Integrated vs Modular: Solana vs Ethereum
In the rapidly evolving landscape of blockchain technology, two distinct approaches have emerged in the design and implementation of these distributed ledgers: integrated and modular blockchains. Since the origins of public, decentralised and permissionless blockchains, architectures were often built in an integrated way: Bitcoin came first then XRP, Ethereum and many others followed suit for over a decade. The scaling trilemma arose in debates that a blockchain can only have two out of three properties: security, decentralisation and speed. As such, Ethereum’s roadmap has evolved to encompass Layer 2s, a modular way to scale Ethereum. Understanding the differences between these approaches, exemplified by Solana (integrated) and Ethereum’s Layer 2 ecosystem (modular), provides insight into their respective architectures, roadmaps, and the impact on adoption and development.
Solana blockchain monthly transaction volume hits multi-year high
According to data from The Block, the transaction volume on the Solana blockchain reached a new high in January. As of the end of January, the trading volume of SOL and SPL tokens on the Solana blockchain has soared to $951.9 billion, meaning the network's economic throughput has increased by 30% compared to December's $735.8 billion, which was the previous high point. The growth in Solana blockchain transaction activity is significantly higher than most of 2022 and 2023. For example, in September 2023, Solana network transaction volume hit a low of $40 billion.
Cointime January 28 News Express
1.Stellar Foundation recommends postponing smart contract upgrades after discovering bug2.Pudgy Penguins: The beta version of IP authorization platform OverpassIP is now online3.OSL has partnered with global insurance and reinsurance company Canopius to secure a new two-year custody insurance agreement4.After the spot Bitcoin ETF was approved, Bitcoin’s market capitalization dominance increased to 49.8%, while the share of altcoins and stablecoins fell.5.Linea: Linea Voyage XP tokens will be airdropped to qualified user wallets6.Google’s cryptocurrency-related advertising policy will be revised on January 29 and may cover Bitcoin ETF advertising7.Analyst: Charles Schwab may be interested in joining the spot Bitcoin ETF race8.The trading volume of DEX on the Ethereum chain yesterday was US$734 million, a decrease of approximately 43% from the previous day.9.Data: SOL/BTC ratio has grown 290% since October 202310.CFTC urges investors to be wary of AI-created crypto asset arbitrage algorithms
Solana chain meme project DragonEgg is about to launch an airdrop
Solana chain Meme project DragonEgg is about to launch an airdrop, with a total supply of 60% of DGE (Dragon Egg) airdropped to millions of Solana wallet addresses. The airdrop application will open at 10:00 UTC-5 (23:00 UTC+8) on January 31 and will continue until February 8. Applicants can apply on the website degfinance.org on January 31.
Data: SOL/BTC ratio has grown 290% since October 2023
Data disclosed by Glassnode shows that since October 2023, the SOL/BTC ratio has increased by 290%, fluctuating between 0.0011 and 0.0005 SOL/BTC. During this period, its performance has been significantly better than ETH, but unlike ETH, the price of SOL did not show any significant increase after the approval of Bitcoin spot ETF. In addition, the performance of altcoins in recent weeks has been disappointing, with ETH performing better than most altcoins and dominating the entire cryptocurrency market with a rise of 4.2%.
SolanaFloor: 16,256 Solana Mobile activations recorded to date
Solana Floor disclosed on social media X that as of now, there have been 16,256 SolanaMobile activations recorded.
Total NFT sales on Solana chain exceed $4.8 billion
According to Cryptoslam data, the total sales of NFTs on the Solana blockchain have surpassed 4.8 billion US dollars, with nearly 2 million independent buyers and approximately 1.527 million independent sellers on the blockchain. The on-chain transaction volume is approximately 3.9059 million transactions.
Solana Foundation and CoinCDX launch Rs 25 Crore Indian Web3 Developer Grant Program
Solana Foundation partnered with CoinCDX to launch a 250 million rupee (approximately $3 million USD) India Grant program aimed at promoting local Web3 developers to design and develop products on the Solana chain. Over the next few months, the funds from this Grant will be used to launch advanced blockchain education programs as well as a competition similar to a hackathon among Web3 developers. The Solana Foundation will also work with CoinDCX to promote real-world use cases for the public chain, such as loyalty programs and tokenization of real-world assets like stocks, bonds, and real estate.
Introducing Colosseum
Colosseum launches to run Solana's hackathons, accelerate winning founders, and invest in the next generation of breakout crypto startups.
