplifying blockchain exploration. Here’s a rundown of its key features:

• Transaction Tracking

• Check using a transaction ID (TxHash).

• Status: Indicates whether the transaction is pending, successful, or unsuccessful.

• Confirmations: indicates how many blocks have verified the transaction.

Details include sender and destination addresses, sums transferred, and Gas fees paid.

• Wallet Exploration

BscScan allows you to view the activities of any wallet on the BSC network. Entering a wallet address will enable you to see:

• Balances: The total number of BNB and BEP-20 tokens possessed.

• Transaction History: Details about previous transfers.

• Token Holdings: All tokens, including their quantities, are connected to the address.

These features help track your assets and study public wallet activity.

• Smart Contract Interaction

BscScan allows for direct interaction with smart contracts without requiring specific tools.

• Read Contracts: You can read contracts and understand their functions before interacting.

• Execute Functions: Interact with decentralized apps (DApps) by initiating particular contract activities.

This functionality is appropriate for users who wish to interact with BSC’s decentralized applications.

• Token Analytics

BscScan offers information on BEP-20 tokens, including price trends and trade volumes.

• Holder Distribution: How the tokens are distributed between wallets.

• Contract details: Contract addresses can be used to verify the authenticity of tokens.

You can track token activity to determine community interest or discover anomalous conduct.

• Gas Fee Monitoring

The BscScan Gas tracker shows real-time Gas prices for various transaction speeds (slow, average, and quick). Users can save money by scheduling transactions during less congested hours.

• Development Tools

Developers can access additional capabilities, such as;

• APIs: Integrate live data into their apps.

• Smart Contract Verification: Upload and validate contract source codes to increase transparency.

How to Get Started with BscScan 

The platform’s intuitive design makes it simple to use. Here’s a step-by-step instruction:

Step 1: Visit the Homepage

The homepage provides vital statistics such as the BNB price, recent transactions, and the most recent blocks. The search box at the top gives you access to all blockchain data.

Step 2: Search for Data

For Transactions: enter the transaction hash (TxHash).

Step 3: Understand the Results

Transactional Details: Displays the status, block number, sender/receiver, Gas taxes, and the amount transferred.

Address overview: Shows wallet balances, transaction logs, and token holdings.

Step 4: Interact with Contracts

Navigate to the smart contract page and either the “Read” or “Write” tabs to interact directly with DApps.

Token Tracking

If you are monitoring tokens, BscScan offers detailed insights:

• Search for the Token: Use its name or contract address.

• Analyze Metrics: Examine the price, trading volume, holder distribution, and transaction history.

• Contract Verification: Review the contract source code to ensure the token is valid.

This tool is handy for investors who want to track their portfolios or learn about new tokens.

Tips for Developers Using BScScan

For developers, this tool provides powerful tools for streamlining blockchain projects:

API Integration: Register on BscScan to obtain an API key. Use the API to get live data on transactions, tokens, and smart contracts.

Smart Contract Verification: Deploy your contract to BSC and send the source code to BscScan for public verification.

Why Use BscScan?

Its transparency and ease of use make it essential for anyone working with BSC. Here are a few benefits:

• Investors can verify transactions, track wallets, and study coins.

• Developers can create apps with real data and maintain contract transparency.

• Enthusiasts can Investigate blockchain data and learn about on-chain operations.

Common Terms

Here are crucial terms to understand:

• TxHash: A unique identifier for each transaction.

• Block: A container that holds many transactions.

• Gas fee: The cost of processing a transaction.

• Nonce: A sequential number that prevents repeated transactions.

Conclusion

BscScan is more than just a transaction tracker; it serves as a doorway to the BNB Smart Chain’s extensive ecosystem. The platform simplifies blockchain discovery for users of all skill levels.

Whether you’re an investor, developer, or blockchain enthusiast, understanding the BscScan platform gives you the tools you need to explore BSC successfully.  

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Solana Price Hits A New Peak Two Years After FTX’s Collapse

Solana Price Surges to All-Time High

The Solana price soared to $264.31 on Coinbase on Nov. 22, breaking its 2021  all-time high. The token surged 11% within 24 hours, cementing its position as one of the best-performing assets in 2024.

This recovery is remarkable, given that the crypto experienced a tumultuous period after the collapse of FTX, which significantly impacted the value of the Solana token. The token’s resurgence has been fueled by increased market optimism, with the Solana price experiencing a 160% gain since the beginning of 2024.

Its recovery began after it hit a cycle low of under $10 in December 2022, a stark contrast to its current bullish trajectory. In the week of the US election, Solana noted 172 million transactions, highlighting a notable surge in network usage.

Recent market activity has provided further support for the Solana price momentum. Filings from VanEck, Bitwise, Canary Capital, and 21Shares to launch spot Solana exchange-traded funds (ETFs) have boosted investor confidence in the token.

These filings position the token for institutional adoption, driving significant interest.

DeFi Growth and Meme Coins Launch Drive Demand

A notable factor in the token’s rally is the resurgence of decentralized finance (DeFi) on the Solana blockchain. According to DefiLlama, the Solana network’s total value locked in DeFi has grown by over 500% this year, reaching $8.8 billion.

This rapid expansion reflects the blockchain’s ability to attract projects and users due to its scalability and low transaction costs. All the blockchain’s top decentralized finance (DeFi) platforms have recorded gains, with daily increases ranging from 3.90% to 11.50%.

Moreover, Binance-staked SOL (BNSOL) soared by 333% over the past month. Market analysts point to the renewed interest in speculative meme coins as another driver of demand for the Solana token.

The ease and affordability of minting such tokens on the Solana network have made it a hub for this activity, further amplifying its appeal.

Broader Market Optimism Fuels Rally

Bitcoin’s price surged by 5% on Thursday, reaching $98,988 and marking a record high for the fourth day. IntoTheBlock data reports a massive spike in the net flow of deposits and withdrawals among wallets holding a minimum of 19,000 BTC ($1.9 billion).

