Category: Cryptocurrency News

Hi, I had a pending transaction on my ETH account, I tried to cancel the pending one by sending a transaction to my wallet with 0 ETH and increasing the fees, but I guess that I did something wrong and now I have like 6 transactions pending and nothing works, even sending a transaction to…
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According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month. Solana Overtakes Tron In Stablecoin Transfer Volume Data from the blockchain analytics platform Artemis shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month. To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year. Stablecoin transfer volume across various blockchains in the past year | Source: Artemis Related Reading: Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation? From the chart above, it is clear that Solana’s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.  This growth has also impacted the network’s share in the stablecoin market, with Solana now boasting about 32% market share. Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion. On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion. Paxos is thrilled to share our regulated stablecoin USDP is now live on the @solana blockchain! This integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market. Learn more here: https://t.co/0j4Kj0yyPk pic.twitter.com/1doexKvVmY — Paxos (@Paxos) January 18, 2024 SOL Price Overview Despite Solana’s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline in the last 24 hours. This sluggish performance in the past day underscores the altcoin’s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price has largely struggled to hold above the $100 mark. Related Reading: Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024. Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency in the sector, with a market capitalization of more than $40 billion. Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

Maker DAO’s MKR has been a dominant force in real-world asset (RWA) transactions within decentralized finance (DeFi), boasting a daily average of $94.5 million in RWA-related transactions in the second week of January. Despite this impressive transaction volume, there are underlying challenges that investors need to consider. Related Reading: Astar Makes History, Investors Celebrate 16% Price Hike – Here’s More Maker Transaction Volume Dominance MKR stands out with its substantial RWA transaction volume, signaling ongoing activity and interest in the MakerDAO ecosystem amid market volatility. This is a positive indicator for the protocol. MakerDAO’s strategic move towards tokenized T-Bills has proven successful, contributing over half of the protocol’s fee revenue. This diversification provides a potential growth engine, offering a positive aspect amid other challenges. $MKR leads transaction volume amongst RWA protocol tokens, reaching a daily average volume of $94.5M during the second week of January. 🔗https://t.co/fc5hlSkGUI pic.twitter.com/DxqTjCuaon — IntoTheBlock (@intotheblock) January 18, 2024 The Concern: Decline In RWA Activity However, the overall picture for RWA on MakerDAO is not entirely positive. The total value locked (TVL) in RWA has dropped by 33% since October, raising concerns about waning investor interest in real-world asset integration on the platform. MKR market cap currently at $1.8 billion. Chart: TradingView.com Investor sentiment mirrors the decline in TVL, with a substantial $871 million withdrawn from Maker’s RWA offerings in the past three months. This suggests potential concerns about specific RWA deals or broader market volatility. Despite positive sentiment and demand for MKR, questions arise about the sustainability of this momentum if the RWA decline persists. The future of MKR as the RWA leader is uncertain, and the potential ripple effects remain a key consideration. MKR 24-hour price action. Source: Coingecko Revival Or Paradigm Shift? The capital flight may be a temporary setback or indicative of a broader shift in investor preferences towards different RWA platforms or asset classes. Time will reveal whether MakerDAO can regain investor confidence and revive its RWA sector. Related Reading: Chainlink Gets Whale Backing: LINK Price Up 14% Amid Market Dip MKR was trading at $2,015 at the time of publication, based on CoinMarketCap data. The demand for the altcoin has increased as the year has progressed, with the majority of the attitude being favorable. The challenges and opportunities of RWAs in DeFi are encapsulated in MakerDAO’s story. While high transaction volume and innovative T-Bill offerings show promise, the significant decline in RWA inflows raises questions about the protocol’s long-term sustainability. The success of RWAs on MakerDAO and in DeFi as a whole hinges on finding the right balance between innovation, risk management, and building trust with investors. MakerDAO faces the challenge of rewriting the RWA narrative or potentially losing its prominence in the evolving landscape of real-world assets in DeFi. Featured image from Shutterstock

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