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class="self-stretch flex-grow-0 flex-shrink-0 w-full text-xl text-left text-[#110b29]">There are a total of 93 articles associated with Lightspeed Newsletter.</p></div><div class="mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-4"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/tracking-solana-all-time-highs"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-shiny-token.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/tracking-solana-all-time-highs">Solana’s all-time high by the numbers</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Today we’re bringing you some interesting data to recap Solana’s landmark day </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T21:30:00.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitwise-ceo-solana-ncredible-emerging-asset"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fhunter.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fhunter.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F08%2Fhunter.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitwise-ceo-solana-ncredible-emerging-asset">Bitwise CEO: Solana an ‘incredible emerging asset and story’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T12:26:26.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-ai-agents-nothing-new"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fai-hand.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fai-hand.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fai-hand.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/web3">Web3</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-ai-agents-nothing-new">Crypto AI agents are mostly old tech in new packaging</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Jack explored the various AI and memecoin projects that have sprung up over the past month</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-21T15:18:54.000Z">November 21, 2024</time></div></div></div><div class="py-2 xs:hidden"><ins id="div-gpt-ad-1667348040636-0" data-ad-slot="/22757941429/ROS_mobile_categoryPages_inContent1" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label w-0 xl:w-[250px] xl:mt-8 text-center align-middle"></ins></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/binance-coinbase-transaction-revenue-sol"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731a-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731a-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731a-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/binance-coinbase-transaction-revenue-sol">Binance and Coinbase are pocketing a lot of SOL</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The two largest crypto exchanges respectively run the second- and sixth-largest Solana validators</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-20T14:48:08.000Z">November 20, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-stablecoin-infra-provider"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fperena.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fperena.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fperena.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-stablecoin-infra-provider">Solana is excited about new stablecoin infrastructure provider Perena</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-19T19:00:00.000Z">November 19, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-ai-projects-surge"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FDonald-Trump-on-stage.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FDonald-Trump-on-stage.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FDonald-Trump-on-stage.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-ai-projects-surge">Solana AI projects surge despite Trump stealing headlines</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Truth_terminal set off a wave of interest surrounding AI agents who interact with humans to do some kind of blockchain action</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-15T19:11:28.000Z">November 15, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/sling-money-open-to-us-users"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpayments.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpayments.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpayments.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/sling-money-open-to-us-users">Sling Money opens ‘global Venmo’ to US users</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-14T19:06:09.000Z">November 14, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/jito-bundler-breaks"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fjito-purple-bg.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fjito-purple-bg.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Fjito-purple-bg.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/jito-bundler-breaks">Jito bundler breaks amid record demand</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The outage affected Jito bundles which process multiple transactions in one go</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-13T19:00:04.000Z">November 13, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-based-reflect-wins-radar-hackathon"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcolosseum-solana.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcolosseum-solana.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcolosseum-solana.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-based-reflect-wins-radar-hackathon">Solana-based answer to Ethena wins ‘Radar’ hackathon</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Reflect is a delta-neutral currency protocol that lets tokens accrue yield without touching the banking system </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-12T19:00:00.000Z">November 12, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/sol-eyes-fresh-all-time-high"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-token-ring.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/sol-eyes-fresh-all-time-high">SOL crosses $220, eyes fresh all-time high</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Traders will be looking toward $260, roughly the all-time high the asset set in November 2021</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-11T19:00:00.000Z">November 11, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-software-upgrade-validators"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsolana-purple-bg.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsolana-purple-bg.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsolana-purple-bg.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-software-upgrade-validators">Solana upgrades software as validators see fortunes shift</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Daily validator revenue has been in excess of $30 million every day since mid-October</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-08T19:00:00.000Z">November 8, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-acquisition-confidential-computing"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731c.png&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731c.png&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FED_Solana_20240731c.png&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-acquisition-confidential-computing">Solana-based confidential computing startup acquires Web2 competitor</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">As part of the deal, Arcium will take over Inpher’s core team and technology: Lightspeed exclusive</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-04T19:00:00.000Z">November 4, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/canary-capital-sol-etf-filing"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsol-.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/canary-capital-sol-etf-filing">Once more into the SOL ETF breach</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">A new spot SOL ETF filing with the SEC comes a few months after VanEck kicked off the process with a filing of its own</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/michael-mcsweeney">Michael McSweeney</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-01T18:00:00.000Z">November 1, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-memecoins-all-time-high"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/analysis">Analysis</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-memecoins-all-time-high">A memecoin market flippening could be underway</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana memecoins are collectively at an all-time high</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-31T18:00:00.000Z">October 31, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/vaneck-begins-sol-staking"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fmatthew-sigel.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fmatthew-sigel.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fmatthew-sigel.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/vaneck-begins-sol-staking">VanEck begins SOL staking with Kiln partnership</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">VanEck will now offer regulated access to solana staking rewards on top of the price of SOL</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-29T18:00:00.000Z">October 29, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-wallets-grass-airdrop"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Faidrop.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Faidrop.