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Solana Hits $94 and Overtakes Ethereum in Weekly DEX Volume

Solana Hits $94 and Overtakes Ethereum in Weekly DEX Volume

Explore the latest crypto updates with Solana hitting $84, Bitcoin approaching $44K, and a major asset freeze in the Three Arrows saga.

Welcome to the latest edition of Datawallet Daily. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:

Solana Hits $94, Overtakes Ethereum in Weekly DEX Volume

Solana’s native token SOL has impressively surged by 23% in the last 24 hours, now trading at $94, marking a substantial 580% increase over the past year. This growth has propelled SOL to become the third most traded crypto asset, with a daily trading volume spiking by 108% to $3.9 billion.

Additionally, Solana has overtaken Ethereum in weekly DEX volume, as reported by DeFiLlama. This surge in activity is partly fueled by the popularity of memecoins like BONK, contributing to increased retail engagement on the network. Despite potential selling pressure from FTX’s bankruptcy estate, SOL has demonstrated remarkable resilience in the market.

Bitcoin Nears $44K Amid U.S. Stocks’ Biggest Quarterly Loss

Bitcoin approached $44,000 on Thursday, rebounding from a drop caused by a 1.42% fall in the S&P 500 index on Wednesday. The overall crypto market cap exceeded $1.7 trillion for the first time since May 2022. Despite a broader market plunge impacting riskier assets like Bitcoin, Solana, and Avalanche, they recovered in early Asian hours. Traders remain optimistic about Bitcoin, anticipating a U.S. spot ETF approval and the 2024 halving event. 

However, some caution about a potential period of low volatility ahead, noting a recent cooling in the market’s Relative Strength Index (RSI).

Three Arrows Co-Founders’ $1 Billion in Assets Frozen by Court

A British Virgin Islands court has frozen over $1 billion in assets belonging to the founders of the defunct crypto hedge fund Three Arrows Capital (3AC). The court’s worldwide order targets founders Su Zhu and Kyle Davies, along with Davies’ wife, Kelly Chen. This development comes as 3AC’s liquidators, Teneo Restructuring, continue their efforts to recover funds following 3AC’s Chapter 15 bankruptcy filing last July, triggered by the Terra stablecoin collapse. 

Zhu, incarcerated in Singapore since September for not cooperating in 3AC’s liquidation, is due for early release. The liquidators, pursuing $1.3 billion, include Chen in their recovery strategy, with total creditor claims surpassing $3 billion. The order aims to prevent asset disposal that could impede the liquidators’ enforcement actions.

Avail Partners with StarkWare to Cut Costs for Madara Appchains

Avail has joined forces with StarkWare to offer a cost-effective data availability solution for Madara networks, often termed “layer 3” due to their connection to Starknet. This collaboration aims to slash data publishing costs to Ethereum by up to 90%. Madara chains designed for specific applications, previously depended on Data Availability Committees for data storage, but Avail’s decentralized approach offers a more secure and reliable alternative. 

Avail, initially developed by Polygon Labs and now operating independently, is part of a growing focus on data availability solutions within Ethereum’s ecosystem. This project is a key competitor to Celestia, known for its data availability services and integration with platforms like Polygon CDK.

Other breaking news

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