• Solana Leads in New Token Launches

As of September 30, 2024, Solana accounted for 96,010 new tokens out of a total of 110,180 launched across all tracked chains. This represents over 87% of all new tokens appearing on DEXs, highlighting Solana’s growing dominance in the space. The number of new tokens has skyrocketed since early 2024, consistently topping 100,000 per month by mid-year. Meanwhile, Base has also seen significant activity, with the two chains collectively accounting for more than 80% of new token launches, underscoring the fierce competition between them.

• Solana Sees Record Activity

In September 2024, Solana recorded its highest-ever monthly activity in terms of network addresses, with 86.36 million active addresses, a 228% increase from the previous month. Additionally, the network added 99.76 million new addresses, representing a 150% increase from August. This surge reflects the growing popularity of Solana among users and developers.

• Polymarket Thrives Amid U.S. Election

Polymarket has seen record numbers heading into the final weeks of the U.S. presidential election. In September, the platform had over 90,000 active traders contributing to $533 million in trading volume, marking a 41% and 12% MoM increase, respectively. Open interest exceeded $140 million, up 38% MoM. Additionally, over 2,100 new markets were launched in September, a 26% MoM increase.

• Bitcoin’s Energy Consumption Soars

Bitcoin’s cumulative energy consumption surpassed 615 TWh in September 2024, a 20.1% increase since the beginning of the year. This amount is equivalent to the annual electricity consumption of a large country like Germany or France, reigniting debates around the network’s energy use.

• Robinhood Exec Could Lead SEC if Trump Wins

Dan Gallagher, Robinhood’s Chief Legal Officer, is a leading candidate to head the SEC if Donald Trump wins the 2024 election, according to Politico. Former regulators, lobbyists, and securities lawyers see him as a potential successor due to his extensive experience in finance.

• Bitcoin “Uptober” Back on Track

Bitcoin’s “Uptober” narrative is gaining momentum again, driven by positive U.S. employment data and recovering from a recent drop to $60,000. October has historically been strong for Bitcoin, posting an average gain of almost 30% in eight of the last nine years.

• Ethereum Proposal to Boost Transaction Throughput

A new Ethereum proposal (EIP-7781) suggests reducing the blockchain’s slot time from 12 to 8 seconds, boosting transaction throughput by 33%. This would lower latency for Layer 2 rollups while maintaining efficiency without increasing peak bandwidth requirements.

• HBO Documentary Claims to Reveal Satoshi Nakamoto

HBO’s October 8 documentary claims to unmask Bitcoin’s founder, sparking betting on Polymarket. Cypherpunk Len Sassaman is the most likely candidate, followed by Adam Back, Nick Szabo, and Hal Finney.

• Crypto Markets Rally Ahead of U.S. Inflation Report

Bitcoin rose 1.7% to $63,800, while Ethereum climbed 1.5% to $2,500. This rally came ahead of a significant week for U.S. economic data releases, including the Federal Reserve’s meeting minutes and the Consumer Price Index (CPI) report.

• EigenLayer Blames $5.6M Dump on Email Compromise

EigenLayer reported a $5.6 million sale of EIGEN tokens by a hacker who compromised an investor’s email. This triggered concerns from onlookers regarding insider vesting schedules.

• Memecoin-Linked NFTs Rally

Memecoins held by Murad Mahmudov saw significant gains last week. Mahmudov noted that meme tokens with “cult” followings present unique opportunities for retail traders amid the current digital asset landscape.

• Binance’s Market Share Drops to Four-Year Low

Binance’s market share of crypto volume on centralized exchanges fell to a four-year low of 36.6%. Competitors like OKX and Crypto.com have seen their trading volumes rise by over 40%, eroding Binance’s dominance.

• Crypto.com Sues SEC Over Wells Notice

Crypto.com filed a lawsuit against the SEC, arguing that the agency overstepped its jurisdiction by issuing a Wells notice in August. The SEC had signaled enforcement action concerning Crypto.com’s alleged operation as an unregistered broker-dealer.

• Scroll Unveils Token Launch Plans

Ethereum Layer 2 Scroll announced plans to distribute 1 billion SCR tokens, with 15% reserved for community airdrops. The snapshot date is set for October 19, and the token launch is scheduled for October 22. Binance will offer pre-market trading for SCR on October 11.

• Memecoins Rally Despite Broader Crypto Slump

Memecoins like SPX and POPCAT have seen strong gains despite the broader market weakness, with SPX up 125% and POPCAT rising 45% over the weekend. Venture capitalists have expressed growing interest in the meme token sector.

• Bitcoin TVL Surges Amid Babylon Deposits

Bitcoin’s Total Value Locked (TVL) surged to $1.42 billion after Babylon accepted deposits for the second time. Despite accepting deposits over just 10 Bitcoin blocks, nearly 23,000 BTC poured into the protocol.

• HBO Documentary Faces Backlash for Naming Satoshi

HBO’s documentary naming Peter Todd as Satoshi Nakamoto faced backlash from the crypto community, with critics saying there was little evidence to support the claim. Todd denied involvement in Bitcoin’s creation.

• Uniswap Labs Unveils Ethereum Layer 2 Unichain

Uniswap Labs announced plans for a custom Ethereum Layer 2 called Unichain, aiming for sub-second block times using Flashbots’ Rollup Boost. Unichain will be part of Optimism’s Superchain and is set to deploy Uniswap V2, V3, and a V4 preview by the end of the year.

• Memecoins Migrate to Solana

Popular memecoins are expanding onto Solana in an attempt to get listed on the Moonshot trading app, which is integrated with MoonPay for fiat on-ramping. Despite weak crypto markets, SOL and DOT gained 4%, while Chiliz fan tokens saw seven-day double-digit gains.

• Crypto.com Launches Legal Action Against the SEC

Crypto.com has filed a lawsuit against the SEC over a Wells notice received in August, accusing the agency of overstepping its jurisdiction. The SEC’s allegations involve the operation as an unregistered broker-dealer and secondary market sales of network tokens.