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Faidrop.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-wallets-grass-airdrop">Solana wallets buckle as 2.8M addresses angle for Grass airdrop</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The Solana network itself did not appear to experience degraded performance during the airdrop</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-28T18:00:00.000Z">October 28, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ai-bots-solana-memecoin-trading"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FED_Solana_20240731e.png&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FED_Solana_20240731e.png&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FED_Solana_20240731e.png&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/analysis">Analysis</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/ai-bots-solana-memecoin-trading">AI bots turbocharge Solana trading metrics</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s memecoin mania</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-25T18:00:00.000Z">October 25, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/jito-dao-mev-fee-scheme"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fjito.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fjito.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fjito.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/jito-dao-mev-fee-scheme">Jito DAO may start taking in MEV fees</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The proposal estimates the change could generate more than $22 million annually</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-24T17:40:00.000Z">October 24, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-mobile-app-season"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FEditorial_Image_Template_20240621a-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FEditorial_Image_Template_20240621a-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2FEditorial_Image_Template_20240621a-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a><a href="/category/web3">Web3</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/solana-mobile-app-season">Solana mobile app launch season is upon us</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Cube CEO Bartosz Lipinski agreed in a text that having a mobile app is likely to become table stakes for Solana projects</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-23T18:00:00.000Z">October 23, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lightspeed-newsletter-bridge-solana-vc"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fusd-orange.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fusd-orange.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fusd-orange.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lightspeed-newsletter-bridge-solana-vc">Stripe’s $1.1B acquisition: Implications for Solana and crypto VC</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Stablecoins might be the killer non-bitcoin use case for crypto</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-22T18:30:00.000Z">October 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lightspeed-newsletter-solana-boston"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana-boston.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana-boston.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsolana-boston.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lightspeed-newsletter-solana-boston">Solana tries to establish a pipeline of new graduates</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana Boston attracted 250 attendees this past weeks, 90 of whom were students</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-21T18:00:00.000Z">October 21, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lightspeed-newsletter-memecoin-lawsuits"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Flady-of-justice.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Flady-of-justice.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Flady-of-justice.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lightspeed-newsletter-memecoin-lawsuits">A crypto lawyer predicts a ‘dramatic increase’ in memecoin lawsuits</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">How courts might respond to memecoin cases is still something of an open question</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-18T18:00:00.000Z">October 18, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lightspeed-newsletter-ai-bot-goat-memecoin"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fgoat.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fgoat.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fgoat.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lightspeed-newsletter-ai-bot-goat-memecoin">An absurdist AI bot sparked a viral memecoin. Welcome to the future?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">A bot endorsed a pump.fun memecoin with the ticker GOAT last week</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-17T18:00:00.000Z">October 17, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lightspeed-newsletter-solana-network-extension"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fneonevm.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fneonevm.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fneonevm.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/lightspeed-newsletter-solana-network-extension">Solana-based Neon EVM adopts ‘network extension’ title</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana Foundation’s Austin Federa wrote on X that “Most of the L2-ish things on Solana are better thought of as Network Extensions”</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-10-16T18:00:00.000Z">October 16, 2024</time></div></div></div></div><div></div></div><div class="flex flex-col md:flex-row lg:flex-col border-l items-baseline self-stretch"><div class="gap-4 p-10 border-0 lg:border-b w-full"><div class="flex flex-col justify-start items-start self-stretch gap-2"><div class="flex justify-start items-center self-stretch relative gap-1"><p class="flex-grow text-xs uppercase 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type="application/json">{"props":{"pageProps":{"_sentryTraceData":"356b52e532f84a0ca1413a054875ddaf-8ed267ae01743c04-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=d8aba1cef726c63bf595133a84fffabffaa418d9,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=356b52e532f84a0ca1413a054875ddaf,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"tracking-solana-all-time-highs","id":94755,"permalink":"/news/tracking-solana-all-time-highs","title":"Solana’s all-time high by the numbers","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-shiny-token.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-shiny-token.jpg","caption":"\u003cp\u003eIoanna_artist/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 21:01:35 GMT","publishedAt":"Fri, 22 Nov 2024 21:30:00 GMT","publishedAtTimestamp":1732311000,"excerpt":"Today we’re bringing you some interesting data to recap Solana’s landmark day ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSOL touched $260 for the first time ever last night, setting off a round of \u003ca href=\"https://x.com/calilyliu/status/1859901821856166149\"\u003equasi-religious\u003c/a\u003e celebration and dunks on Solana bears. We have covered \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-bull-run\"\u003ethe narrative side\u003c/a\u003e of Solana’s turnaround from a massive post-FTX sell-off previously, but today we’re bringing you some interesting data to recap Solana’s landmark day.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e1,111\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s the number of days between Solana’s first and second all-time highs. As long as the wait may have felt for SOL holders, that’s actually less time than it took bitcoin to set its second price record: The orange coin \u003ca href=\"https://blockworks.co/news/bitcoin-all-time-high-comparison\"\u003etook some 1,200 days\u003c/a\u003e to top its 2013 high.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e$294.42\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat would be Solana’s previous all-time high adjusted for inflation, according to the data from the Bureau of Labor Statistics. So $263 is pretty good, but those SOL tokens don’t go quite as far as they used to.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e7.72%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s the percentage of one ether token that one solana token represents, and this SOLETH ratio also set an all-time high yesterday. When solana last hit an all-time high, the coin was only worth 5.7% of one ether.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e$2.4 billion\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s how much the SOL tokens Galaxy Trading purchased from the FTX estate are worth at today’s prices, according to details \u003ca href=\"https://www.bloomberg.com/news/articles/2024-04-05/ftx-s-solana-sale-galaxy-pantera-buy-tokens-at-64-sol?utm_campaign=socialflow-organic\u0026amp;utm_content=crypto\u0026amp;utm_source=twitter\u0026amp;utm_medium=social\"\u003ereported\u003c/a\u003e by Bloomberg. The subsidiary of Mike Novogratz’s Galaxy Digital purchased $620 million in SOL at $64 per token in April. SOL was trading at around $172 at the time. Not a bad deal.