NewsBriefs - Solana transaction fees hit lowest level since September 2024

Mar 10, 11:01 PM The Block

Solana transaction fees hit lowest level since September 2024

Transaction fees generated on the Solana network have dropped to 53,800 SOL, the lowest weekly amount since September 2024, with 77% attributed to non-vote fees. This rate marks a 10% decrease from the previous week and is significantly lower than the 25% average weekly decline over the past six weeks. The downturn follows the network's peak during the $TRUMP and $MELANIA memecoin launches, which saw fees as high as 361,000 SOL. Current metrics, including a 35% drop in the 7-day moving average of active addresses and significant declines in Jito validator tips, coincide with almost a 50% plunge in SOL price since January 20.

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• Apr 25, 12:07 PM Fortune

  Paradigm invests $50 million in decentralized AI startup Nous Research

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• Apr 25, 9:34 AM The Block

  SEC moves to dismiss Dragonchain lawsuit following Crypto Task Force launch

  The SEC filed a joint stipulation with Dragonchain to dismiss a lawsuit concerning the company's 2017 ICO, citing the role of its newly established Crypto Task Force. The dismissal aligns with the SEC's recent softer approach towards crypto regulations under new leadership, following a period of stringent enforcement under former chair Gary Gensler. This change in stance, as signaled by the Crypto Task Force, has led to significant drops in litigation against major crypto entities and reevaluation of what constitutes a security in the crypto space.

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• Apr 24, 7:50 PM The Block

  Citigroup forecasts potential $3.7 trillion stablecoin market by 2030

  Citigroup projects a significant growth in the stablecoin market, suggesting it could magnify from around $240 billion currently to as much as $3.7 trillion by 2030. This anticipated expansion is driven by increased adoption in the finance and public sectors, influenced by regulatory changes capable of causing a transformative effect on the crypto market. The report also discusses potential scenarios where the growth could be lower depending on the challenges faced in adoption and integration.

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• Apr 24, 5:31 PM PayPal

  PayPal and Coinbase enhance partnership to promote PYUSD stablecoin usage

  PayPal and Coinbase are expanding their collaboration to boost the adoption and use of the PayPal USD (PYUSD) stablecoin. This partnership aims to provide fee-free transactions and seamless 1:1 fiat redemptions via Coinbase, leveraging PayPal's vast network and payment solutions for increased utility across consumer, enterprise, and institutional levels. The collaboration focuses on enhancing commerce applications, exploring decentralized finance (DeFi), and developing new use cases for PYUSD.

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• Apr 24, 4:46 PM The Block

  SEC delays decisions on Polkadot and Hedera ETF proposals

  The US Securities and Exchange Commission has postponed decisions on proposals to list and trade crypto funds based on Polkadot and Hedera's DOT and HBAR tokens until June 11, in order to have sufficient time to review. This delay also affects other crypto ETF decisions, including those by Grayscale and Canary. The SEC, under new management since January, appears more open to the crypto industry, demonstrated by its public roundtables and fewer lawsuits against crypto firms.

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• Apr 24, 4:46 PM The Block

  SEC postpones decisions on Polkadot and Hedera ETFs amid flurry of crypto ETF proposals

  The US Securities and Exchange Commission (SEC) is delaying its decisions on proposals for crypto funds based on Polkadot and Hedera, moving the deadlines for Grayscale's Polkadot ETF and Canary's HBAR ETF to June 11. These postponements come as the SEC considers multiple other crypto ETF proposals. This delay allows the SEC more time to assess these proposals thoroughly.

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• Apr 24, 2:55 PM New York Post

  TON Foundation names MoonPay co-founder Maximilian Crown as new CEO

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• Apr 24, 11:54 AM Forbes

  RockawayX launches new $125M fund focused on Solana

  RockawayX has raised a new $125 million fund to invest primarily in Solana-focused startups, despite a broader slowdown in crypto venture capital activity. The fund, which successfully closed in the first quarter, is RockawayX's second early-stage fund and aims to support seed investments and liquid, income-generating positions. This initiative follows RockawayX's significant achievements with its 2021 fund, which more than doubled investors' money. The firm, managing about $2 billion and operating with a tech-heavy team across offices in Prague, Dubai, and London, continues to build on its early support for Solana, planning to open a Solana-focused accelerator in Dubai.