This increase in transaction flow has extended to other market participants, with Ethereum surging 8% to a peak at $3,412. Other altcoins have mirrored Solana price gains. XRP soared by 27% to $1.40, Cardano at $0.86, and Avalanche rose to $36.67.

Solana ETF Filings and Solana Price Surge

The submission of multiple spot Solana ETF filings on Nov. 21 marked a significant development in the cryptocurrency market. Fund managers VanEck, Bitwise, Canary Capital, and 21Shares lodged four separate 19b-4 filings with the Cboe BZX Exchange.

These applications aim to list spot Solana exchange-traded funds in the US, potentially marking a new chapter for the digital asset industry. These filings coincided with SEC Chair Gary Gensler confirming his resignation effective January.

This timing has sparked optimism for a shift in crypto regulations once a new leadership is in place. The potential approval of these Solana ETFs would represent a milestone for alternative digital assets beyond Bitcoin.

Bitwise joined the Solana ETF race after registering a statutory trust in Delaware on Nov. 20. The next day, it followed up with an S-1 registration statement.

Canary Capital entered the scene with its submission on Oct. 30, after VanEck and 21Shares had already submitted their S-1 filings in June. The 19b-4 filings now inform the SEC of proposed rule changes to facilitate listing these ETFs.

SEC Leadership Changes Fuel Optimism

Industry experts suggest fresh SEC leadership could bring much-needed regulatory clarity to the US crypto scene. A representative from 21Shares expressed confidence that Solana’s token, SOL, qualifies as a commodity and not a security.

The sentiment aligns with recent legal decisions, strengthening the case for its inclusion in an ETF. This optimism extends to the broader market, with some anticipating additional ETF filings for other assets like XRP and Litecoin.

Despite Solana’s strong price performance, analysts project that investor inflows into spot Solana ETFs may not reach the scale seen with Bitcoin and Ether ETFs.

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Stablecoin Bill Faces Regulatory Hurdles – Former Senator

Federal Reserve’s Concerns in Stablecoin Oversight

The stablecoin market continues to expand, with its total capitalization surpassing $174 billion as of November 2024. Despite the sector’s growth, former US Senator Pat Toomey has flagged key challenges delaying comprehensive regulations for issuers in the United States.

In a recent interview, Toomey outlined areas requiring clarity, particularly reserve requirements, bankruptcy handling, and regulatory oversight. He stated that the central bank’s approach to the technology is “fundamentally not friendly.”

“I think the Fed is not supportive of this innovation,” Toomey said, adding that unresolved complexities have hindered legislative progress. Such complexities include insurance coverage on reserves and establishing jurisdictional authority for stablecoin regulation.

While Toomey acknowledged these challenges, he remains optimistic about political efforts to address them. He opined that lawmakers could take significant steps toward a framework for this sector in 2025 once resolutions regarding broader administrative concerns, such as budget allocations and federal appointments, are passed.

Growing Calls for Stablecoin Regulation

The push for regulatory clarity in this sector is gaining momentum. Senator Bill Hagerty’s proposed Clarity for Payment Stablecoins Act has become a notable legislative effort.

The bill focuses on regulating smaller stablecoin issuers—those with less than $10 million in market capitalization—at the state level, excluding them from federal oversight. Industry experts have also amplified their concerns about the lack of clear policy.

Chris Dixon, a leading venture capital firm a16z executive, argued that regulatory measures to prevent systemic risks are essential. At the Permissionless III event in October, Dixon warned that this industry could face a collapse akin to the FTX crisis if it doesn’t have a robust framework.

He further noted that the robust framework could have ripple effects beyond the crypto space. Notably, stablecoin issuers are increasingly tied to traditional financial systems by collateralizing tokenized fiat with instruments like Treasury bills.

This growing interdependence has caught the attention of regulators and policymakers. Last month, the US Treasury’s Borrowing Advisory Committee highlighted the “modest but rising” demand for Treasury bills from stablecoin firms.

Therefore, a committee member suggested exploring a private blockchain system to oversee the sector. Toomey believes the sector’s challenges are not insurmountable and expects lawmakers to intensify efforts toward a precise regulation since the 2024 elections are over.

These fiat-pegged cryptocurrencies remain central to discussions as their role in the broader financial ecosystem expands.

Record $9.7B Stablecoin Inflows Could Boost Bitcoin’s Price

Meanwhile, the crypto market is witnessing record-breaking stablecoin inflows, with over $9.7 billion pouring into exchanges over the past month. This historic surge is fueling expectations of a Bitcoin rally to the $100,000 milestone before November ends.

The $9.7 billion stablecoin influx is the highest ever in a month. This surge signifies heightened speculative interest and increased liquidity, which is critical for Bitcoin’s price momentum.

Since these fiat-pegged digital assets are a bridge between fiat currencies and cryptocurrencies, they can be considered a precursor to market activity. Experts note that these stablecoin inflows reflect a growing appetite among investors.

Stablecoins’ Liquidity and Bitcoin’s $100,000 Price Target

Historically, November has been a favorable month for Bitcoin. However, the current liquidity provided by stablecoins could amplify its trajectory.

Their inflows are usually a key driver of buying pressure. When large volumes of stablecoins enter exchanges, they create conditions for higher demand for major cryptocurrencies like Bitcoin.

This demand can lead to significant price increases, as evidenced in previous market cycles.

Spot Bitcoin ETFs Record Continuous Inflows

Spot Bitcoin exchange-traded funds (ETFs) also contribute to the optimistic outlook. Bitcoin ETFs in the US marked their sixth straight week of net positive inflows, gaining over $1.67 billion in assets during the week of Nov. 11–15.

These ETF inflows reached $773 million on Nov. 20 alone, underscoring strong institutional interest. The relationship between stablecoins and Bitcoin price movements is linear.

For example, when Tether minted $1.3 billion USDT in early August, Bitcoin rebounded by 21% within a few days from a five-month low of $49,500. Hence, a similar dynamic could play out with the current wave of inflows.