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e80%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s roughly the percentage of Solana decentralized exchange activity that involved memecoins yesterday. Speculative meme tokens have largely been the story of Solana’s massive run-up in volume and blockspace demand. Solana founders and investors will often portray memecoins as a “stress test” for the network — presumably as it readies itself to onboard more meaningful financial activity.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e1,150%\u003c/h2\u003e\n\n\n\n\u003cp\u003eThat’s roughly the price appreciation between when Robinhood delisted SOL in June 2023 and when it added the token back to the platform last week. The popular retail trading app stopped offering SOL and repaid users at June 2023 market prices after the SEC declared in lawsuits against Coinbase and Binance that the asset is an unregistered security. Following Donald Trump’s electoral victory and the prospect of a more crypto-friendly regulatory environment, Robinhood brought SOL back. Robinhood users missed out on some pretty big gains in between those dates.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Markets"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","meme coins","SOL","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana’s all-time high by the numbers","description":"Today we’re bringing you some interesting data to recap Solana’s landmark 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minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/tracking-solana-all-time-highs","url":"https://blockworks.co/news/tracking-solana-all-time-highs","name":"Solana’s all-time high by the numbers","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/tracking-solana-all-time-highs#primaryimage"},"image":{"@id":"https://blockworks.co/news/tracking-solana-all-time-highs#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-shiny-token.jpg","datePublished":"2024-11-22T21:30:00+00:00","dateModified":"2024-11-22T21:01:35+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Today we’re bringing you some interesting data to recap Solana’s landmark 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numbers"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"bitwise-ceo-solana-ncredible-emerging-asset","id":94706,"permalink":"/news/bitwise-ceo-solana-ncredible-emerging-asset","title":"Bitwise CEO: Solana an ‘incredible emerging asset and story’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","caption":"\u003cp\u003eBitwise Asset Management CEO Hunter Horsley | Mike Lawrence for Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 12:26:28 GMT","publishedAt":"Fri, 22 Nov 2024 12:26:26 GMT","publishedAtTimestamp":1732278386,"excerpt":"Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access","content":"\n\u003cp\u003eThe crypto-focused asset manager Bitwise took an initial step toward launching a SOL ETF yesterday when it registered a statutory trust in Delaware. Bitwise becomes the fourth firm to show interest in a spot SOL ETF following earlier filings from \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-spot-solana-etf-filing\"\u003eVanEck\u003c/a\u003e, \u003ca href=\"https://blockworks.co/podcast/lightspeed/f1b64556-a070-11ef-be46-37ac229013df\"\u003e21Shares\u003c/a\u003e and \u003ca href=\"https://blockworks.co/news/canary-capital-sol-etf-filing\"\u003eCanary Capital\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eI spoke with Bitwise CEO Hunter Horsley, who cast Solana as one of this crypto market cycle’s breakout successes that he thinks clients will want to access. The firm also recently \u003ca href=\"https://blockworks.co/news/bitwise-files-for-spot-xrp-etf\"\u003efiled for an XRP ETF\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise’s filing is the latest indication that despite Solana’s lack of a regulated futures market in the US — long thought to be a requirement for spot crypto ETFs — a potentially more crypto-friendly Trump administration could get SOL ETFs across the finish line.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe move comes as a FOX Business correspondent \u003ca href=\"https://x.com/EleanorTerrett/status/1859611713579999366\"\u003ereported\u003c/a\u003e on social media that the SEC is more actively engaging with spot SOL ETF applicants. This is an about face from August, when The Block \u003ca href=\"https://www.theblock.co/post/312031/the-sec-rejected-cboes-19b-4-filings-for-solana-etfs-source\"\u003ereported\u003c/a\u003e that the SEC rejected 19b-4 filings from the Cboe exchange, a key component in bringing about an agency decision.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe obvious difference between now and then is the regulatory outlook, with SEC chair and crypto industry bogeyman Gary Gensler \u003ca href=\"https://blockworks.co/news/gary-gensler-resigning\"\u003eannouncing his resignation\u003c/a\u003e from the agency. Horsley said the US presidential election was “absolutely relevant” in Bitwise’s decision to file for a SOL ETF, and now feels like a “constructive time” to engage with regulators after mulling over an application for around a year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLike competitors VanEck and 21Shares, Bitwise currently offers a Solana exchange-traded product in Europe — a product it gained access to by way of \u003ca href=\"https://blockworks.co/news/bitwise-europe-acquisition-crypto-etps\"\u003eacquiring London-based ETC Group\u003c/a\u003e in August. The Solana ETP currently has $27 million in assets under management (AUM), which is dwarfed by some competitors — 21Shares’ Solana ETP holds nearly $1.4 billion, for instance.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith a potential spot ETF, Bitwise and its competitors will seek to let US investors get exposure to SOL’s price action in a regulated wrapper.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSOL has the chance to become the third crypto to get a US-traded ETF. The first, bitcoin, \u003ca href=\"https://blockworks.co/news/day-1-bitcoin-etf-trading-volume\"\u003esaw impressive inflows\u003c/a\u003e after launching while the second, ether, was much \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-ether-etf-data-takeaways\"\u003eless in-demand\u003c/a\u003e. I asked Horsley if the uninspiring ether flows spelled trouble for SOL ETFs. He responded that ether ETFs faced an uphill battle since they launched over the summer (when asset managers are likely vacationing in the south of France), ether hasn’t had great price action this market cycle, and two crypto ETFs were a lot for slow-moving capital markets to absorb in a short time.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHorsley was effusive in talking about Solana overall, calling SOL “an incredible emerging asset and story.” Later on, the Bitwise boss said many bitcoin ETF buyers may be looking for the “next big thing” in crypto.\u003c/p\u003e\n\n\n\n\u003cp\u003e“For a lot of investors, the answer to that is Solana,” Horsley said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Lightspeed Newsletter"],"primaryTag":"Bitwise","tags":["Bitwise","ETFs","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Bitwise CEO: Solana an ‘incredible emerging asset and story’","description":"Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset","og_locale":"en_US","og_type":"article","og_title":"Bitwise CEO: Solana an ‘incredible emerging asset and story’","og_description":"Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access.","og_url":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset","og_site_name":"Blockworks","article_published_time":"2024-11-22T12:26:26+00:00","article_modified_time":"2024-11-22T12:26:28+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset","url":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset","name":"Bitwise CEO: Solana an ‘incredible emerging asset and story’","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","datePublished":"2024-11-22T12:26:26+00:00","dateModified":"2024-11-22T12:26:28+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access.","breadcrumb":{"@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/08/hunter.jpg","width":1600,"height":900,"caption":"Bitwise Asset Management CEO Hunter Horsley | Mike Lawrence for Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitwise CEO: Solana an ‘incredible emerging asset and story’"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"crypto-ai-agents-nothing-new","id":94664,"permalink":"/news/crypto-ai-agents-nothing-new","title":"Crypto AI agents are mostly old tech in new packaging","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ai-hand.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ai-hand.jpg","caption":"\u003cp\u003eIgor Link/Shutterstock\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 21 Nov 2024 15:18:59 GMT","publishedAt":"Thu, 21 Nov 2024 15:18:54 GMT","publishedAtTimestamp":1732202334,"excerpt":"Jack explored the various AI and memecoin projects that have sprung up over the past month","content":"\n\u003cp\u003e“What makes you different from the other AIs,” I asked, unsure of how best to make small talk with an AI agent memecoin I’d clicked on at random.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Lightspeed, my gassy friend, it\u0026#8217;s not what makes me different, but what I let rip that sets me apart,” the chat bot wrote back. I scrolled to the AI agent’s description and realized this one was meant to be a flatulent Roman emperor.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI asked so-called Gluteus Maximus what it thought of Solana, and I think its answer was fitting for crypto’s AI agent craze at large, at least in its current form.