Overview

This report highlights key developments in the blockchain industry from October 28 to November 1, 2024. The industry has shown strong growth, with several projects achieving significant milestones. The Solana ecosystem has been particularly impressive with daos.fun successfully raising funds, Jupiter’s new ApePro platform boosting TVL to a record high, a thriving market for Liquid Staking Tokens (LSTs), and the successful launch of sUSD. These events highlight Solana’s robust ecosystem. Other notable developments include the upgrade of Stacks, a Bitcoin sidechain, and the expansion of Lido V3’s lending scale. These advancements demonstrate blockchain technology’s growing potential in DeFi, NFTs, and sidechains, opening up new user possibilities.

Projects

DAOS.fun Raised Over 7,880 SOL

Within 24 hours of its launch, daos.fun successfully raised over 7,880 SOL. This innovative platform operates as a decentralized autonomous organization (DAO), offering creators a week-long window to secure their required SOL funding. The fundraising process adheres to a fair sale model, ensuring all participants acquire DAO tokens at an equal price. Post-fundraising, creators gain control over the raised SOL, which they can invest in Solana protocols of their choosing. The DAO wallet is secured upon fund maturation, and any profitable SOL is distributed among token holders. Participants then have the option to either burn their DAO tokens to reclaim the DAO’s underlying assets or sell their tokens on the open market if the valuation exceeds the initial fundraising amount.

Most projects cluster around high fundraising amounts, with the top two projects capturing most of the funds, indicating that market participants prefer buying tokens from top creators. A project called “ai16z,” an AI-driven fund mimicking Marc Andreessen’s trading behavior, rapidly grew from its initial $1 million in market cap to a peak of nearly $100 million. This project sparked market buzz after Andreessen interacted with it on social media. However, ai16z’s market cap has since fallen back to $54 million, with the fund set to mature in October 2025. The token is currently listed in the Gate.io Pilot section.

Solana Ecosystem DEX Jupiter TVL Reaches New High

Recently, Jupiter launched a new platform, ApePro, specifically for Memecoin trading, attracting many users and capital. According to DeFiLlama data, the total value locked (TVL) of Solana ecosystem DEX Jupiter Exchange has exceeded $1.55 billion, marking a historic high.

Total Market Cap of Solana Liquid Staking Tokens (LSTs) Surpasses $5 Billion

Data from Dune reveals that the total market capitalization of Solana’s liquid staking tokens (LSTs) has exceeded $5 billion, setting a new record. The top three LSTs by market cap are JitoSOL (43.6%), mSOL (17.1%), and jupSOL (12.1%).

Bitcoin L2 Network Stacks Completes Nakamoto Upgrade, Boosting Transaction Speed to Seconds

On October 29, the Stacks Nakamoto upgrade went live, marking a significant leap forward for the Bitcoin ecosystem. For transactions on Stacks, Bitcoin finality now reaches 100%, with transaction sequencing and reversal protected by Bitcoin’s full hash power. “Fast Blocks” slash delays to mere seconds, a stark improvement over Bitcoin’s 10–40 minute window. Stacks will no longer fork with Bitcoin; the only way to fork Stacks Layer 2 is by restructuring Bitcoin itself. This upgrade also paves the way for the BTC-based derivative SBTC, which is expected to go live within 4–6 weeks post-upgrade.

According to DeFiLlama, Stacks holds 12.45% of total TVL among BTC sidechain projects, ranking third after CORE and Bitlayer. Currently, 19 protocols are developing within the Stacks ecosystem, with StackingDAO holding the largest TVL. This Nakamoto upgrade will likely attract developers and users, accelerating Stacks’ growth in the Bitcoin sidechain ecosystem.

sUSD Highly Sought After Upon Launch, Exceeding $10 Million in Deposits in the First Hour

sUSD, the synthetic stablecoin backed by real-world assets (RWA) and issued by Solana’s first re-staking platform, Solayer, went live on October 30. It follows the Solana Token2022 standard and is collateralized by U.S. Treasury RWA tokens. Within the first hour, deposits exceeded $10 million, attracting nearly 5,900 deposits. By October 31 at 9:30 UTC, total deposits reached $12.26 million.

Lido V3 Lending Volume Surpasses $1 Billion

According to decentralized lending platform Aave, as of October 31, Lido V3’s market has reached over $1 billion in lending volume in just three months, showcasing robust growth. Lido V3 offers liquidity for staked ETH, attracting a substantial user base. This milestone reflects the DeFi ecosystem’s ongoing demand for efficient capital utilization.

References:

1. daos.fun, https://www.daos.fun/leaderboard
2. Gate.io, https://www.gate.io/zh/pilot/solana/ai16z-ai16z
3. DefiLlama, https://defillama.com/protocol/jupiter
4. Dune, https://dune.com/21co/solana-liquid-staking-tokens
5. X, https://x.com/Stacks/status/1851142979953500573
6. X, https://x.com/muneeb/status/1851161378997825837
7. DefiLlama, https://defillama.com/chains/Bitcoin%20Sidechain
8. Solayer, https://app.solayer.org/dashboard
9. Aave, https://app.aave.com/markets/?marketName=proto_lido_v3

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