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Bridging Tokens on Arbitrum: All You Need to Know

As the demand for Ethereum increases, its blockchain often becomes clogged, resulting in increased transaction fees and slower speeds. However, Layer-2 networks like Arbitrum offer a solution to these issues.

Arbitrum uses “optimistic rollups,” which lower transaction costs by operating outside the Ethereum network. This guide details bridging tokens to this layer-2 network, the wallet setup, and how to reduce costs.

What Is Arbitrum and What Are Its Advantages?

Arbitrum is a layer-2 scaling solution that processes transactions off-chain before transferring them to Ethereum. This solution keeps the Ethereum blockchain secure, lessens transaction costs, and speeds up transactions.

How To Bridge Tokens on Arbitrum

Step 1. Create a wallet

You need an Ethereum and layer-2 network-compatible wallet such as MetaMask or Trust Wallet. Once you have a wallet, set it up for this network.

• Select a wallet: Crypto users preferably use MetaMask and Trust Wallet. Trust Wallet is a mobile application, while MetaMask is a browser extension.

• Integrate the Arbitrum network to MetaMask:

i. Open MetaMask and select “Ethereum Mainnet” from the dropdown menu.

ii. Click on “Add Network” and fill in the details below:

• Select ‘Arbitrum One’ for Network Name

• RPC: `https://arb1.arbitrum.io/rpc` 

• Chain ID: 42161

• Symbol: ETH

• Block Explorer URL: `https://arbiscan.io/` 

iii. Arbitrum should appear in your network’s list after saving these settings.

• Hold enough ETH in your wallet for the gas fee. The gas fee is needed to convert your tokens to another network.

Step 2: Bridge Tokens to Arbitrum

• Visit the official Arbitrum Bridge website.

• Link the wallet. Click “Connect Wallet” on the bridge portal to find options like MetaMask and others. Once clicked, enable access to the wallet you wish to use.

• Once the wallet is linked and ready, select the token network to transfer and add the amount you intend to transfer. Note that some tokens require an approval transaction, an additional step for security.

• Finalize the transaction. Click on “Bridge” or “Transfer.” The system will display the gas fees necessary to execute the transfer.

• Confirm the transaction status: The duration of a transaction solely depends on whether the Ethereum network is congested. Once the transition is completed, the assets will be reflected in your Etherscan wallet within a short period.

Step 3: Cutting Down Expenses

Even though this layer-2 integration reduces transaction costs, some costs remain. Below are some valuable strategies for minimizing costs.

• Avoid peak times: Gas fees can shoot up during specific periods. So, carry out bridging during the week or late on weekends.

• Utilize Gas Fee Trackers: Platforms like ETH Gas Station or Etherscan’s gas tracker current gas fees for transactions.

• Keep an ETH Reserve: If gas prices soar suddenly, have more than the required ETH in your wallet. Thus, you can prevent your transactions from failing.

Step 4: Verify Token Compatibility

Before you move your tokens to Arbitrum using the bridge, ensure your token is supported on this blockchain. Then, confirm your token compatibility by checking the Arbitrum Bridge Interface.

If you need clarification on any documents a third party provides, seek clarification from the network’s community before you bridge tokens on the network.

Troubleshooting Common Bridging Issues

If you encounter issues during the bridging process, here are some solutions for common problems:

• Failed transactions:  If your transaction wasn’t successful because of insufficient gas, increase it and resubmit. Use gas trackers to determine the appropriate fees before you start the bridge tokens process.

• Errors relating to network configuration: Verify that the Arbitrum network information you entered for your wallet is correct. Also, re-check the RPC URL, the chain ID, and other details before initiating the bridging process.

• If the tokens do not show in your wallet after bridging, try the following:

  Add the token manually: Click on the ‘Import Tokens’ option in Metamask, then enter the token contract address obtained from Arbiscan, Arbitrum’s block explorer.

View the current transaction status: To find out the transaction status, search for your wallet address or a transaction hash on Arbiscan.

Refresh the crypto wallet: Exiting and logging back into the wallet can help resolve bridged token display problems.

Conclusion

Arbitrum is an attractive solution for developers and users willing to access Ethereum’s ecosystem but put off by the latter’s high fees and slow transaction speeds. By following the steps in this guide, you can bridge tokens into Arbitrum simply and effectively.

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SEC Approval for Solana ETF Will Happen in 2025 – VanEck

Since Donald Trump’s election, the clamour for Solana exchange-traded fund (ETF) approval in the United States has gained traction. According to Mathew Sigel, VanEck’s head of digital asset research, the industry expects the US Securities and Exchange Commission (SEC) to greenlight more crypto-based products before the end of next year.

A New Era for Crypto ETFs

The result of the 2024 US presidential election has rekindled hope in the digital asset space, especially the authorization of crypto-backed ETFs. Accordingly, industry insiders predict that Trump’s election would result in a friendlier regulatory environment for digital assets, which might open the door for the approval of several crypto ETFs that have been waiting for regulatory approval for a long time.

Several asset managers submitted applications to list ETFs for altcoins such as Solana (SOL), Ripple (XRP), and Litecoin (LTC), reflecting heightened interest in diversifying the crypto investment market. These filings also included proposals for crypto index exchange-traded funds (ETFs), which aim to expose investors to a wide range of tokens.

However, the current SEC administration has yet to approve any of them. Instead, it has launched over 100 enforcement proceedings against the sector. As the SEC begins reviewing Grayscale’s request to launch an ETF encompassing diverse cryptocurrencies, observers believe the stage is set for significant changes in the crypto landscape.

Potential Leadership Changes

The prospect of new leadership at vital regulatory agencies has further reinforced industry optimism. According to reports, Trump is considering appointing Republican CFTC commissioner Summer Mersinger as the new SEC chair.