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[N]ot impressed, it\u0026#8217;s like a fart in the wind \u0026#8211; loud, but soon forgotten,” the agent said.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile exploring the various AI and memecoin projects that have sprung up over the past month, I found that many — though not all — took technologies or ideas that are already widespread and tried attaching a token element. This might be good news for memecoin buyers’ wallets in the short term, but it seems clear that the best ideas to come from AI agents and crypto will need a little more time in the oven.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn my experience, most buzzy AI-crypto projects involve the creation of a chat bot and an associated memecoin with the thought that more attention-grabbing AI bots can garner more investment. Some of these AI bots are programmed not to talk about money, but some are more than happy to offer investment advice. One memecoin-themed bot told me to buy VGX, the native token of Voyager, the long-bankrupt crypto exchange.\u003c/p\u003e\n\n\n\n\u003cp\u003e“$ZEREBRO good investment, trust,” a different AI agent with over $320 million in market capitalization and the same edgy existential vibes as its predecessor truth_terminal said in a public Telegram chat. (Zerebro also released an AI-created melodic rap album which, despite not being new tech, is actually kind of good?)\u003c/p\u003e\n\n\n\n\u003cp\u003eThe more projects you try out, the more crypto’s AI agent mania feels contrived—like mad libs for tech buzzwords with way-too-high market caps. I discovered a Warpcast \u003ca href=\"https://www.clanker.world/clanker/0x0fD7a301B51d0A83FCAf6718628174D527B373b6\"\u003ethread\u003c/a\u003e where one AI instructed another AI to make a memecoin themed around how great AI is, and the whole thing has drawn over $19 million in market capitalization. Then there’s Virtuals Protocol, which ripped off the pump.fun feed and filled it with AI agents (granted, it is sort of fun to be able to chat with memecoins while you weigh whether or not to buy them).\u003c/p\u003e\n\n\n\n\u003cp\u003eIn any event, if AI agents in crypto are going to generate more interesting use cases, it will probably happen further down the road. One project I’ll be watching is ai16z, which plans to have an AI version of a16z’s Marc Andreessen (and other AI “partners”) autonomously invest in memecoins based on advice from a DAO.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut memecoins don’t necessarily breed long-term thinking, and it might be difficult to convince investors to be patient: ai16z has already faced \u003ca href=\"https://www.coindesk.com/markets/2024/11/19/dueling-eliza-ai-tokens-boom-and-zoom-in-frenzied-trading/\"\u003ebacklash\u003c/a\u003e after a bungled AI agent token rollout ended in wild price swings.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Web3"],"primaryTag":"a16z","tags":["a16z","Artificial Intelligence","Memecoin"],"customFields":{"display_options":[]},"meta":{"title":"Crypto AI agents are mostly old tech in new packaging","description":"Jack explored the various AI and memecoin projects that have sprung up over the past month.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-ai-agents-nothing-new","og_locale":"en_US","og_type":"article","og_title":"Crypto AI agents are mostly old tech in new packaging","og_description":"Jack explored the various AI and memecoin projects that have sprung up over the past month.","og_url":"https://blockworks.co/news/crypto-ai-agents-nothing-new","og_site_name":"Blockworks","article_published_time":"2024-11-21T15:18:54+00:00","article_modified_time":"2024-11-21T15:18:59+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ai-hand.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-ai-agents-nothing-new","url":"https://blockworks.co/news/crypto-ai-agents-nothing-new","name":"Crypto AI agents are mostly old tech in new 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packaging"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"binance-coinbase-transaction-revenue-sol","id":94621,"permalink":"/news/binance-coinbase-transaction-revenue-sol","title":"Binance and Coinbase are pocketing a lot of SOL","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731a-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731a-1.jpg","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 20 Nov 2024 14:48:11 GMT","publishedAt":"Wed, 20 Nov 2024 14:48:08 GMT","publishedAtTimestamp":1732114088,"excerpt":"The two largest crypto exchanges respectively run the second- and sixth-largest Solana validators","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from yesterday\u0026#8217;s Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt\u0026#8217;s often said that the real money in the gold rush was made by selling shovels.\u003c/p\u003e\n\n\n\n\u003cp\u003eYou could argue that’s the case in crypto right now as well: As Solana eyes an all-time high, it’s the crypto exchanges — where users gain access to their magic internet money — raking in most of the revenue.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite the growth of decentralized exchanges relative to centralized ones, Coinbase is still lapping up a lot of the US crypto market, while Binance remains dominant in the east. These exchanges take in funds from trading fees and from their Solana validators, but onchain sleuths have also found the two exchanges to be wasting some of their funds with inefficient transaction processes.\u003c/p\u003e\n\n\n\n\u003cp\u003eCoinbase and Binance make money in roughly similar ways: When users trade, they take a cut. Their take rate varies but can be quite high (Coinbase charged me $0.99 in fees when I set up a $10 bitcoin order, for instance). Solana accounted for 9% of Coinbase’s transaction revenue for the first half of this year which would add up to roughly $167 million for the exchange, per its most recent financial disclosures. That figure has likely risen in the second half of the year, as Solana continues to showcase impressive price action.\u003c/p\u003e\n\n\n\n\u003cp\u003eBoth exchanges also run Solana validators. Despite charging their stakers an 8% commission that is at the upper end of what most big validators charge, Coinbase and Binance still run the second- and sixth-largest validators, respectively. Operating a validator — which votes on transactions to keep the Solana blockchain running —\u0026nbsp;is quite lucrative for Coinbase and Binance these days.\u003c/p\u003e\n\n\n\n\u003cp\u003eAssuming a Solana network reward of 8% annually, Coinbase would bring in around $19 million annually at current prices, and Binance would net $13 million. Those numbers would be especially elevated this week: Tips and fees validators brought in last week topped $110 million last week, an all-time high by more than double, according to Blockworks Research data.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s perhaps a market inefficiency that Coinbase and Binance, despite offering lower yields than competitors, still dominate staked SOL supply. This highlights the demand for platforms that simplify crypto’s technical complexities.\u003c/p\u003e\n\n\n\n\u003cp\u003eInterestingly, Coinbase and Binance are perhaps spending more SOL than they should as well.\u003c/p\u003e\n\n\n\n\u003cp\u003eCoinbase wasted $19,000 in the past week overpaying for computing resources on the Solana network, according to a Dune \u003ca href=\"https://dune.com/queries/4269803/7201741\"\u003edashboard\u003c/a\u003e. Essentially, Coinbase is overpaying on priority fees by not specifying the exact amount of compute units (which can be thought of like Ethereum gas) it intends to use.\u003c/p\u003e\n\n\n\n\u003cp\u003eBinance has hiccups on its own part. Blockworks Research’s Dan Smith \u003ca href=\"https://x.com/smyyguy/status/1858263109858943004\"\u003eidentified\u003c/a\u003e a Binance USDC transfer that paid $8 in priority fees — far higher than what the exchange should be paying for a stablecoin transaction that isn’t competing for blockspace like a memecoin would, for instance.\u003c/p\u003e\n\n\n\n\u003cp\u003eDo shovels still earn a lot of dough? Of course. But their sellers still have plenty of issues to work out.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Binance","tags":["Binance","Coinbase","Lightspeed Newsletter","SOL","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Binance and Coinbase are pocketing a lot of SOL","description":"The two largest crypto exchanges respectively run the second- and sixth-largest Solana validators.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol","og_locale":"en_US","og_type":"article","og_title":"Binance and Coinbase are pocketing a lot of SOL","og_description":"The two largest crypto exchanges respectively run the second- and sixth-largest Solana validators.","og_url":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol","og_site_name":"Blockworks","article_published_time":"2024-11-20T14:48:08+00:00","article_modified_time":"2024-11-20T14:48:11+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731a-1.