Solana validators approve 100% priority fee allocation, Taiko launches on mainnet with 5% for airdrops, JENNER token deployer revealed amid hack rumors.
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Solana Validators Approve 100% Priority Fee Allocation

Solana Validators Approve 100% Priority Fee Allocation

Date:
May 28, 2024
| Issue
#
288

Welcome to another crazy day in crypto. Despite lower US activity due to the Memorial Day holiday, the markets remained active, with Bitcoin briefly reclaiming $70,000 and Ethereum flirting with the $4,000 level. However, the spotlight was focused on altcoins, led by Solana and Taiko, as well as the memecoins on both the SOL and ETH blockchains.

Also, if you haven't been on social media in the last day, be aware that celebrities have returned to promote their cryptocurrency projects. Hopefully, this isn't a top signal before the summer.

Solana Validators Approve 100% Priority Fee Allocation

Solana has approved proposal SIMD-0096, allocating 100% of priority fees to network validators, shifting from the previous 50/50 split with the token-burning mechanism. This decision, supported by 78% of votes, aims to increase validator rewards, enhancing network reliability and performance. Solana Labs Co-Founder Anatoly Yakovenko highlighted that future software updates, including releases 1.17 and 1.18, will implement this change along with other optimizations.

While some community members worry about potential inflation due to increased token circulation, others believe the change will improve transparency and fairness in fee distribution. The update will take several months to adopt, allowing further development and integration of the new fee allocation system. In the past 24 hours, Solana is up 5.1% and is currently trading above $170.

Ethereum L2 Taiko Mainnet Is Live With 5% For Airdrops

Taiko, an Ethereum Layer 2 ZK-Rollup, has launched on the mainnet after extensive development since 2022 and seven testnets, with Ethereum co-founder Vitalik Buterin proposing the inaugural block containing metadata of core contributors. Taiko uses Ethereum validators for transaction sequencing, and initially employs a multisig arrangement and SGX proofs with plans to shift to 50% ZK proofs.

Taiko features a type-1 zero-knowledge virtual machine and will launch its token and a Trailblazers incentive program shortly, along with an airdrop distributing 5% of its 1 billion token supply. A DAO will progressively transfer protocol control to the community, with block proposing and proving initially controlled to ensure stability before decentralization.

JENNER Token Deployer Revealed Amid Hack Rumors

Caitlyn Jenner promoted the JENNER memecoin on X, which sparked confusion and suspicion amid a surge in celebrity account hacks. Despite skepticism and accusations of deepfakes, Jenner and her manager Sophia Hutchins defended the token's authenticity, resulting in $269 million in trading volume 24 hours after it debuted on Pump.fun. The token rose to a market capitalization high of $42 million before plummeting to $7 million.

Concurrently, rapper Rich The Kid launched the RICH token, raising additional concerns about potential scams. The face behind these launches has been identified as influencer Sahil Arora, who has stated that he is in contact with multiple celebrities and is looking to launch more tokens for them to help make crypto more mainstream. Shortly before these events, notorious trader GCR's X account was compromised, allowing the exploiter to promote tokens such as ORDI and LUNA2.

PEPE Memecoin Breaks ATH After Gaining 80% In a Week

PEPE's price has surged by 80% over the past week, breaking 7 billion in market cap for the first time ever, surpassing Uniswap's UNI from 19th position. This momentum has been bolstered by the recent approval of Ethereum ETFs, propelling PEPE's price to a new all-time high of $0.00001717, merely a week after its previous record peak.

Despite this meteoric rise, PEPE's bullish momentum remains intact, supported by a growing number of coin holders and consistent trading above the 50-day and 200-day moving averages. BONK and FLOKI are two other memecoins that are mimicking PEPE's success, with BONK just reaching a record market capitalization of $2.6 billion, while FLOKI topped the charts in the last 24 hours with a 22.40% price increase.

Data of the day

According to research by wale.moca, celebrity-owned or celebrity-promoted cryptocurrency projects have a poor track record. Most of them are abandoned, leaving investors disappointed. A lack of genuine interest and strategic planning frequently leads to their failure. This also appears to be the current situation with Caitlyn Jenner's launches, which are chaotic and have already dropped by more than 50%.

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More breaking news

  • Justin Sun announced on X that Huobi (HTX) has surpassed Coinbase for the first time with a trading volume of $2.05 billion in 24 hours, marking a historic milestone for his exchange.
  • An investor turned a $2,628 investment in Shiba Inu (SHIB) into $1.24 million after holding it for 3.5 years. He achieved a 47,592% gain from selling 48 billion SHIB at $0.000026 that he bought in January 2021 for 2 WETH ($1314 each at the time) on Uniswap V2.
  • A victim who lost $6.91 million in ETH in a permit phishing attack last week has received 80% of their stolen funds back. The attack took advantage of a feature in Ethereum permits (EIP-2612) that allows any account to execute transactions without prior authorization.
  • Nomura, a Japanese banking giant with $561 billion in assets under managements and its digital asset arm Laser Digital, have partnered with GMO Internet Group to explore the issuance, redemption, and circulation of Japanese yen- and U.S. dollar-denominated stablecoins.
  • Argentina's securities regulator is collaborating with El Salvador's National Commission of Digital Assets (CNAD) to learn from El Salvador’s experience with Bitcoin adoption and cryptocurrency regulation, discussing insights and potential collaboration agreements.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.