The CFTC chair has a reputation for supporting a more accommodative approach to cryptocurrencies, as the chair of the Commodity Futures Trading Commission (CFTC). The CFTC is also a top regulator of the cryptocurrency markets in the United States, similar to the SEC. However, it has less authority than the US SEC.

A change in leadership may impact how crypto regulation develops, allowing the operations of other crypto ETFs in addition to Bitcoin and Ethereum ETFs.

Solana Dominates the NFT Market

As the regulatory environment changes, Solana has become a significant player in the non-fungible token (NFT) market. On-chain data shows that the market cap of Solana’s NFT ecosystem soared by $1 billion to $5.94 billion in the last week.

With almost 55% of the market, Solana has surpassed rivals like Polygon and Ethereum regarding daily NFT user engagement. Moreover, Solana has 18,000 daily users, establishing itself as a dominant force in the NFT market, unlike Polygon’s 5,100 and Ethereum’s 3,500.

Furthermore, this ecosystem’s rise has been fuelled by top-performing NFT collections like Mad Lads and SMB Gen 2, while newcomers like Luces have quickly garnered popularity. In addition, data from the NFT analytics platform Cryptoslam shows an 11% increase in total transactions and an 85% increase in NFT sales volume on Solana.

SOL Token Faces Market Fluctuations

Solana’s native coin, SOL, has shown volatility despite its success in the NFT space. Following early gains, SOL’s value dropped 4% daily, indicative of the market’s overall mood.

Even though these swings are expected in the cryptocurrency industry, Solana’s sustained leading position in the NFT market offers a solid basis for SOL’s price uptrend in the near term.

Surge in Malicious Activities on the Solana Network

Nevertheless, the Solana network faces rising threats of phishing scams, with the Backpack Wallet being the prime target. The wallet became the focus of attention after more than 71,000 illegal acts were discovered on the Solana network between June and September 2024.

This number indicates that attackers have exploited over 5% of these wallet owners, losing almost $26.6 million worth of digital assets. In addition, this data highlights a broader pattern of vulnerabilities in the Solana ecosystem’s decentralized finance (DeFi) and NFTs, where phishing scams and harmful decentralized applications (dApps) continue to target users.

Moreover, the rapid rise in meme coin trade on the Solana network has made malicious actors target users of this network more than those on other networks. Furthermore, the focus on Solana rather than established networks such as Ethereum demonstrates a deliberate shift by hackers looking to exploit user and platform security vulnerabilities.

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Bitcoin ETFs Inflow End with $400M Outflows: What to Know

Spot Bitcoin ETFs in the United States experienced their first net outflow since Donald Trump’s election as president, marking the end of an inflow streak that began on Nov. 5. According to data from Farside Investors, 11 Bitcoin ETFs collectively posted a $400.7 million outflow on Nov. 14, coinciding with a 2% drop in Bitcoin’s price to $88,200.

Significant Outflows Across Top Bitcoin ETFs

The largest outflow was from Fidelity’s Bitcoin ETF, which recorded $179.2 million in withdrawals. The ARK and 21Shares joint ETF followed with $161.7 million, while Bitwise’s ETF saw $113.9 million in outflows.

Grayscale’s Bitcoin Trust and its mini version reported combined outflows of $74.9 million. Despite the broader decline, BlackRock’s iShares Bitcoin Trust ETF stood out, attracting $126.5 million in net inflows.

Also, VanEck’s Bitcoin ETF posted $2.5 million in inflow. Notably, the crypto market’s performance mirrored political events. Bitcoin rallied nearly 30% from $68,000 to $93,500 between Nov. 5 and Nov. 13, spurred by what crypto market players term “Trump trade.”

The surge came amid optimism surrounding pro-crypto policies and promises to stimulate the economy.

Rally Ends After Record Inflows

These outflows mark a significant shift in market sentiment following sustained inflows during Bitcoin ETFs’ historic growth phase. Previously, Bitcoin ETFs recorded their highest-ever daily inflow of $1.37 billion on Nov. 7.

The last notable outflow from Bitcoin ETFs occurred on election day, Nov. 5, amid market uncertainty surrounding the presidential race. However, once Trump’s victory was confirmed, inflows surged as investors anticipated economic growth and regulatory clarity.

Like Bitcoin ETFs, like Ether ETFs

Like Bitcoin ETFs, spot Ether ETFs also saw outflows for the first time since Trump’s win. A total of $3.2 million exited Ether ETFs on Nov. 14, with Ether’s (ETH) price dropping nearly 5% to trade below $3,100.

Grayscale’s Ethereum Trust ETF led with $21.9 million in outflows. Conversely, BlackRock’s iShares Ethereum Trust attracted $18.9 million in inflows, and Invesco’s Ether ETF saw a $900,000 inflow.

Bitcoin Price Will Not Dip to $60,000 – Saylor

Meanwhile, MicroStrategy founder and Bitcoin advocate Michael Saylor remains optimistic about Bitcoin’s trajectory, asserting that it will not dip to $60,000 as speculated by some analysts. In a recent interview, Saylor said, “I don’t think it is going to $60,000, it is not going to $30,000; I think it is going to go up from here.” 

Saylor expressed no concerns about near-term threats to Bitcoin’s upward movement. He added that Donald Trump’s re-election solidified the regulatory outlook for cryptocurrency in the United States. 

Saylor also revealed plans for a celebration when Bitcoin hits $100,000, suggesting the milestone could occur as early as December. Other market observers echo Saylor’s optimism.

Keith Alan, co-founder of Material Indicators, suggested Bitcoin could reach $100,000 as soon as Nov. 28, coinciding with the Thanksgiving holiday in the United States. 

Mixed Opinions on BTC’s Price Action

However, CryptoQuant CEO Ki Young Ju cautioned that Bitcoin could end the year below $59,000, citing concerns over an overheated futures market. Pseudonymous trader Ash Crypto predicted more liquidations but maintained that Bitcoin would continue setting new highs. 