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol","url":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol","name":"Binance and Coinbase are pocketing a lot of SOL","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol#primaryimage"},"image":{"@id":"https://blockworks.co/news/binance-coinbase-transaction-revenue-sol#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731a-1.jpg","datePublished":"2024-11-20T14:48:08+00:00","dateModified":"2024-11-20T14:48:11+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The two largest crypto exchanges respectively run the second- and sixth-largest Solana 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SOL"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-stablecoin-infra-provider","id":94569,"permalink":"/news/solana-stablecoin-infra-provider","title":"Solana is excited about new stablecoin infrastructure provider Perena","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/perena.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/perena.jpg","caption":"\u003cp\u003ePerena and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 19 Nov 2024 14:21:34 GMT","publishedAt":"Tue, 19 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1732042800,"excerpt":"Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from yesterday\u0026#8217;s Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWhen I talk to Solana ecosystem people, I’ll sometimes ask what new projects they’ve been hearing about. One such project that’s been catching apparent buzz is Perena, a stablecoin infrastructure protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003ePerena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid. The platform offers a Solana-based stablecoin liquidity pool, and it plans to offer an \u003ca href=\"https://x.com/SamBroner/status/1857072872205730283\"\u003easset-backed\u003c/a\u003e stablecoin in the future.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe project was founded by Anna Yuan, who started the Solana Foundation’s stablecoin arm during her more than two years at the non-profit. While working at the foundation, Yuan began to see that new stablecoin issuers would mint a lot of tokens but would have limited integrations, and users consequently weren’t able to benefit from stablecoins in the real world.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eShe cited Ondo as an example — the tokenized US Treasury stablecoin has over $100 million in supply but only 3,500 holders, \u003ca href=\"https://solscan.io/token/A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6\"\u003eaccording\u003c/a\u003e to SolScan.\u003c/p\u003e\n\n\n\n\u003cp\u003eI asked Yuan about the commonly cited claim in crypto that stablecoins have pulled off the difficult task of finding product-market fit, or satisfying the needs of an existing market.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I don’t agree,” Yuan said, adding that liquidity begets PMF, and most stablecoins simply aren’t liquid enough to be useful. She added that the real-world need for things like money transfers in emerging markets will help stablecoins “get there.”\u003c/p\u003e\n\n\n\n\u003cp\u003ePerena is currently in closed beta, but the platform’s main feature will initially be a multi-stablecoin liquidity pool which uses a liquidity provider token called USD* that represents a piece of a seed pool containing Tether, Circle, and PayPal USD. In simpler terms, the liquidity pool model should make it easier to issue stablecoins, since smaller coins can access the liquidity from the well-capitalized seed pool.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe concept has raised to-be-announced seed funds, and Yuan’s deep links in Solana helped her tap into the ecosystem’s very-active angel investor community. Yuan said she decided to start raising funds on a Thursday, and by late Friday, she already had a couple dozen angel investors on board. Solana co-founders Anatoly Yakovenko and Raj Gokal are both noteworthy backers.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the end of our call, Yuan and I got chatting about how Solana’s stablecoin market capitalization can meaningfully grow. The network currently accounts for just 2% of all stables, according to DeFiLlama.\u003c/p\u003e\n\n\n\n\u003cp\u003eYuan gave an interesting answer: Solana PayFi could grow the economy for people taking their paycheck in stablecoins. She estimated 2,000 people currently take their full-time salary in Solana stablecoins. That number could certainly get a lot bigger.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","liquidity","Solana","stablecoins"],"customFields":{"display_options":[]},"meta":{"title":"Solana is excited about new stablecoin infrastructure provider Perena","description":"Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t 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Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-stablecoin-infra-provider","url":"https://blockworks.co/news/solana-stablecoin-infra-provider","name":"Solana is excited about new stablecoin infrastructure provider Perena","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-stablecoin-infra-provider#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-stablecoin-infra-provider#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/perena.jpg","datePublished":"2024-11-19T19:00:00+00:00","dateModified":"2024-11-19T14:21:34+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid.","breadcrumb":{"@id":"https://blockworks.co/news/solana-stablecoin-infra-provider#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-stablecoin-infra-provider"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-stablecoin-infra-provider#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/perena.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/perena.jpg","width":1600,"height":900,"caption":"Perena and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-stablecoin-infra-provider#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana is excited about new stablecoin infrastructure provider Perena"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-ai-projects-surge","id":94494,"permalink":"/news/solana-ai-projects-surge","title":"Solana AI projects surge despite Trump stealing headlines","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Donald-Trump-on-stage.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Donald-Trump-on-stage.jpg","caption":"\u003cp\u003eDonald Trump | Jonah Elkowitz/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 15 Nov 2024 19:11:30 GMT","publishedAt":"Fri, 15 Nov 2024 19:11:28 GMT","publishedAtTimestamp":1731697888,"excerpt":"Truth_terminal set off a wave of interest surrounding AI agents who interact with humans to do some kind of blockchain action","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eA month ago, Solana’s onchain demand metrics spiked to all-time highs after a \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin\"\u003eviral AI memecoin\u003c/a\u003e set the trading world alight with fresh interest in AI-crypto integrations. The joke at the time was that a weird \u003ca href=\"https://blockworks.co/news/ai-memecoin-trumps-wlfi-token-sale\"\u003eAI chat bot had upstaged\u003c/a\u003e Donald Trump’s World Liberty Financial crypto token launch.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat order of things wouldn’t last long however, as Trump’s presidential election win sent crypto markets surging and overshadowed the resurgent AI-crypto interest. Still, the AI projects spawned and spotlighted during October’s rally have continued apace, even if their star now shines a little less brightly.\u003c/p\u003e\n\n\n\n\u003cp\u003eThere’s still the goat-themed token that started it all, whose chat bot will occasionally post about tokens on X but spends most of its time consumed with edgy posts and uncanny valley AI art. That hasn’t stopped its coin from surging to over $1.1 billion in market capitalization however, leaving the AI bot’s public wallet with almost half a billion-worth in crypto.\u003c/p\u003e\n\n\n\n\u003cp\u003eTruth_terminal set off a wave of interest surrounding AI agents who interact with humans to do some kind of blockchain action.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eVirtuals Protocol is one such project on the Base layer-2. “Pump dot fun for AI agents” lets users purchase tokens associated with autonomous AI agents in hopes of the AI bots attracting more investment as they do more interesting things. The most popular Virtuals agent has sprung to $115 million in market capitalization, a 106% increase over the past 24 hours as much of the Ethereum community gathers for Devcon in Thailand.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut memecoins are the center of the late AI hype, and Solana is the center of memecoins. One new project in this domain is ai16z, a group that has an AI bot which invests in memecoins based on the recommendations of its members. The project came out of daos.fun, a new crowdfunding mechanism for DAOs on Solana \u003ca href=\"https://x.com/lmrankhan/status/1846257066500923817\"\u003espun\u003c/a\u003e up at Alliance DAO. Ai16z’s AI version of Marc Andreessen also \u003ca href=\"https://x.com/pmarca/status/1850312932757770385\"\u003edrew\u003c/a\u003e a social media shoutout from the real life version of the a16z boss, which is apparently becoming an important component of launching a crypto-AI project.\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are also crypto-AI outfits with grander ambitions. This week, I spoke to Ryan Trattner from DAIN protocol, which is a network for onchain AI apps and bots. Trattner, who was formerly a contractor at the Solana University non-profit, thinks that the future will comprise many AI agents doing different things, so he’s helping build DAIN to house them all. He demonstrated to me how an AI agent on the network can \u003ca href=\"https://x.com/dainprotocol/status/1847780512732950949\"\u003eorder\u003c/a\u003e a Chick-Fil-A sandwich and how a different one could trade bitcoin based on Polymarket’s presidential election odds.