The Solana Foundation Releases Token Extensions to the SPL Token Standard on the Solana Network
The Solana Foundation has released token extensions for the SPL token standard on the Solana network. These token extensions allow for enhanced token interactions, confidential interactions, and per-exchange token transfer fees, among other features. The token extensions are a new SPL token standard that enhances its original functionality. In dozens of new use cases, including enhanced token interactions, per-exchange token transfer fees, and confidential transfers supported by zero-knowledge proofs, the token extensions are designed to help businesses transition to on-chain operations and provide simplified security, compliance, and other services on the Solana network, according to the company statement.
Solana stablecoin transfer volume hits record monthly high of $300B
There has already been more than $300 billion in stablecoin transfer volume so far in January, eclipsing December’s volume.
In January, the stablecoin transfer volume on the Solana chain exceeded US$300 billion, an increase of more than 25 times year-on-year.
According to Artemis data, as of January this year, the stablecoin transfer volume on the Solana blockchain has reached 303 billion US dollars, which is higher than the stablecoin transfer volume on the blockchain in December 2023 (297 billion US dollars), and has increased by 2520% compared to January 2023 (11.56 billion US dollars).
LFG: 144 billion LFG have been removed from the second round of supply
Solana's new meme coin LFG stated in its official tweet that 1.44 billion LFG tokens have been removed from the second round of supply. Previously, the community decided to remove a certain proportion of tokens from the second round's supply of 200 billion LFG tokens, and distribute the remaining amount to LFG supporters over time.
The Solana Ecosystem
We started the year with a note on belonging. I felt inspired to write about this because of our work on two protocols, one of which today's issue covers extensively. In mid-to-late 2022, Solana was the industry's darling due to its figureheads. SBF's overarching influence on its ecosystem could not be understated. But in the following months, as FTX collapsed, so did the Solana ecosystem.
A giant whale spent 86,738.1 SOL to purchase 17.22 million WIF, holding a total of 37 million WIF
According to Lookonchain monitoring, a certain whale spent 86,738.1 SOL (8.65 million US dollars) to purchase 17.22 million WIF. Currently, the whale holds 37 million WIF, worth 17 million US dollars, with a floating profit of over 8 million US dollars.
Nansen: Solana ranks first in the number of active addresses among public chains, and Ronin Network has the largest increase in active addresses.
According to TechFlow news from Nansen in X, as of January 1, 2024, Ronin Network has had the largest increase in active addresses for the second consecutive month among all public chains and layer two networks, while Solana currently ranks first in total active addresses.Active addresses divided by chain in November and December:Solana 13.9 million (+98.9%!!)BNB 13.7 million (-9.8%)<br>Tron 10.8 million (-14.6%)<br>Ethereum 5.4 million (+18.7%)<br>Polygon 4.8 million (+11.7%)<br>Arbitrum 2.5 million (-7.8%)<br>Ronin 1.3 million (+192.2%!!)<br>Optimism 1.1 million (-20.9%)<br>Linea 999,000 (+8.5%)<br>Avalanche 910,000 (+46.4%)<br>Celo 868,000 (+32.3%)<br>Base 822,000 (+22%)<br>Fantom 534,000 (+34.2%)
Solana Mobile Developing Affordable Crypto Smartphone as Successor to Saga
Solana Mobile is developing a new cryptocurrency smartphone that will be more affordable than its predecessor, Saga. The new phone will have a built-in Solana wallet and a special app store with decentralized apps for users to explore. Solana Mobile aims to make the phone more appealing to a wider audience by improving the hardware and significantly reducing the price. The decision to release a new phone was inspired by the unexpected success of Saga, which gained a loyal following in the crypto community and caught the attention of investors interested in its token giveaways. If Solana Mobile can deliver on its promises, the new phone could be a significant step towards mainstream adoption of cryptocurrencies.
GoPlus launches Solana secure deauthorization tool solrevoker
According to official sources, the security revocation tool solrevoker developed by GoPlus has been launched. Solrevoker is a security revocation tool developed by GoPlus in response to the needs of Solana community users. Currently, in high-frequency interaction scenarios such as Solana NFT market and token staking, a large number of airdrop phishing and pre-authorization fraud events are on the rise. This tool developed by GoPlus can help users to perform risk authorization detection and revocation operations anytime and anywhere.
Hong Kong Virtual Asset Consortium removes XRP from global crypto index
Solana took over XRP's position in HKVAC's top 5 cryptocurrency global index, and AVAX replaced Tron, amid market fluctuations in the past 30 days.
Digital asset protocol Metaplex will list its Solana inscription on January 16
A Solana digital asset protocol, announced that its released Solana Inscriptions will be fully deployed on the chain at 3 pm (US Eastern Time) on January 16th. Earlier news stated that on December 19, 2023, Metaplex launched a new standard for fully on-chain and immutable digital assets on Solana, called Inscriptions and Engravings. Inscriptions allow for the complete storage of asset metadata and media content on Solana, eliminating the need for any external trust assumptions.