Saylor also commented on the regulatory changes under the Trump administration. He said that pro-crypto policies could create a “digital assets framework” and end what he described as the “war on crypto.” 

US’ Bitcoin Reserve Strategy

During the Cantor Crypto, Digital Assets & AI Infrastructure Conference, Saylor expressed his support for the proposed US Bitcoin Reserve Bill, calling it the “greatest deal of the 21st century.” The bill aims to accumulate 1 million BTCs, or 5% of the total supply, for the United States over five years. 

The MicroStrategy founder claimed that the legislation could generate up to $30 trillion in economic benefits over 21 years if enacted. Despite Saylor’s enthusiasm, Galaxy Digital founder Mike Novogratz argued there’s a “low probability” that President-elect Trump would implement a Bitcoin strategic reserve.

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Solana Price Retests $220, Eyes All-Time High

The Solana ecosystem is seeing increased activities as the price of SOL retested the $220 level for the first time since 2021. Hence, it’s likely that its native token SOL is about to enter a bullish phase coinciding with the broader market uptrend.

Solana Price Surge and Robinhood Relisting

SOL saw a significant price spike on November 13 and returned to the $200 range. As a result of this upswing, SOL’s price temporarily peaked at $220. Robinhood’s decision to relist SOL on its trading platform boosted market confidence, coinciding with the price rise.

The relisting on Robinhood coincided nicely with the bullish technical signals for SOL. One such signal was the appearance of a “bull flag” formation on the weekly chart.

This pattern usually indicates that a price spike is imminent. According to analysts, if Solana can sustain its current levels, it could experience additional upward momentum, setting it up to rise above its all-time high of $260.

Technical Analysis Hints at Bullish Momentum

Moreover, the Bull Bear Power (BBP) measure suggests a bullish run for SOL. The BBP showed that buyers maintain the cryptocurrency’s price above the 13-period Exponential Moving Average (EMA), indicating strong market sentiment.

The Parabolic Stop and Reverse (SAR) signal supports this positive outlook. The SAR, frequently used to determine the direction of trends and possible reversals, has kept its dots below Solana’s price level.

Given that the SAR usually only indicates a trend reversal when the dots go above the price, its current stance implies that SOL’s price may continue upward. Historical trends further support this bullish trend.

SOL has a history of generating double-digit growth after similar SAR indications. If history repeats and the other signals hold, Solana may hit $260 shortly.

Record-Breaking Trading Volumes

Aside from price trends, Solana’s decentralized exchange (DEX) ecosystem has also shown impressive growth. According to data from DeFiLlama, Solana DEXs have had record-breaking trade volumes in recent days.

Trading volumes started to exceed $5 billion per day on November 11 and reached $7.03 billion by November 13. This spike in volume highlights Solana’s growing popularity in the DeFi market, where it has led other blockchains in DEX trading activity for three weeks in a row.

Raydium and Orca are the leading performers in this ecosystem. Raydium accounts for 62.47% of Solana’s entire DEX trading volume.

It had $4.32 billion in daily trades and a trading volume of $19.56 billion last week, representing a 127% increase. Orca has a 24-hour trading volume of $1.57 billion and a seven-day total of $6.42 billion.

Solana Outpaces Ethereum in DEX Trading Volumes

One of the most remarkable aspects of Solana’s recent achievements is its consistent outperformance of Ethereum in DEX trading volumes. Artemis.xyz data shows that Solana’s DEX activity has outpaced Ethereum’s for four days.

As Ethereum’s volumes declined, the volume difference, which was $0.2 billion on November 1, gradually grew. By November 9, Solana’s DEX trading volume was nearly $4.6 billion, while Ethereum’s was only $2.4 billion.

Then, on November 13, the Ethereum rival’s DEX trade volume reached $6.9 billion, more than doubling Ethereum’s $3.4 billion, setting a new high in volume difference. This supremacy shows Solana’s competitive advantage in transaction speed and scalability.

Even though Ethereum has been around for a while, it has had problems with expensive fees and poor transaction times, which Solana doesn’t. Accordingly, this Ethereum rival attracts traders and investors looking for quick and inexpensive transactions, strengthening its position as the industry leader.

Solana’s Future Outlook

Given its recent price spike, breakout technical signs, and growing DeFi footprint, SOL is in a solid position to continue its upward trajectory. If it succeeds, this network could maintain its position as a significant force in the cryptocurrency and DeFi markets, making it the adequate substitute for more established blockchain choices like Ethereum.

Meanwhile, Ethereum and other altcoins have seen a spike in market capitalization, coinciding with Bitcoin’s all-time high.

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Ethereum ETFs Hit Record $295M Inflow as Market Rallies

Historic Inflows Mark Growing Interest in Ethereum ETFs

Ethereum ETFs in the United States recorded a historic $294.9 million in inflows on Nov. 11, marking their largest single-day inflow since their July launch. This surge highlights the growing interest in Ethereum ETFs as the crypto markets’ rally continues post-election.

Fidelity’s spot Ethereum ETF led the inflows, securing $115.5 million, the highest on that day. In addition, BlackRock’s iShares Ethereum Trust ETF captured $100.5 million, while Grayscale’s Ethereum Mini Trust ETF reported $63.3 million.

The Bitwise Ethereum ETF recorded a smaller, yet notable, $15.6 million inflow. This influx of capital into these funds reflects an increasing appetite among investors looking for exposure to Ethereum without directly holding cryptocurrency.

With spot Ethereum ETFs, traditional investors can tap into Ethereum’s performance, avoiding the complexities of crypto wallets and direct asset ownership. These funds, launched in July, initially garnered $106.6 million on their first day, but this November record signifies an accelerated momentum for Ethereum ETFs.

Post-Election Rally and Increasing Demand for Ethereum ETFs

Donald Trump’s recent election win has contributed to this surge, as market participants anticipate a pro-crypto administration supportive of blockchain adoption. According to CK Zheng, founder at ZX Squared Capital, Ethereum ETFs could benefit from this environment.

