Together with | | GM Defiers! | Solana has rolled out a network update to address the Layer 1 network's recent congestion issues due to memecoins and bots. | Crypto ETFs are going to Asia, with Hong Kong approving spot BTC and ETH ETFs on Monday. | In other Bitcoin news, Runestones wants to onboard millions of users to the world's most valuable blockchain. | Meanwhile, a small project called XEN is taking over the Base network. | ✍️ In today's newsletter: | Solana adopts a network update to combat the recent congestion Hong Kong approves Bitcoin and Ether ETFs Runestones wants to become the biggest memecoin community XEN is monopolizing most of the Base network's resources
| 📈 Markets in the last 24 hrs: | | TICKER | VALUE | 24 H |
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| Bitcoin | $65,380 | 1.51 % | | Ethereum | $3,165 | 4.74 % | | Gold 1st Future | $2,356 | 0.06 % | | S&P 500 | 5123.41 | -1.46 % | | Arch Web3 | 2.13 | 9.25 % | | Learn more about Arch Indices here. | |
| | | | | 🎬 WATCH | Check out our interview with the founder of Script3, to learn about Blend Capital, its Stellar-based lending protocol deployment platform. We also spoke to Emin Gun Sirer, the CEO of Ava Labs, to get his take on the rapidly expanding Layer 2 sector and Avalanche's future. | Also, watch our podcast with Mike Silagadze, the founder of EtherFi, and Nikhil Raghuveera, the co-founder of Aethos, for a preview of EigenLayer's AVS ecosystem. |  | Avalanche vs. The World: Emin Gün Sirer Saw It Coming |
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| | THANKING OUR NEWSLETTER SPONSORS | | NEWSLETTER CONTINUES BELOW | | | NEAR is the chain abstraction stack, empowering builders to create apps that scale to billions of users and across all blockchains. | | Access crypto price, market data, metadata and on-chain DEX data on CoinGecko API, the world's most reliable cryptocurrency API tracking 2.4M+ cryptocurrencies across 140 networks. Get 15% off with code "DEFIANT15" at www.coingecko.com/api! | | DexToro is a decentralized derivatives exchange powered entirely by audited Ethereum smart contracts. Trade Crypto and Forex with up to 50x leverage with full custody of your assets. NO KYC. | | Don't miss Solana's largest community conference - Solana Crossroads. Join 3,000+ attendees May 10-11. Speakers include Anatoly Yakovenko, Raoul Pal, Ansem, and more. Get your tickets before they're sold out. | | | | Solana has released an update (v1.17.31) aimed at alleviating recent network congestion. This update, recommended for MainnetBeta validators, includes five enhancements to improve performance. The network's congestion has primarily been driven by high traffic from memecoins and spam bots. | | | Regulators in Hong Kong are gearing up to approve spot Bitcoin and Ethereum ETFs in the territory. | Sources familiar with the matter say that a subsidiary of Chinese firm Harvest Fund Management Company will likely be the first approved, along with Bosera Asset Management and HashKey Capital. | Harvest reportedly holds $210 billion in assets under management (AUM), whereas Bosera holds $10 billion in AUM, and HashKey surpasses the $1 billion mark. | | |
| | | | | DeFi Saver is switching from using DSProxies as smart wallets that hold users' positions in supported protocols, to using Safes, which are currently the most popular smart wallet and multi-sig wallet in the Ethereum ecosystem. With this change, users will enjoy the option to manage their positions created through DeFi Saver in most other frontends, such as the protocol default frontends through the Safe app. On top of this, the update reduces gas costs both during initial setup and with any later transactions and users can expect to see more interesting UX improvements rolled out in the future. | READ MORE: DeFi Saver integrates Safe to bring account abstraction to DeFi |
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| | | | | | 3,000 Attendees | 50+ Speakers | Solana Conference
Don't miss Solana's largest community conference - Solana Crossroads. Join 3,000+ other attendees on May 10-11 in Istanbul and listen to speakers such as Anatoly Yakovenko, Raoul Pal, Ansem, and more. Get your tickets before they're sold out. Get tickets here! |
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| | | LeonidasNFT launched the Runestones collection, aiming to use memecoins to onboard millions into Bitcoin. The project rewards early adopters of the Ordinals ecosystem with memecoins, such as a dog in an orange hoodie, leveraging Bitcoin's network to attract interest. Each Runestones holder is set to receive three memecoins as part of an airdrop tied to the upcoming Runes protocol. | | | A small project called XEN, with a market cap of $28 million, is using up 68% of the state of Coinbase's Layer 2 network, Base, despite only 0.3% of users being involved. This high usage, driven by XEN and XENFT token minting due to low fees on Base, highlights challenges in blockchain resource allocation. Previously, XEN had a similar impact on Ethereum, notably driving up gas prices and contributing to Ethereum becoming temporarily deflationary in October 2022. | | 🌍 ELSEWHERE | Bitcoin Halving Has Crypto Miners Racing for 'Epic Sat' Potentially Worth Millions (Coindesk) Bitcoin's latest crash shows crypto is no haven during war times (Fortune) Norway Wants to Restrict Crypto Mining by Regulating Data Centers, Lawmakers Say: Report (CoinDesk) Bitcoin Dominance Hits 3-Year High as Weekend Liquidations Top $1.5 Billion (Unchained)
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