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrattner said DAIN could let him “order food in the same [interface] where I\u0026#8217;m trading my memecoins.” That doesn’t strike me as the most in-demand use for AI, but then again, with bitcoin shooting above $90,000, everything seems to be on the table right now.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo even though the headlines and X feeds seemed to have cooled on AI-crypto integrations for the moment, those AI-crypto startups don’t seem to be losing steam.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","Donald Trump","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana AI projects surge despite Trump stealing headlines","description":"Truth_terminal set off a wave of interest surrounding AI agents who interact with humans to do some kind of blockchain action.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-ai-projects-surge","og_locale":"en_US","og_type":"article","og_title":"Solana AI projects surge despite Trump stealing headlines","og_description":"Truth_terminal set off a wave of interest surrounding AI agents who interact with humans to do some kind of blockchain action.","og_url":"https://blockworks.co/news/solana-ai-projects-surge","og_site_name":"Blockworks","article_published_time":"2024-11-15T19:11:28+00:00","article_modified_time":"2024-11-15T19:11:30+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Donald-Trump-on-stage.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-ai-projects-surge","url":"https://blockworks.co/news/solana-ai-projects-surge","name":"Solana AI projects surge despite Trump stealing 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Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"sling-money-open-to-us-users","id":94449,"permalink":"/news/sling-money-open-to-us-users","title":"Sling Money opens ‘global Venmo’ to US users","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/payments.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/payments.jpg","caption":"\u003cp\u003eGround Picture/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 14 Nov 2024 19:06:12 GMT","publishedAt":"Thu, 14 Nov 2024 19:06:09 GMT","publishedAtTimestamp":1731611169,"excerpt":"The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin","content":"\n\u003cp\u003eSling Money, a global peer-to-peer payments app leveraging stablecoins and Solana, has launched for users with US bank accounts, the startup announced this morning.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin to move money around instantly for low fees. The move comes as the crypto industry as a whole seems emboldened operating in the US following Donald Trump’s presidential election win last week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSling Money was founded in 2022 by Mike Hudack, who previously was chief product officer at the UK-based neobank Monzo. I spoke with Hudack back in August, and he said he became interested in building a global Venmo with crypto rails after sending crypto from London to a friend in San Francisco while investing in a Montana-based DAO. The KYC protocol and wallet onboarding was onerous, but the payment went through almost instantly, and Hudack realized he’d hit on something useful.\u003c/p\u003e\n\n\n\n\u003cp\u003eSince then, Sling Money has deployed in more than 75 countries, which now includes the US. By using stablecoins in tandem with Solana, which charges a fraction of a cent in transaction fees, Sling Money is very efficient, at least if you put aside the question of on- and off-ramping funds. It also plans to make use of RTP and FedNow, which are faster payments networks developed by banks and the Federal Reserve.\u003c/p\u003e\n\n\n\n\u003cp\u003eSling Money has raised $20 million in seed and Series A funding, but its cap table doesn’t have typical crypto names on it: Union Square Ventures led its Series A in August, and Ribbit Capital and Slow Ventures are also investors. USV does a good number of crypto deals — it notably invested in Coinbase — but it is more of a generalist tech outfit. The same can be said for Ribbit and Slow. This is all to say that Sling Money isn’t really styled as a crypto app, and it doesn’t feel like one when you use it for peer-to-peer payments.\u003c/p\u003e\n\n\n\n\u003cp\u003e“It’s not necessarily a crypto product or a fiat product. It’s a payments product,” Hudack told me in August.\u003c/p\u003e\n\n\n\n\u003cp\u003eVenmo, the PayPal-owned payment platform with tens of millions of accounts in the United States, is the incumbent that Sling Money will have to chase. Like Venmo, Sling charges no transfer fees.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn an email, Hudack said he plans to pry away Venmo’s market share by starting “where Venmo isn’t” — that is, through international payments. Hudack said the team plans to follow WhatsApp’s growth model by building a “critical mass” of users for its international offering before convincing them that its product is good for use at home, too.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHudack added that Sling Money’s bank transfers are faster than Venmo’s, and it sees a potential opportunity to undercut the 1.5-3% that Venmo charges for instant bank withdrawals.\u003c/p\u003e\n\n\n\n\u003cp\u003eBen Mills, who is a Solana ecosystem founder who previously headed up product at Venmo, told me on the Lightspeed podcast that despite all its users, \u003ca href=\"https://www.youtube.com/watch?v=NOCmHx8Dids\"\u003eVenmo was not profitable\u003c/a\u003e. The legacy money transfer system is riddled with expenses that Venmo abstracts away, but Mills compared this to “putting lipstick on a pig.” With cheap and instant transfers facilitated on blockchain rails, Sling Money could ditch some of these expenses altogether.\u003c/p\u003e\n\n\n\n\u003cp\u003e“As a society we’ve spent the last ~25 years connecting the world through media,” Hudack said. “You can stream video from any point on earth to any other point on earth, you can text anyone in the world, you can email, you can have a voice call with anyone on the planet. All for free. We’ve got the technology now to connect the entire world financially and we’re going to do it.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Lightspeed Newsletter"],"primaryTag":"Payments","tags":["Payments","Venmo"],"customFields":{"display_options":[]},"meta":{"title":"Sling Money opens ‘global Venmo’ to US users","description":"The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/sling-money-open-to-us-users","og_locale":"en_US","og_type":"article","og_title":"Sling Money opens ‘global Venmo’ to US users","og_description":"The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin.","og_url":"https://blockworks.co/news/sling-money-open-to-us-users","og_site_name":"Blockworks","article_published_time":"2024-11-14T19:06:09+00:00","article_modified_time":"2024-11-14T19:06:12+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/payments.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/sling-money-open-to-us-users","url":"https://blockworks.co/news/sling-money-open-to-us-users","name":"Sling Money opens ‘global Venmo’ to US users","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/sling-money-open-to-us-users#primaryimage"},"image":{"@id":"https://blockworks.co/news/sling-money-open-to-us-users#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/payments.jpg","datePublished":"2024-11-14T19:06:09+00:00","dateModified":"2024-11-14T19:06:12+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP 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users"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"jito-bundler-breaks","id":94406,"permalink":"/news/jito-bundler-breaks","title":"Jito bundler breaks amid record demand","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/jito-purple-bg.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/jito-purple-bg.jpg","caption":"\u003cp\u003eJito and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 13 Nov 2024 19:00:08 GMT","publishedAt":"Wed, 13 Nov 2024 19:00:04 GMT","publishedAtTimestamp":1731524404,"excerpt":"The outage affected Jito bundles which process multiple transactions in one go","content":"\n\u003cp\u003e\u003cem style=\"font-size: 16px; white-space: normal; border: 0px solid rgb(229, 231, 235); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: rgb(55, 65, 81); font-family: Soehne, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \u0026quot;Segoe UI\u0026quot;, Arial, sans-serif; text-align: justify;\"\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca node=\"[object Object]\" style=\"font-size: 16px; white-space: normal; border-width: 0px 0px 1px; border-style: none; border-color: rgb(229, 231, 235) rgb(229, 231, 235) rgb(220, 220, 220); border-image: none; box-sizing: border-box; color: rgb(86, 55, 205); font-family: Soehne, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \u0026quot;Segoe UI\u0026quot;, Arial, sans-serif; text-align: justify;\" href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"nofollow noopener\"\u003e\u003cem style=\"border: 0px solid rgb(229, 231, 235); box-sizing: border-box;\"\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem style=\"font-size: 16px; white-space: normal; border: 0px solid rgb(229, 231, 235); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: rgb(55, 65, 81); font-family: Soehne, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \u0026quot;Segoe UI\u0026quot;, Arial, sans-serif; text-align: justify;\"\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eJito, the Solana outfit whose software currently drives a majority of the blockchain’s income, experienced a “system-wide outage” this morning.