He added that a pro-blockchain stance could drive further investments in Ethereum ETFs.

Ethereum Gains Traction Amid Broader Market Surge

Meanwhile, according to CoinGecko, Ether’s price reached a 14-week high of $3,384 on the same day. This price surge aligned with a broader crypto market uptick, as Bitcoin and Solana also experienced notable gains.

While Ethereum staking returns aren’t accessible through US Ethereum ETFs, analysts like Rachael Lucas from BTC Markets expect staking to become a stronger consideration for traditional investors, further enhancing Ethereum’s appeal. The interest in Ethereum ETFs could mark a shift in the investment landscape as more institutional players warm up to ETH’s potential in the coming months.

Since their launch, these Ethereum ETFs have accumulated nearly $3.1 billion in inflows. BlackRock’s Ethereum ETF remains the top performer among them, with inflows surpassing $1.5 billion since July.

Notably, the Grayscale Ethereum Trust ETF (ETHE), launched earlier, has experienced outflows totaling around $3.13 billion.

Ethereum Weekly Transactions Surge to $60B

Moreover, Ethereum’s weekly transaction volume has surged to $60 billion, reflecting heightened network activity. The mainnet has processed a record number of transactions over the past week, its highest weekly volume since July.

Ethereum’s popularity appears to be rising, even as its price fluctuates below its peak levels. Data from IntoTheBlock indicates that this volume had gradually recovered from its mid-2022 lows when activity initially slowed amid market-wide bearish conditions.

The surge in weekly transaction volume suggests growing demand, even as the ETH price experiences minor fluctuations. This aligns with historical trends in which Ethereum’s transaction volume and price have typically moved in parallel, reflecting high market interest during bull runs and downturns.

Key On-Chain Metrics

According to DefiLlama, Ethereum’s Total Value Locked (TVL) across DeFi applications now stands at $59.327 billion. Stablecoins hosted on the Ethereum network have a combined market cap of $89.517 billion, underscoring Ethereum’s role in the broader DeFi ecosystem.

Over the past 24 hours, ETH has processed $2.387 billion in transactions and recorded $72.74 million in inflows, illustrating the network’s substantial daily throughput. Active user participation also remains strong, with 391,248 active addresses and 64,793 new addresses created in the past day.

Furthermore, high-value transfers (transactions exceeding $100,000) accounted for $51 billion in weekly activity, which suggests substantial engagement from large investors and institutions.

Holder Insights and Market Trends

Additionally, large holders control 53% of Ethereum’s total supply, pointing to a high concentration of wealth among top investors. This distribution signals strong confidence in Ether’s future.

Another indicator of Ethereum’s broader market alignment is its correlation with Bitcoin, currently at 0.84. This close relationship with Bitcoin shows that Ether’s price movements often mirror the overall crypto market, providing insights into its volatility and momentum.

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How the Bitcoin Mempool Works: A Beginner’s Guide

The Bitcoin mempool stores and ranks unverified transactions according to fees, enabling miners to select the most profitable ones. Understanding its operation enables you to maximize your payments and prevent delays, guaranteeing more seamless and reasonably priced transactions on the Bitcoin network.

Here is a guide on what it is and how it works.

The Bitcoin Mempool Definition

An acronym for “memory pool,” “mempool” refers to unverified storage for Bitcoin transactions. When you send Bitcoin, it does not immediately appear on the blockchain until a miner puts it into a block.

Before the miner’s action, your transaction resides in the mempool of the Bitcoin nodes. Since every node has a mempool, the entire network has several and not only one.

How Does the Bitcoin Mempool Function?

Once you initiate a Bitcoin transaction by signing and broadcasting it, it is shared over the network with the other nodes. As long as the transaction fulfills the required conditions, each node appends it to its respective mempool.

A mempool works like a waiting area where transactions remain until miners choose them and embed them in a block. The steps below indicate how the transaction procedures are carried out.

• Transaction broadcast: Signing and broadcasting a transaction results in its transmission across the network’s nodes.

• Confirmation: Nodes ensure the transaction is accurate and valid. This entails authenticating the signatures, confirming that the inputs were utilized, and determining whether enough fees were paid.

• Mempool Deposit: As long as the transaction is appropriate, the node will store it in the mempool until a miner can implement it.

• The Miner’s Selection: Seeing more than one transaction in the mempool is possible, and miners choose the most expensive transactions first. Miners’ fees for confirming a transaction depend on the number of transactions they’ve already confirmed.

• Confirmation of a Transaction: After a miner includes a transaction in a new block, it’s considered confirmed, and all mempools erase it.

Why It Matters

The mempool helps the network be efficient and secure. The mempool

• Allows miners to confirm more urgent transactions.
• Captures transactions temporarily and helps prevent network congestion.
• Eliminates concerns like double-spending since only valid transactions exist, having been validated by nodes.

The Impact of Transaction Fees

Fees play a big role in the time for a transaction to be confirmed on the network. A miner will not be motivated to process your transaction if your fee is too low.

Instead, they would wait for optimal conditions. An optimal condition is when there is an abundance of fees in the mempool, and miners select. Suppose Bitcoin’s mempool (usually between 300 MB and a higher limit) has exceeded its maximum limit. In that case, nodes will begin discarding the transactions with the lowest fees to enable the addition of further transactions.

Monitoring Transactions and Handling Congestion

With monitoring tools, you can assess the number of transactions pending in the queue and the average associated cost for every transaction. This can help you determine the fee you must include to confirm your transaction and complete it on time.

Bitcoin Mempool congestion occurs when the volume of transactions exceeds the mempool space in the network. In times of congestion, users can increase the transaction fee to prioritize their transactions.

When you observe congestion in the mempool, you can:

• Raise Your Fee: Paying a higher transaction fee will place your request at the top of the list.

• Use SegWit Addresses: Take advantage of SegWit to lower the cost of transactions since it decreases the transaction’s data size. Thus enabling a faster confirmation of your transaction.

