Over 500,000 Tokens Launched on Solana in April | Key Points | May 16, 2024
Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.
Table of Contents
Crypto Price Update
Feature Story: Over 1 Million New Coins Launched in April 2024
Over one million new tokens were launched across Ethereum and Solana since April, with Ethereum seeing 372,642 new tokens, largely on Coinbase’s Base layer-2 network, and Solana introducing 643,227 tokens, predominantly memecoins.
The explosion in new token creation on Ethereum’s Base network has resulted in a 630% increase in its total value locked (TVL), driven by the surge in memecoin popularity.
A significant portion of the new tokens on Solana, 466,914 out of 643,227, were memecoins, highlighting the platform’s role in the memecoin trend.
As to why this is the case, according to Carlos Tapang, CEO of ROKS stable token developer Rock Stable:
“In Solana, it is very easy to launch a token. Anybody can just issue the command-line “spl-token create-token”. It’s also very cheap. At the current SOL price, it takes less than a dollar to create a new token.”
Carlos Tapang, CEO, Rock Stable
Local News Updates
Bitcoin remains king of crypto in the Philippines
To assess the impact of the recent crypto halving on Filipinos’ interest in cryptocurrencies, BitPinas examined data from Google Trends two weeks prior to and following the halving, which occurred on April 20.
OP Games launches guild to support web3 game developers
In a media release, OP Games noted that establishing OP Guild reflects its recognition of the transformative potential of web3 and its commitment to fostering innovation and collaboration within the indie game development community.
Regulation
- New EU regulations under Markets in Crypto-Assets Regulation (MiCA) require decentralized finance, or DeFi, protocols to comply with licensing and KYC standards akin to traditional finance, prompting a choice between complete decentralization or adopting hybrid models for regulatory adherence.
- Russia is moving towards stringent regulation of the cryptocurrency market, with a proposed law in the State Duma that includes a comprehensive ban on cryptocurrency circulation starting Sept. 1, 2024, except for registered miners and initiatives approved by the central bank. The law requires Russian businesses and entrepreneurs to register for mining, mandates tax reporting for mined cryptocurrency, and restricts advertising and circulation of digital currencies.
- Oklahoma has enacted HB 3594, a comprehensive law protecting cryptocurrency-related activities, effective Nov. 1. The law, signed by Governor Kevin Stitt on May 13, prohibits the state from restricting cryptocurrency usage, mining, or self-custody and bans additional taxes specifically targeting cryptocurrency.
DeFi
- Sonne Finance, a decentralized liquidity market protocol, suffered a cyberattack on May 15, initially losing $3 million in USD Coin and Wrapped Ethereum on its Optimism chain, with losses escalating to $20 million.
- Liquity, a decentralized finance (DeFi) lending platform, is introducing Liquity V2, which includes a novel feature: an overcollateralized stablecoin called BOLD that allows borrowers to set their borrowing rates. This upgrade aims to address competition for DeFi yields by leveraging liquid staking tokens of ether, or ETH, as collateral assets and distributing the majority of protocol revenues to liquidity providers.
- Zeta Markets, a decentralized exchange (DEX) for perpetual trading, has secured $5 million in strategic funding led by Electric Capital, along with contributions from DACM, Selini Capital, Airtree Ventures, and notable angel investors, including Anatoly Yakovenko of Solana. This capital infusion will fuel the development of Solana’s first layer-2 solution by Zeta Markets, focused on decentralized finance, or DeFi, integrating central limit order books and enabling seamless bridging from Solana to expand DeFi liquidity.
- Bybit Web3, the web3 division of Bybit, announced an Initial DEX Offering (IDO) for Thetanuts (NUTS), a leading decentralized finance (DeFi) options protocol specializing in altcoin options. The IDO runs from May 13 to May 17, 2024. Thetanuts has become the top DeFi Options Protocol by total value locked (TVL), exceeding $30 million. Eligible participants must maintain a minimum balance of 400 USDC in their Bybit Wallet during the snapshot period.
Web3 Gaming
- Guild of Guardians, a mobile role-playing game, has launched and is now available on Google Play and the Apple App Store.
- Medieval Empires, a multiplayer web3 strategy game, has launched its Open Beta, featuring version 1.4.0 with a refined user interface, improved in-game sounds, and an expanded tutorial. The game allows players to build, explore, conquer, and form alliances in the late 13th century.
Noteworthy
- ChainML, a web3-enabled AI platform, has raised $6.2 million in a seed extension round led by Hack VC and unveiled its agentic base layer, Theoriq. This layer aims to decentralize AI access and enable autonomous AI agents to handle complex tasks in the web3 space. The funding will support ChainML’s plans to launch Theoriq’s testnet this summer and expand its team across engineering, research, and go-to-market departments.
- Coinbase experienced a “system-wide outage,” leaving its services inaccessible for users on both desktop and mobile platforms. The outage, which began at 4:15 a.m. UTC on May 14, resulted in a “503 Service Temporarily Unavailable” error message for users attempting to access the website.
- United Nations sanctions monitors reported that North Korea laundered $147.5 million through the virtual currency platform Tornado Cash in March, following a theft from a cryptocurrency exchange late last year. The thefts, totaling $3.6 billion in suspected cyberattacks on cryptocurrency companies between 2017 and 2024, may have involved North Korean IT workers inadvertently hired by small crypto-related firms.
This article is published on BitPinas: Over 500,000 Tokens Launched on Solana in April | Key Points | May 16, 2024
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