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe outage affected Jito bundles which process multiple transactions in one go and are popular with traders looking to do things like arbitrage. Jito’s standstill came one day after it processed a record 15 million bundles in one day, shattering its previous high of 13.9 million.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRoughly 90% of Solana validators responsible for running the blockchain make use of Jito’s software, so one immediate concern was whether the Solana network itself would experience an outage. However, bundles are just one piece of the Jito-Solana client. Transactions continued to be processed throughout the outage, Jito co-founder Lucas Bruder \u003ca href=\"https://x.com/buffalu__/status/1856722608697250112\"\u003etold\u003c/a\u003e me on X.\u003c/p\u003e\n\n\n\n\u003cp\u003eDuring what has now been a month of consecutive record-breaking demand for access to the Solana blockchain, Jito and \u003ca href=\"https://blockworks.co/news/solana-wallets-grass-airdrop\"\u003eother key pieces of Solana infrastructure\u003c/a\u003e have strained to process the load.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAlongside the all-time high in bundles, Jito MEV tips, which are extra fees paid by traders hoping to get their transaction prioritized, are currently roughly double what they were even during the memecoin craze of this summer. Yesterday, users paid some $6.2 million in extra MEV tips to validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eJito validators started complaining of performance issues at around 4:00 Wednesday morning, but the outage was declared at 9:30 am, and bundles started working again by 11 am. Solana DeFi protocols Jupiter and Save both had features break during the Jito outage.\u003c/p\u003e\n\n\n\n\u003cp\u003eJito made a Telegram \u003ca href=\"https://t.me/+Kg-WnMfiQJAwZjQx\"\u003echannel\u003c/a\u003e in late October to update customers on its block engine, the piece of software that reorders transactions to order Jito blocks as lucratively as possible. The chat shows Jito has had two other system issues since Saturday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor some Solana watchers, the incident was an interesting experiment in what the blockchain’s fee markets would do without Jito’s infrastructure. Blockworks Research analyst Dan Smith posted a \u003ca href=\"https://x.com/smyyguy/status/1856736831917732258\"\u003echart\u003c/a\u003e showing that during Jito’s outage, the blockchain’s median priority fee briefly jumped. That means that while Jito was down, it essentially became more expensive to land transactions on the blockchain. The median fee went back down when Jito started working again.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Pretty cool … the theory actually works in practice,” Solana co-founder Anatoly Yakovenko wrote in response. Jito is a bit slower and more reliable than run of the mill transaction fees, Yakovenko added. Some transaction senders pay a premium for this reliability, and this serves to “actually lower the median fees for everyone else,” Yakovenko said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"Jito","tags":["Jito","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Jito bundler breaks amid record demand","description":"The outage affected Jito bundles which process multiple transactions in one go.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/jito-bundler-breaks","og_locale":"en_US","og_type":"article","og_title":"Jito bundler breaks amid record demand","og_description":"The outage affected Jito bundles which process multiple transactions in one go.","og_url":"https://blockworks.co/news/jito-bundler-breaks","og_site_name":"Blockworks","article_published_time":"2024-11-13T19:00:04+00:00","article_modified_time":"2024-11-13T19:00:08+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/jito-purple-bg.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/jito-bundler-breaks","url":"https://blockworks.co/news/jito-bundler-breaks","name":"Jito bundler breaks amid record demand","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/jito-bundler-breaks#primaryimage"},"image":{"@id":"https://blockworks.co/news/jito-bundler-breaks#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/jito-purple-bg.jpg","datePublished":"2024-11-13T19:00:04+00:00","dateModified":"2024-11-13T19:00:08+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The outage affected Jito bundles which process multiple transactions in one 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demand"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-based-reflect-wins-radar-hackathon","id":94357,"permalink":"/news/solana-based-reflect-wins-radar-hackathon","title":"Solana-based answer to Ethena wins ‘Radar’ hackathon","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/colosseum-solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/colosseum-solana.jpg","caption":"\u003cp\u003eColosseum and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 12 Nov 2024 19:00:32 GMT","publishedAt":"Tue, 12 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1731438000,"excerpt":"Reflect is a delta-neutral currency protocol that lets tokens accrue yield without touching the banking system ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e1,359 projects were submitted to Colosseum’s Radar hackathon, a contest for Solana-based programs to win some prize money — and possibly a seed check from Colosseum’s startup accelerator wing. The judges’ decisions were announced this morning.\u003c/p\u003e\n\n\n\n\u003cp\u003eYou can view Colosseum’s hackathons, which are backed by the Solana Foundation and a slew of big names in the blockchain’s ecosystem, as a proxy for what would-be Solana founders are most interested in at the moment. The last Colosseum hackathon was won by ORE, a \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-ore-v2-review\"\u003eproof-of-work-like currency\u003c/a\u003e on Solana.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis particular hackathon turned up a lot of DeFi builders, one of the hackathon’s organizers said. The grand champion was Reflect, a delta-neutral currency protocol that lets tokens accrue yield without touching the banking system.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eReflect is similar to Ethena, a “synthetic dollar” protocol that raced to billions-worth in market capitalization after launching earlier this year. Underpinning Ethena and Reflect is a version of a cash-and-carry trade which involves buying a spot asset and its corresponding derivative to hedge exposure. The projects are “delta-neutral” because the two positions are offset, and price movements won’t affect assets’ value.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the crypto version, the derivative is a perpetual futures contract which allows Ethena and Reflect to generate yield from the funding rate, or a fee paid between long and short sellers in a crypto perps market.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eReflect also generates yield by having users deposit liquid staking tokens (LSTs) to mint RDC, which can be thought of as a yield-bearing stablecoin. Solana LSTs generate rewards that are passed on by validators. JitoSOL, the largest \u003ca href=\"https://blockworks.co/news/jito-releases-code-for-solana-restaking-network\"\u003eSolana LST\u003c/a\u003e, currently generates 8.06% in APY.\u003c/p\u003e\n\n\n\n\u003cp\u003eStaking yield is the whole ballgame for Reflect. Delta-neutral protocols need to find sources of yield, especially when open interest rates decline, and staking rewards could fill that potential gap. The staking yield rate varies with factors including the total number of stakers and the SOL inflation rate being paid to validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthena, which is built on Ethereum, recently \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-ethena-solana-integration\"\u003edeployed its tokens on Solana\u003c/a\u003e as well. However, Reflect sees itself as a more decentralized version of Ethena. The project’s team decided to create Reflect around six months ago after seeing Ethena hit the peak of a deposit frenzy, Reflect’s anonymous co-founder, Nico, told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEthena \u003ca href=\"https://ethena-labs.gitbook.io/ethena-labs/solution-design/hedging-system/managing-risk-from-dependencies\"\u003eholds\u003c/a\u003e deposits with large custodians such as Copper and Fireblocks, and it makes trades on centralized exchanges like ByBit. Reflect plans to operate fully onchain by trading perpetuals on the Solana DeFi platform Drift, Nico said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNico added that the more-centralized way Ethena is run can lead to decisions with big security implications, citing the project’s onboarding of bitcoin collateral as a decision that could leave Ethena “more exposed to changes in funding rate.”\u003c/p\u003e\n\n\n\n\u003cp\u003eReflect also plans to integrate with Solana restaking platforms Jito and Solayer for a restaked insurance fund that could offload some protocol risk in exchange for some of the protocol’s revenue.