Conclusion

The Bitcoin mempool is important for efficient processing and smooth network running. It also ensures that miners obtain as much reward as possible through fees.

Knowing the workings of the mempool, its relation to fees, and how it impacts your transactions will make it possible for you to use Bitcoin with fewer technical hitches and lower waiting times.

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Ethereum Foundation Allocates $500M to Ecosystem Growth

Ethereum Foundation Deploys $500M to Projects

The Ethereum Foundation disclosed that it deployed nearly $500 million to ecosystem projects between 2022 and 2023. According to its 2024 annual report, $497 million was allocated to support various projects, with the Foundation contributing $240.3 million, equating to 48.3% of the total funding.

Funding came not only from the Ethereum Foundation but also from MakerDAO (now rebranded as Sky), Gitcoin, Optimism, Aragon, Decentraland, Uniswap, MetaMask DAO, Starknet, Protocol Guild and other Ethereum-built ecosystems. This collective effort highlights significant support within the Ethereum community.

$22.2 Billion in Ecosystem Treasury

In addition to deployed funds, the Ethereum Foundation noted that the ecosystem is backed by over $22 billion in Treasury resources. These resources include assets held by various organizations, foundations, and decentralized autonomous organizations (DAOs).

Nevertheless, the Ethereum Foundation retains $970 million in its Treasury. The report clarified that these Treasury funds consist of liquid and vested assets.

The report explained that liquidating a significant portion of a project’s Treasury could drastically affect the token’s market value. Despite this challenge, the Foundation pointed out that these treasuries have a “depth of reserves,” and deploying a fraction would sufficiently support and expand the ecosystem for years.

Ethereum Foundation Incorporates New Conflict of Interest Policy

The Ethereum Foundation also highlighted introducing a conflict-of-interest policy to enhance transparency and maintain integrity. This policy requires Ethereum Foundation members’ disclosure for non-Ether investments exceeding $500,000.

The aim is to prevent any conflicts from influencing decision-making processes. If an investment poses a conflict, members involved will be excluded from related decisions.

Executive Director Aya Miyaguchi noted on X that this measure is intended to “strengthen the integrity” of the Foundation and uphold trust within the ecosystem.

Ethereum Eyes $3200 as ETF Inflows Rise

Meanwhile, the price of Ethereum (ETH) is poised for a breakout above $3,200, fueled by a surge in ETF inflows after Donald Trump’s re-election. Trump’s victory has significantly boosted crypto market sentiment, with analysts predicting strong performance for Bitcoin (BTC) and Ethereum.

On Nov. 6, Trump was declared the presidential election winner, leading to a noticeable shift in crypto market dynamics. Data from Farside Investors indicated that spot Ether ETFs saw net positive inflows of $52.3 million on the day of the election announcement, followed by $79.7 million on Nov. 7.

This influx marks renewed investor interest in Ethereum, causing an uptrend in its value. Notably, these funds have seen a combined $422.63 million outflow since inception, with the trading volume at $446.40 million.

A Potential Ethereum Breakout?

Bitfinex analysts noted that the increased buying pressure and ETF inflows will help Ethereum break its current trading range. Based on BTC’s market cap dominance, analysts anticipate ETH’s price to exceed $3,200 in the near term.

Open interest in Ethereum has also risen, signaling higher volatility. Analysts highlighted that this metric reached $1.3 million, a significant increase from $800k in August.

Current data showed that a substantial portion of this open interest is in short positions.

Staked ETH ETFs Could Drive Future ETH Price Growth

Trump’s re-election is expected to usher in crypto-friendly regulations in the US, which could lead to accelerated approval of staked Ether ETFs. Edward Wilson, an analyst at Nansen, pointed out that such a regulatory environment will speed up the approval process for staked ETH ETFs, enhancing Ethereum’s attractiveness to retail and institutional investors.

If a staked Ethereum ETF gains approval during the incoming administration, it could add significant momentum to Ethereum’s price, possibly pushing it beyond its previous all-time high of $4,800, set in November 2021.

Meanwhile, Bitget Research’s chief analyst Ryan Lee stated that Bitcoin is expected to reach $100,000 before 2024 ends, which would benefit Ether and other top assets. In February, BTC ETFs accounted for 75% of new investments when Bitcoin’s price surpassed $50,000, illustrating the strong influence of ETF inflows on the coin’s performance.

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Trump’s Win: Solana Memecoin Market Surges to $12B

Donald Trump’s presidential election win has sparked numerous spikes in the prices of some cryptocurrencies, with the Solana memecoin market reaching a market capitalization of $12 billion.

The Solana Memecoin Market Surge and Trump’s Win

Solana-based memecoins have seen a significant uptick in gains in the last day, with Peanut the Squirrel, GOAT, and POPCAT at the forefront. This spike highlights Solana’s role in the cryptocurrency ecosystem when political unpredictability has increased in the wake of the 2024 US presidential election results.

Memecoins are attracting the attention of retail investors looking for quick profits as the cryptocurrency environment becomes more entwined with politics. Investor mood has closely followed market trends recently, especially for highly volatile assets like memecoins.

Solana’s rise to the fourth-largest cryptocurrency position, election-related speculation, and the influence of prominent individuals have contributed to a surge in trade volumes for these coins. Moreover, Solana’s market cap has surpassed Binance Coin (BNB) for the first time, a significant milestone for the token.

Political Climate Boosts Memecoin Market

Earlier this week, SOL noted a 17% increase in value, reaching $188 and hitting $85 billion in market cap. Following this spike, Solana became the fourth leading cryptocurrency, behind only Tether USDT, Ethereum (ETH), and Bitcoin (BTC).

Some market analysts link these memecoin rallies to speculation about Trump’s possible regulatory changes in cryptocurrency. Moreover, Trump’s campaign remarks alluded to potential changes in policy that would benefit the cryptocurrency market, including altcoins like Solana.

