The co-founder of Aptos (APT) believes that the layer-1 crypto project is on the verge of massive mainstream adoption. In a new interview with crypto influencer Scott Melker, Aptos CEO and co-founder Mo Shaikh says that the speed of the Aptos network makes it a highly attractive blockchain for payments. He also says that Aptos’ The post Aptos Co-Founder Says Layer-1 Project Approaching Tipping Point of Mainstream Adoption appeared first on The Daily Hodl .
The Daily Hodl
You can visit the page to read the article.
Source: The Daily Hodl
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?
Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024. While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions. Injective Generates More Revenue Than The BNB Chain, Avalanche According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node. With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively. Related Reading: Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat. Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period. Will INJ Rise To $50? It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions. Related Reading: Short-Term Bitcoin Holders Panic Sell: Here’s Why It Might Be Great News For BTC In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52. Feature image from iStock, chart from TradingView The Daily Hodl
Only 43 Tokens Have Outperformed Bitcoin This Year, Most Of Them Memecoins
In a year marked by significant volatility in the cryptocurrency market, memecoins have emerged as key players, outperforming Bitcoin (BTC) and the rest of the largest cryptocurrencies in the ecosystem. This trend was underlined by recent insights from market expert Miles Deutscher, who highlighted a presentation by memecoin analyst Murad at the TOKEN2049 conference in Singapore. Memecoins Challenge Traditional Cryptocurrencies According to Murad, only 43 tokens have surpassed Bitcoin’s performance in 2024, with 13 of those being memecoins. Notably, eight of the top ten performers in the market this year are also memecoins. Murad emphasized that this cycle is distinct from previous ones, asserting, “The memecoin cycle is not a prediction; it has already begun—memecoins are dominating by virtually every metric.” Related Reading: TON Recovery Stalls: Another Price Decline Hinders Bullish Efforts The rise of memecoins can be attributed to several factors, particularly their ability to resonate with retail investors seeking community, identity, and excitement, rather than merely potential financial gains. As Murad puts it, “Memecoins are a superior version of altcoins.” The appeal of memecoins extends beyond speculation; it is alleged that they have cultivated a culture that fosters community and “emotional connection” among investors. Murad noted that these tokens enable users to engage in a shared experience, bringing real value through stories that “create trends and spark movements”. Success stories of significant gains—such as those seen with tokens like dogwifhat (WIF) and Pepecoin (PEPE)—propagate quickly, fueling interest and excitement in the memecoin space over the past year. According to Deutscher, the most successful cryptocurrencies have developed strong communities, often resembling “cult-like followings.” Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have thrived on this dynamic, and memecoins are fully embracing it. SPX And GIGA Capture Retail Attention Murad further explained that the recent performance of altcoins on platforms like Binance has further fueled the memecoin narrative. Almost every altcoin listed this year is trading below its listing price, with only two exceptions: WIF, a memecoin, and JUP, which facilitates memecoin trading. Murad further alleges that retail investors prioritize making money (70%), having fun (20%), and feeling a sense of belonging (10%). Murad argues that memecoins embody this speculative nature, akin to the Initial Coin Offering (ICO) boom of 2017, but in a new form. Instead of initial coin offerings, Murad sees that memecoins are allowing early-stage investments at lower valuations, which contrasts sharply with altcoins, where most upside is captured in private markets. Related Reading: Bitcoin Price Turns Green In October Once Again, Is The Bull Run Here? Deutscher also praised that as the memecoin phenomenon continues to grow, Murad’s insights have already influenced market dynamics, sparking one of the strongest memecoin rallies of the year. Tokens dubbed “Murad coins,” such as SPX and GIGA, have seen substantial gains, resonating with retail investors who are drawn to the excitement of potential profits. At the time of writing, the SPX is trading at $0.575, up a remarkable 35% in the 24 hour time frame, showing the impact of Murad’s participation in the TOKEN2049 in early September this year. Featured image from DALL-E, chart from TradingView.com The Daily Hodl