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• Apr 24, 10:42 AM The Block

  ZKsync recovers $5 million in hacked tokens after offering 10% bounty

  ZK Nation, overseeing the ZKsync protocol, announced the recovery of approximately $5 million in previously stolen tokens. This was achieved after the hacker accepted a 10% bounty offer from ZKsync's Security Council. The returned assets, now valued at about $5.66 million, are in custody awaiting governance decisions. ZKsync reassured that all user funds were secure at all times, with no ongoing risk of further hacks.

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• Apr 24, 6:20 AM Cointelegraph

  BlackRock's iShare Bitcoin ETF named Best New ETF, records $643M in daily inflows

  BlackRock's iShare Bitcoin ETF (IBIT) was awarded 'Best New ETF' by etf.com on the same day it recorded highest inflows of $643.2 million since January. IBIT also won 'Crypto ETP of the Year' and has seen substantial growth with net assets of approximately $53.77 billion. The recognition and massive inflows underscore IBIT's significant impact in the ETF market.

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• Apr 24, 2:28 AM Decrypt

  FBI reports elderly most affected by $9.3B crypto fraud in 2024

  In 2024, crypto-related fraud in the US surged to over $9.3 billion, marking a 66% increase from the previous year, as reported by the FBI's Internet Crime Complaint Center. Seniors aged 60 and above, who make up just 17% of the population, were disproportionately affected, incurring nearly $2.8 billion, or 30%, of total losses. This demographic experienced significant losses particularly through crypto ATM and investment scams, with an average loss of $83,000 per victim, significantly higher than the $19,372 average for other online crimes. The FBI highlights the rise in crypto ATM fraud and continuous threats from investment scams against the elderly.

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• Apr 23, 8:57 PM The Block

  Russia to launch crypto exchange for qualified investors

  Russia's Central Bank and Finance Ministry are set to launch a crypto exchange specifically for highly qualified investors under an experimental legal regime. This initiative aims to legalize crypto assets, enhance market transparency, and offer sophisticated investment opportunities to individuals with significant financial assets. This development follows amidst international sanctions and previous restrictions on crypto asset payments within Russia.

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• Apr 23, 5:50 PM Protos

  Zora airdrop launch crashes BaseScan, triggers huge token value drop

  Zora launched its ZORA token and airdrop without prior announcement, leading to a crash in the block explorer BaseScan. The airdrop started hours before an official tweet was made, which was then deleted. BaseScan and Blockscout experienced outages, while ZORA's market cap dropped 64% from $461 million to $167 million, spurring user dissatisfaction and insider trading accusations. Zora allocated significant portions of the airdrop to its team and strategic contributors, with no voting rights assigned to token holders.

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• Apr 23, 3:15 PM SOL Strategies

  SOL Strategies secures $500M for Solana-focused convertible notes facility

  SOL Strategies has announced a groundbreaking $500 million convertible note issuance agreement with ATW Partners, focusing on the Solana ecosystem. This facility is dedicated to purchasing and staking SOL tokens through SOL Strategies' operations, with staking yield shared between the parties. This marks a significant development in digital asset financing tied directly to staking yield and highlights SOL Strategies' commitment to expanding its role as a key player in Solana's infrastructure and validator space.

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• Apr 23, 12:37 PM The Block

  Gate.io promises full compensation for users affected by system upgrade

  Gate.io has committed to providing 100% compensation for losses incurred by users during an emergency upgrade of its futures services due to high traffic. The upgrades, necessary to expand contract services, caused a temporary suspension of futures and related copy trading products, but did not affect spot trading, deposits, and withdrawals. The system has since been restored, and the compensation excludes losses due to market movements. Details on the specifics of the compensation plan have yet to be clarified.

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