The cryptocurrency and DeFi is witnessing rapid growth and exciting developments. In this blog post, we’ll explore key headlines on memecoins, layer 2 networks, and active addresses on various blockchains, showcasing the industry’s dynamic landscape.
Chainspot team
🐸 Memecoin Mania: $PEPE Skyrockets, Surpassing $1 Billion Market Cap
Memecoin PEPE has caught investors’ attention as it surges over 4,000% since its April 14th launch, reaching a market cap of over $1 billion. As a frog-themed memecoin with no intrinsic value or financial return expectations, PEPE ironically thrives on its lack of core value proposition. Its rapid growth is reminiscent of popular memecoins Dogecoin and Shiba Inu. In just three weeks, PEPE’s remarkable performance has fueled speculation and trading among investors, contributing to the overall memecoin market cap exceeding $20 billion.
🛂 Optimism Adopts Ethereum Attestation Service to Boost Trust and Fairness
Ethereum-based layer 2 network Optimism will integrate the Ethereum Attestation Service (EAS) to enhance trust among users and promote fair OP token distribution. The on-chain attestation protocol allows Optimism users to verify the accuracy of information related to blockchain activities and users.
With EAS, users can vouch for events on the blockchain, such as an individual’s contributions to a project or profitable trades. The technology aims to create a fairer token distribution and community voting system on Optimism. Additionally, it can help the Optimism Collective, which rewards ecosystem contributors, to distribute OP tokens more accurately to valuable community members.
💲 Curve Finance Launches crvUSD Stablecoin on Ethereum Mainnet
DeFi protocol Curve Finance has deployed its native stablecoin, $crvUSD, on the Ethereum mainnet. The deployment marks a significant milestone in the public release of Curve’s anticipated stablecoin. The contract has already minted $20 million in crvUSD tokens. Curve Finance’s governance token, $CRV, increased 7% on the news. The protocol, which has $5 billion in assets, faces stiff competition as other DeFi platforms also develop native stablecoins. $CrvUSD will not be accessible to the public until it is integrated into Curve’s user interface, with the front-end launch expected.
📉 SUI Price Plummets 70% Amid Supply Concerns After Market Debut
The price of Sui ($SUI) has dropped around 70% since its market debut on top cryptocurrency exchanges, raising concerns about excessive supply. Despite the decrease, SUI remains up nearly 1,200% since its launch. The Sui Foundation plans to increase the SUI supply by about 15% by the end of 2023, which could lead traders to anticipate further price declines. However, some analysts predict an uptrend for the SUI price in May.
⛓ BNB Chain Leads with 10M Active Addresses
BNB chain recorded 10.9 million active addresses in April, despite an 11% drop from March, outperforming Ethereum’s 4.9 million, according to Nansen data. Meanwhile, Solana saw 5.1 million active addresses, a 12% decrease compared to the previous month. Polygon and Arbitrum experienced growth in active addresses, while Avalanche, Celo, and Optimism recorded the largest increases. Ethereum received a boost from the recent success of Pepe meme coins, with user numbers rising by over 213,000% in April. Chainspot Router, supporting cross-network swaps, enables users to easily navigate and transact across these thriving networks.
Staying informed on the latest developments in the cryptocurrency and blockchain space is crucial for successfully navigating the dynamic and ever-changing landscape.
Chainspot team
