Ethereum Launches Mekong Testnet for Pectra Upgrade

Ethereum Launches Mekong Testnet for Pectra Upgrade

Ethereum developers introduced the temporary Mekong testnet to assess critical code changes for the anticipated Pectra upgrade, scheduled for a mainnet launch in the first half of 2025. This testnet will help trial specific updates like wallet improvements, account abstraction, and validator changes before they move to public testnets.

The testnet, described by developers as “feature-complete,” aims to fine-tune user experience and network efficiency improvements. The Pectra upgrade initially proposed 20 Ethereum Improvement Proposals (EIPs), but only eight will be tested on Mekong to focus on essential modifications.

Crypto wallet developers and validators are encouraged to explore the “playground” for familiarization with the new features. After Mekong, successful changes will proceed to public testnets, with the goal of increasing Ethereum’s functionality in 2025.

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Solana Reaches $200 Amid Market and Election Rally

Solana surged to $200 as strong on-chain activity and election optimism boosted the crypto market, with Bitcoin also hitting a new all-time high. Analysts attribute Solana’s rise to Trump’s election victory and favorable economic indicators, suggesting a more crypto-friendly administration could be on the horizon.

Market enthusiasm for Solana is further supported by a 42% jump in monthly active addresses, particularly driven by meme coin activity on decentralized platforms like Raydium. A broader rally lifted other assets as well, with Ethereum showing strong gains under expectations of regulatory support.

However, analysts caution that Solana’s rally may be influenced by both fundamentals and hopes for a Solana ETF, even though approval remains uncertain. With strong community backing and transactional growth, Solana’s ecosystem continues to attract attention from investors and developers.

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MakerDAO Retains Sky Brand Despite Community Concerns

MakerDAO voted to keep the new “Sky” brand amid mixed reactions from its community. Nearly 80% of votes favored maintaining the rebrand, though this decision came from a small number of large entities. The rebrand accompanies a roadmap that includes launching new stablecoins, a governance token (SKY), and subDAOs to foster growth and resilience.

The “Sky” project aims to establish an ambitious product lineup, including decentralized and regulated stablecoins, and integration with DeFi projects like Aave. Despite some resistance, leaders believe Sky’s initiatives will bring a revitalized direction for Maker. The rebranding aligns with Sky's broader Endgame vision, prioritizing competitive positioning and ecosystem growth.

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Detroit to Accept Crypto Payments, Leads US Cities

Detroit announced plans to accept cryptocurrency payments, making it the largest US city to do so, joining states like Colorado and Louisiana in adopting digital payments. Through a platform managed by PayPal, Detroiters can use crypto to pay taxes and city fees starting mid-2025. Mayor Mike Duggan highlighted the move as part of Detroit’s tech-driven approach.

The payment platform aims to increase accessibility and provide options for unbanked residents, aligning with Detroit’s broader efforts in digital transformation. The city also invites blockchain entrepreneurs to develop civic applications for bettering transparency and security. Detroit is pushing toward integrating blockchain and fintech options to modernize its public infrastructure.

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Data of the Day

The Coinbase premium on Bitcoin turned positive for the first time in weeks, indicating increased US investor demand following Trump’s election victory. According to CryptoQuant’s Julio Moreno, this points to rising interest, especially among institutional investors using Coinbase for larger transactions.

Additionally, CME’s futures Bitcoin open interest hit an all-time high in daily volume, confirming heightened trading activity. Institutional demand is evident as CME’s Bitcoin futures average daily trading volume reached $13.15 billion, driven by investors seeking secure, regulated exchanges.

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More Breaking News

• As Bitcoin reached a new all-time high of nearly $77,000, BlackRock’s Bitcoin ETF saw over $1 billion in inflows.
• Galaxy Digital reported a $54 million Q3 loss, but CEO Michael Novogratz remains optimistic about crypto’s future under Trump’s presidency.
• Polymarket’s popularity surged amid the US election, though data shows 86% of users have lost money overall.
• Layer 3 network, DEGEN is stalled due to a dispute with infrastructure provider Conduit, highlighting risks in third-party blockchain dependencies.
• Caroline Ellison, former co-CEO of Alameda Research, began serving her two-year sentence for her role in FTX's collapse.
• Jito Labs achieved $78.92 million in October fees, surpassing DeFi giants like Lido and Uniswap, driven by MEV extraction demand on Solana.
• Changpeng Zhao (CZ), the former Binance CEO received multiple offers for his controlling stake, though he hasn’t disclosed intentions to sell.

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