Weekly Project Updates: SOL Reaches New All-Time High, Magic Eden to Hold TGE on December 10, 10 Trillion BONK Tokens Set for Destruction, etc

Nov 23, 2024

1. SOL Hits New All-Time High, Cboe Submits 4 Solana Spot ETF Applications to SEC link

Bloomberg ETF analyst James Seyffart shared that Cboe has filed applications with the SEC for four Solana spot ETFs, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject these applications, the final decision deadline is expected in early August of next year.

On Friday, Solana (SOL) surged past $260, setting a new all-time high with a 24-hour increase of 12.11%. The previous record was $259.9, achieved on November 6, 2021, making it 1,100 days since SOL last hit a historical peak. Solana’s Total Value Locked (TVL) has also exceeded $9 billion, marking the highest level since December 2021. The top five protocols by TVL are currently Jito ($3.706 billion), Kamino ($2.441 billion), Raydium ($2.407 billion), Jupiter ($2.373 billion), and Marinade ($2.083 billion).

2. USDS Stablecoin Launches on Solana, Sky Ecosystem Offers Over 500K USDS in Weekly Rewards link

The USDS stablecoin has launched on Solana, marking the network’s first major DeFi-native stablecoin. USDS is set to unlock new lending and trading opportunities on DeFi platforms. Sky Ecosystem is offering over 500,000 USDS in weekly rewards for early adopters, with the following distribution: Kamino Finance — 200,000 USDS per week for USDC/USDS liquidity providers, and 100,000 USDS per week for USDS suppliers; Drift Protocol — 100,000 USDS per week for USDS suppliers; Save Finance — 400,000 USDS per month for USDS suppliers; Jito — 5,000 USDS per week for the SOL/USDS liquidity pool. Leveraging Wormhole’s Native Token Transfer (NTT), Sky Protocol ensures seamless USDS operations on Solana, and will also provide an additional 100,000 USDS weekly reward for users who bridge USDS to Solana.

3. ME Foundation Announces ME Token TGE on December 10 link

The ME Foundation will launch the ecosystem token ME, based on Solana, on December 10, with an estimated total airdrop value exceeding $500 million. The token can be claimed via the Magic Eden wallet application. ME has already been listed on several pre-launch markets, including Coinbase International Exchange, OKX, Bybit, Bitget, Gate.io, MEXC, and KuCoin.

Previously, the NFT marketplace Magic Eden Foundation revealed the tokenomics for ME. The total supply of ME is 1 billion tokens, with more than half allocated to the community. At the Token Generation Event (TGE), 12.5% of ME will be distributed in the initial airdrop (fully unlocked at TGE); 37.7% will go to the community and ecosystem; 26.2% to contributors; and 23.6% to strategic participants. ME will be fully distributed over a four-year period, after which all tokens will be in circulation, with the majority designated for the community.

To safeguard the community and protocol from security threats, a Security Committee comprising five members will be appointed to oversee a multisig wallet capable of executing urgent and non-urgent delayed actions. The ME Foundation will act as the steward of ME, and ME holders will be able to earn additional rewards through staking.

4. Ethena USDe Supply Soars 47.45% in the Past Month, Reaching $3.75 Billion — A New High link

As BTC continues to maintain a strong position with a sustained high funding rate, the supply of Ethena’s USDe has surged by approximately 47.45% over the past month, reaching a historic high of $3.75 billion. Notably, on November 21, around $119 million flowed into USDe, marking the highest single-day inflow since mid-April of this year. Simultaneously, the sUSDe staking rate has climbed to 68.4%, the highest level since mid-February, as users stake USDe to benefit from basis yields.

5. Zircuit (ZRC) to Enable Transfers and Launch on Bitget Launchpool link

Bitget has announced that Zircuit (ZRC) will be featured on Launchpool from November 25, 18:00 to November 30, 18:00 (UTC+8), with a total reward pool of 9,125,000 ZRC. Users can participate in the reward distribution by staking BGB and USDT. Additionally, Zircuit has announced that $ZRC will officially enable transfer functionality on November 25, 2024, with a major product release scheduled for the following week. Zircuit is a fully EVM-compatible zero-knowledge rollup solution.

6. Aptos Launchpad’s Emojicoin Reaches 1.9 Million APT in Cumulative Trading Volume link

Since the launch of Emojicoin on the Aptos platform, around 1,700 tokens have been created as of Thursday. However, only 30 tokens have reached a market cap of 4,500 APT, leading to a graduation rate (listed on DEX) of approximately 1.8%. The cumulative trading volume has reached 1.9 million APT, roughly equivalent to $22 million.

7. Sui Partners with Franklin Templeton in Strategic Collaboration link

Sui has announced a strategic partnership with Franklin Templeton Digital Assets, focusing on supporting builders within the Sui ecosystem and leveraging the Sui blockchain protocol to deploy new technologies. Franklin Templeton plans to utilize Sui’s high-performance blockchain network to develop innovative financial products, enhancing transparency and efficiency in asset management.

8. BONK Plans to Burn 1 Trillion Tokens Before Christmas link

BonkDAO recently burned 100 billion BONK tokens in circulation and plans to burn an additional 1 trillion BONK tokens by Christmas Eve in December. This large-scale burn initiative, named BURNmas, will begin at 12:01 AM UTC on November 15 and end at 12:01 AM UTC on December 24. The burned tokens will come from applications within the Solana ecosystem that utilize BONK for one or more functions. According to OKX market data, BONK has surpassed 0.00005 USDT, reaching a new all-time high of 0.000052568 USDT, with a 24-hour increase of 33.40%.

9. SynFutures Points Campaign to End on November 25, Hinting at Upcoming TGE and Airdrop link

SynFutures has announced that its Oyster Odyssey rewards program will officially conclude on November 25, 2024 (next Monday), hinting at an upcoming Token Generation Event (TGE) and airdrop. The campaign, which began on March 1, 2024, coinciding with the launch of SynFutures on the Blast mainnet, expanded to Base in July. It has since attracted over 6.5 million wallet addresses, helping SynFutures become the leading decentralized perpetual contract trading platform in terms of trading volume and Total Value Locked (TVL) on both the Blast and Base networks. According to DeFiLlama data, SynFutures has surpassed $200 billion in cumulative trading volume.

10. 10 Winning Projects Announced at ETHGlobal Bangkok Hackathon, Including AI Agents and DAO Tools link

The latest ETHGlobal hackathon, held in Bangkok, Thailand, saw 713 projects submitted for consideration, with judges including Ethereum co-founder Vitalik Buterin, Aave founder Stani Kulechov, and Base founder and lead Jesse Pollak. The ten finalists selected by the judges featured projects related to meme coins, AI agents, DAO tools, and more. The hackathon offered a prize pool of $750,000, with winning teams including the AI DAO tool DAOGenie, Telegram DAO bot minidao, ZK sorter Zubernetes, AI Web3 agent Industry AI, fitness GameFi project LootGO, Telegram battle game BubbleWars, blockchain game Dark Factory, game launch platform Metaloot, DeSci project Cat In A Box, and cryptocurrency QR payment tool ETHPark-QR in Thailand.

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