Overview

This report highlights major developments in the blockchain industry from November 4 to November 8. Recently, several projects have made significant progress. Solana has excelled in the public blockchain ecosystem, PAXOS has advanced the stablecoin ecosystem, Avalon Labs has continuously boosted TVL, and the Meme sector’s launch platforms have thrived, reflecting the market’s overall enthusiasm. Additionally, the rising difficulty of Bitcoin mining has led mining farms to hold coins rather than sell at a loss, boosting BTC market prices. These developments and competition indicate that blockchain technology is showing vast potential for growth in areas such as Meme coins, stablecoins, and public blockchains, providing users with more innovative applications.

Projects

Over $600 Million in Tokens Flow into Solana, with Ethereum Contributing Over 90%

According to Artemis data, over $600 million in tokens were bridged to Solana in October from other chains, with more than 90% originating from Ethereum, followed by Sui at 3.52% and Arbitrum at 1.787%. The chart below shows the top ten total amounts bridged into Solana over time. [1]

Bitcoin Mining Difficulty Surpasses 100T, Challenging Small Miners

Glassnode data shows that Bitcoin mining difficulty has surpassed 100T for the first time, reaching a record high of 101.65T, with the seven-day moving average hash rate also hitting a peak of 755 EH/s. The escalating competitive pressure in mining impacts small miners significantly, as they face greater financial constraints than public mining companies and, thus, higher funding pressure. [2]

The increasing difficulty may force smaller miners out of the market due to escalating operational costs or compel them to sell their mined Bitcoin to cover expenses, potentially creating short-term selling pressure. Despite this, the overall operational status of miners remains relatively stable, with some expected to proactively adapt to difficulty changes and streamline mining costs. In the long run, this trend could drive smaller miners towards pooled mining or innovative strategies. At the same time, larger operations may gain greater market dominance, possibly leading to further centralization in the mining ecosystem.

Gate.io Among “Top Fintech Innovators Asia” - Fortune

Gate.io and several other exchanges earned spots on Fortune’s “Fintech Innovators Asia” list. Compiled by Fortune’s editorial team, this list showcases companies spearheading Asian fintech’s future across five categories: blockchain and cryptocurrency, payments, digital banking, insurtech, and wealthtech. Fortune’s evaluation process considered various factors, including innovation, advanced technology application, financial performance, market influence, scalability, compliance, security measures, and unique features that enhance consumers’ lives.

This recognition highlights Gate.io’s prominent position in Asian fintech and demonstrates market confidence in the company’s innovative approach and security measures. Gate.io is committed to enhancing compliance and risk management practices, further improving transparency and security in fintech innovation. These efforts aim to establish a solid foundation for the long-term sustainable development of the industry. [3]

Paxos and Robinhood Launch Global Dollar Network to Promote Stablecoin Usage

Paxos and Robinhood announced the launch of the Global Dollar Network, a fintech platform gaining significant attention in the stablecoin sector. Supported by companies like Anchorage Digital, Bullish, Galaxy Digital, Kraken, and Nuvei, the network aims to promote stablecoin adoption globally. Centered around the Singapore-issued USDG stablecoin, the network seeks to drive stablecoin adoption and expand real-world use, especially under Singapore’s upcoming stablecoin regulatory framework, providing businesses with a safer transaction environment.

This announcement signals potential shifts in the stablecoin market. In contrast to USDC and USDT, where issuers typically retain reserve yields, USDG shares these returns with network participants, broadening the benefits. This innovative approach could attract more businesses and users, potentially accelerating stablecoin adoption. Moreover, approval from the Monetary Authority of Singapore enhances USDG’s regulatory compliance, bolstering its market position. As the stablecoin landscape evolves, other issuers and financial institutions may need to reassess their strategies to remain competitive in this changing environment. [4]

Avalon Labs’ Total Value Locked Exceeds $1 Billion, Continuing to Lead the BTCFi Market

DefiLlama data shows that Avalon Labs’ total value locked (TVL) has reached $1 billion, solidifying its position as a leader in the BTCFi ecosystem. Avalon Labs has revitalized the BTCFi ecosystem through innovative financial tools and enhanced liquidity support, driving the global Bitcoin financial infrastructure upgrade. [5]

Pump.fun’s October Revenue Surpasses $30.5 Million, Setting a New Record with 111% Growth

Riding the wave of AI and meme coin popularity, Pump.fun saw its October revenue skyrocket by 111% compared to the previous month, hitting a record $30.5 million. This impressive growth reversed a two-month downward trend. As a leading token issuance platform on Solana, Pump.fun provides users with streamlined token creation and trading services. The platform’s revenue surge is largely attributed to the increasing demand for AI meme tokens, reflecting the ongoing expansion of AI technology and the enduring appeal of meme culture. [6]

SushiSwap Introduces Vesting Launch, a Linear Release Meme Token Issuance Platform

SushiSwap launched Vesting Launch, a linear release platform for meme token issuance. On this platform, tokens are not fully distributed to buyers immediately but are linearly released within 24 hours after purchase. This mechanism ensures that all buyers enjoy the same linear release treatment regardless of purchase time, preventing early sniping and malicious manipulation. Additionally, the platform provides a real-time dashboard for users to check released and unreleased token amounts, enhancing transaction transparency. [7]

SushiSwap’s Vesting Launch platform positively contributes toward a fairer, healthier meme coin market. Introducing a linear release mechanism effectively curbs early sniping and manipulation, offering investors fair participation. This protects investors’ interests and fosters a healthier environment for high-quality meme coin projects.

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References:

1. Artemis, https://app.artemis.xyz/flows?tab=ecosystemFlows&sourceChains
2. glassnode, https://studio.glassnode.com/workbench/btc-difficulty-adjustment-pct-change
3. Fortune, https://fortune.com/asia/ranking/fintech-innovators-asia/2024/
4. Paxos, https://paxos.com/blog/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood/
5. Defillama, https://defillama.com/protocol/avalon-labs#information
6. The Block, https://www.theblock.co/data/decentralized-finance/protocol-revenue
7. X，https://x.com/SushiSwap/status/1854207336833053029

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.