Solana’s GRASS Airdrop Claims New Record
Solana’s GRASS Airdrop Claims Set New Record
The GRASS token airdrop on Solana reached nearly 1.5 million claimed addresses, making it the most claimed Solana airdrop to date. Up to 2.8 million wallets are eligible, with the airdrop marking the first instance of rewarding users for sharing bandwidth. While highly popular, the airdrop has drawn criticism for being easily farmed by bots and concerns over its bandwidth-sharing model.
Grass reward users who allow data scraping through a browser extension, a practice some compare to malware. The project ensures it passed cybersecurity checks and claims a frictionless onboarding process is essential for scaling globally. GRASS currently trades at just over $1, with a fully diluted valuation of $1.04 billion.
Other recent and ongoing airdrop opportunities on Solana include Meteora, Jupiter's Season 2, Phoenix Trade, Tensor's Season 4, and Kamino's Season 2.
Coinbase Adds Real-Time Funding with Visa Direct
Coinbase and Visa have introduced instant account funding for US and European users, enabling faster trading on the platform. This new service allows eligible users to deposit funds in real time through Visa Direct, leveraging their debit cards to bypass traditional transfer delays. The feature comes as BTC nears its all-time high, and Coinbase seeks to meet increased trading demand.
Users can now also purchase crypto directly with their Visa debit cards and withdraw funds to bank accounts without delay. The new funding option complements Coinbase’s Visa debit card, which allows users to spend crypto at retailers or convert it to cash. Coinbase expects this to improve user experience amid the recent removal of its Paycheck Direct Deposit service.
Swell Joins Optimism Superchain with Restaking Rollup
Swell, a liquid restaking protocol, is developing a Layer 2 rollup on the Optimism Superchain, using ETH as the gas token. Swell’s new rollup will use a "proof of restake" model for security within the Superchain and allocate sequencer revenue to the Optimism Collective. Previously planning to use Polygon’s chain kit, Swell chose OP Labs instead, joining Superchain players like Base and Kraken’s Ink.
Swell’s rollup is designed to lower transaction costs for decentralized applications while incorporating restaking to strengthen security. The project is expected to receive a sizable grant from the Optimism Foundation for this migration. Swell initially launched as a liquid staking protocol in 2023, later expanding to include liquid restaking tokens, with total value locked surpassing $1.3 billion.
Canary Capital Files for Solana ETF as Interest Grows
Crypto investment firm Canary Capital filed for a Solana ETF, aiming to offer investors exposure to Solana’s price through a regulated vehicle. The filing joins a growing interest in Solana ETFs, as firms await US regulatory approval for spot ETFs tied to popular cryptocurrencies. Canary’s ETF follows a similar June filing by VanEck for a Solana ETF.
Solana’s strong on-chain metrics, such as high transaction volume and active user base, are cited as reasons for the ETF’s appeal. Canary Capital founder Steven McClurg, who also founded Valkyrie Funds, has filed additional ETFs for Litecoin and XRP. The SEC has already approved several Ethereum and Bitcoin ETFs, suggesting that Solana ETFs could soon be next in line.
Data of the Day
Solana’s decentralized exchange (DEX) trading volume recently reached 168% of Ethereum’s mainnet DEX volume, marking a new record. Raydium, Solana’s top DEX, saw $22.3 billion in October, compared to Uniswap’s $38 billion on Ethereum.
Notably, Raydium’s market share expanded from 7.6% in January to 18.4% in October, driven by high-frequency trading of newer tokens like Pump.fun.
Solana’s DEX volume surge reflects its growing appeal in contrast to Ethereum’s Layer 1 ecosystem. Unique trading activity and the popularity of newer tokens on Raydium differentiate it from Uniswap, which handles more established token pairs.
More Breaking News
- Reddit sold most of its cryptocurrency holdings in Q3 2024, netting $6.87 million from primarily Bitcoin and Ether.
- Robinhood reported $637 million in Q3 revenue, with crypto trading volumes up 112% year-over-year, though lower than earlier 2024 quarters.
- MicroStrategy’s Q3 revenue missed estimates, but it outlined a $42 billion capital-raising plan to boost its Bitcoin treasury holdings over the next three years.
- Coinbase announced a $1 billion share repurchase program, with the timing and volume based on market conditions and no expiration date.
- Kraken laid off around 15% of its workforce as new co-CEO Arjun Sethi joins, aiming to streamline operations and reduce management layers.
- The US Treasury reported stablecoin growth has increased demand for short-dated Treasuries, with $120 billion in stablecoin collateral invested in Treasuries.
- Chainlink introduced a modular platform upgrade enabling compatibility across thousands of blockchains to attract capital markets and Web3 developers.
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