Anticipation of Solana ETFs

Meanwhile, institutional and individual investors are interested in a Solana exchange-traded fund (ETF). An ETF could attract a sizable amount of institutional funding, increasing Solana’s market capitalization and liquidity.

Regulatory approval is still a significant obstacle, though. A Solana ETF approval under SEC Chair Gary Gensler’s direction could be challenging since the asset has no regulated futures market.

However, expectations for regulatory reform have shot up since Trump’s election triumph. VanEck, one of the first fund managers to submit a Solana ETF proposal, had already acknowledged that a shift in SEC leadership might be necessary to secure approval.

ETFs connected to cryptocurrencies like Solana may benefit from the new government’s change in regulatory heads. If this occurs, Solana’s appeal and long-term growth possibilities could increase as institutional investors view it as a mainstream investment.

Despite the positives, the path to an authorized Solana ETF remains tricky. In contrast to Ethereum, which has already received approval for ETFs, Solana continues to suffer structural challenges, such as a lack of futures markets, which reduces its regulatory appeal.

High Risks, High Rewards

Meanwhile, the vibrant yet unpredictable nature of the network is reflected in the spike of Solana-based memecoins. The leading meme-themed tokens on this network (dogwifhat (WIF) and bonk (BONK)) continue to drive trade volume and attract risk-averse investors.

With a 13.31% increase to $2.38 in the last day, WIF has demonstrated a strong performance, suggesting possible short-term bullish momentum. Similarly, BONK has increased, rising 16.62% as it bounces back from recent lows and is currently trading at $0.0000192.

The price surge of these tokens indicates that retail traders are becoming more risk-tolerant. Although memecoins can yield substantial profits, they also have a high potential to cause fund losses.

Despite the increasing interest in these coins, price swings indicate that cautious optimism is necessary. Investors attracted to the possibility of rapid profits must exercise caution because the memecoin market is prone to abrupt reversals due to its unpredictability.

The convergence of politics and cryptocurrencies appeals to certain traders, and the Trump administration’s possible impact on the regulatory landscape heightens their level of speculative interest. According to on-chain data, the memecoin market cap has risen 11.4% in the last 24 hours, with trading volume exceeding $17 billion within this timeframe.

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Polymarket Hits $3.6 Billion in Election Bet Trading Volume

Polymarket Finalizes Presidential Election Market

Polymarket, the crypto-based prediction platform, has closed its US Presidential election bets market, with the trading volume reaching $3.6 billion. Major news networks, including The Associated Press, Fox, and NBC, confirmed Donald Trump’s victory, so the platform resolved Trump as the winner.

However, a brief dispute window remains for users to challenge the resolution, but with top sources backing the outcome, overturning it seems unlikely. Polymarket has attracted attention for its unique approach, which allows users to bet on various political and societal events through its prediction market platform.

Polymarket’s decentralized approach offers an alternative to traditional polls since financial stakes are tied to these predictions. In this election cycle, the platform saw an influx of interest as people placed bets on who would become the next president.

Stakes for Trump and Harris

Over the campaign period, Trump maintained a strong showing on Polymarket, with peak odds of 71.5%, especially after an assassination attempt in July. His primary competitor, Kamala Harris, held her highest chance of winning in August at 54%.

Before election day, traditional polls showed Harris slightly ahead by a percentage point. A last-minute poll from Iowa predicted Harris’s lead would be three points.

The final tallies for Polymarket’s election bets included $1.5 billion for Trump and $1 billion for Harris. Lesser amounts were also available for other potential candidates, including Joe Biden at $72 million, Michelle Obama at $153 million, and Robert F. Kennedy Jr. at $141 million; even Kanye West attracted $9 million in bets.

Polymarket CEO Shayne Coplan expressed satisfaction with the result, claiming it as a win for prediction markets. “Trust the markets, not the polls,” he stated on social media, adding that the Trump campaign team first learned of their victory from Polymarket’s data.

What’s Next for Polymarket?

While the market currently sees a 95% chance of Trump’s inauguration, a small percentage predicts other outcomes. With the election cycle over, Polymarket must consider ways to sustain its user engagement without high-stakes events.

Despite its popularity, Polymarket charges no fees, relying on previous Series B funding of $70 million.

Whales Earn $81M from Trump Election Bets

Crypto whales betting on Donald Trump’s victory reaped millions through the decentralized prediction market, Polymarket. The largest account, “Theo4,” earned over $20.4 million in profit, as revealed by data analytics platform Lookonchain on November 6.

Another top whale, identified as “Fredi9999,” amassed around $15.6 million in profit, while a third whale, “zxgngl,” secured over $11 million. Throughout October, ten whale accounts collectively wagered $70.6 million in USD Coin (USDC) on a Trump win.

This level of investment spiked Trump’s odds on Polymarket, driving up the “Yes” shares for his victory to over 60% by mid-October. Key transactions included Fredi9999’s October 18 purchase of $20 million in “Yes” shares, which pushed Trump’s odds above 60.2%.

This was followed by zxgngl’s $7.22 million investment on October 28, raising the odds to 66%. With the Associated Press calling the election in Trump’s favor on November 6, the whales’ strategy has paid off.

High Concentration of Trump’s Polymarket ‘Yes’ Shares

According to another political bettor, Domer, over half of Trump’s Polymarket “Yes” shares are held by just five whales. Domer noted that these accounts, including Theo4 and Fredi9999, could secure a collective payout exceeding $81 million if all conditions hold.

In contrast, ‘yes’ shares for Vice President Kamala Harris are more distributed. The five largest shareholders in her “Yes” vote control 18% of the total shares, with the highest single account holding 4.4%.

Trump’s top bettor, by comparison, owns nearly a third of all his “Yes” shares, emphasizing the concentration of bets around Trump’s outcome. Hence, Domer claimed that at least four of the top Trump bettors could belong to a single entity confident in Trump’s win.

The post Polymarket Hits $3.6 Billion in Election Bet Trading Volume first appeared on CryptocyNews.com.

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