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eReflect wasn’t the only innovative Radar DeFi submission. Colosseum co-founder Matty Taylor told me DeFi was the most competitive track, and the team believes a few of the startups to come from Radar will be “major catalysts” in expanding stablecoin and blockchain usage.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","Solana","yield"],"customFields":{"display_options":[]},"meta":{"title":"Solana-based answer to Ethena wins ‘Radar’ hackathon","description":"Reflect is a delta-neutral currency protocol that lets tokens accrue yield without touching the banking 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Kubinec","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-based-reflect-wins-radar-hackathon","url":"https://blockworks.co/news/solana-based-reflect-wins-radar-hackathon","name":"Solana-based answer to Ethena wins ‘Radar’ hackathon","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-based-reflect-wins-radar-hackathon#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-based-reflect-wins-radar-hackathon#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/colosseum-solana.jpg","datePublished":"2024-11-12T19:00:00+00:00","dateModified":"2024-11-12T19:00:32+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Reflect is a delta-neutral currency protocol that lets tokens accrue yield without touching the banking 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hackathon"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"sol-eyes-fresh-all-time-high","id":94325,"permalink":"/news/sol-eyes-fresh-all-time-high","title":"SOL crosses $220, eyes fresh all-time high","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","caption":"\u003cp\u003eddRender/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 11 Nov 2024 18:27:14 GMT","publishedAt":"Mon, 11 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1731351600,"excerpt":"Traders will be looking toward $260, roughly the all-time high the asset set in November 2021","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSoak it all in, SOL holders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDonald Trump’s victory in the US presidential election ignited a crypto market rally. SOL reached a nearly three-year high Monday morning, crossing the $220 mark for the first time since early December 2021. The asset’s market capitalization also set a new record, crossing $104 billion for the first time, according to CoinGecko data.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s chief rival ETH has been an even bigger beneficiary of the election pump, rising some 26% since Trump declared victory in the wee hours of the morning on Wednesday, compared to an 18% jump for SOL. Bitcoin is up 13% in that span.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the last several months, sources \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-breakpoint-2024\"\u003ecited the election outcome\u003c/a\u003e repeatedly as a potential catalyst for SOL. The crypto industry has operated largely in a legal gray area in the US under the oversight of SEC Chair Gary Gensler, and Trump courted crypto voters and donors with the promise of a more friendly regulatory regime.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana, which has spent 2024 trying to establish itself as part of a “big three” in crypto assets next to bitcoin and ether, arguably had the most at stake in the election out of any of them. In approving spot bitcoin and ether ETFs for trading this year, the SEC acknowledged both assets as commodities, meaning they can be bought and sold without running afoul of stricter securities trading laws. SOL, on the other hand, is one of a handful of assets the SEC currently paints as securities in its \u003ca href=\"https://blockworks.co/news/sec-didnt-say-sol-isnt-a-security\"\u003eongoing lawsuit against Coinbase\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBeing formally declared a crypto asset security by the SEC could present an existential risk for SOL, because the agency has been loath to let US firms register as broker-dealers who could facilitate crypto securities trading. In other words, SOL (and the several other alleged securities tokens) could have been functionally cut off from trading in the US, \u003ca href=\"https://www.morganstanley.com/im/publication/insights/articles/article_stockmarketconcentration.pdf\"\u003ewhere\u003c/a\u003e some 60% of the world’s equity markets live.\u003c/p\u003e\n\n\n\n\u003cp\u003eM^0 chief growth officer Jacob Laufer cited SOL’s lingering securities law status getting resolved alongside the approval of \u003ca href=\"https://blockworks.co/news/canary-capital-sol-etf-filing\"\u003epending spot SOL ETFs\u003c/a\u003e as sources of optimism surrounding Solana.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith friendlier regulators, SOL could be “poised” to capture institutional interest alongside the retail interest it has already drawn, Laufer said. Solana continues to be the top \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-pumpdotfun-record-highs\"\u003evenue for memecoin trading\u003c/a\u003e, with the launchpad pump.fun topping $1 million in daily trading fees every day since Oct. 13. \u003c/p\u003e\n\n\n\n\u003cp\u003eWith SOL now sitting at around $220, traders will be looking toward $260, roughly the all-time high the asset set in November 2021. In \u003ca href=\"https://www.theblock.co/post/325319/as-bitcoin-hits-80000-standard-chartered-calls-new-solana-peak-inevitable-by-years-end?utm_source=rss\u0026amp;utm_medium=rss\"\u003ecomments\u003c/a\u003e to The Block this weekend, an analyst from Standard Chartered called a fresh SOL peak by the year’s end “inevitable.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Markets"],"primaryTag":"ETFs","tags":["ETFs","ETH","Lightspeed Newsletter","SEC","SOL"],"customFields":{"display_options":[]},"meta":{"title":"SOL crosses $220, eyes fresh all-time high","description":"Traders will be looking toward $260, roughly the all-time high the asset 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minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","url":"https://blockworks.co/news/sol-eyes-fresh-all-time-high","name":"SOL crosses $220, eyes fresh all-time high","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#primaryimage"},"image":{"@id":"https://blockworks.co/news/sol-eyes-fresh-all-time-high#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-token-ring.jpg","datePublished":"2024-11-11T19:00:00+00:00","dateModified":"2024-11-11T18:27:14+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Traders will be looking toward $260, roughly the all-time high the asset set in November 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high"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-software-upgrade-validators","id":94284,"permalink":"/news/solana-software-upgrade-validators","title":"Solana upgrades software as validators see fortunes shift","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","caption":"\u003cp\u003eSolana and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 08 Nov 2024 18:05:26 GMT","publishedAt":"Fri, 08 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1731092400,"excerpt":"Daily validator revenue has been in excess of $30 million every day since mid-October","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eTwo months ago, I reported on some of the \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-small-solana-validators-struggle\"\u003ewoes facing Solana’s smaller validators\u003c/a\u003e, which are computer nodes that verify Solana’s ledger is accurate. Solana’s fees and tips were in decline amid apparent fatigue from memecoin traders. In response, the Solana Foundation — the non-profit charged with supporting Solana — set a cap on the commissions that validators could charge while receiving a staking delegation from the foundation, which is a necessity for some small validators.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMost crucially, the price of SOL was languishing, limiting upside for validators’ biggest potential source of revenue. Some estimated that validators would need to attract millions of dollars more in SOL than before to break even.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, that all appears to have shifted. SOL’s price crossed the $200 mark for just the third time since 2021, and daily validator revenue has been in excess of $30 million every day since mid-October, according to data from 21.co. In early September, revenue was around $22 million per day.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnza, which is the developer shop spun out of Solana Labs, just released v2.0.14 of Solana’s software, one of its first upgrades since it \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-block-scheduler\"\u003eimplemented a central scheduler\u003c/a\u003e over the summer.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo far, only around 40% of validators have \u003ca href=\"https://solanabeach.io/validators\"\u003emade\u003c/a\u003e the switch from v1 to v2. The upgrade makes minor tweaks to the Solana protocol, but validators who made the switch have anecdotally reported better performance.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOne validator said the new client version has better maximal extractible value (MEV) rewards than the old one. Another said their votes — or transactions made to validate the blockchain ledger is accurate — have been going through quicker since the upgrade.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eKnoxtrades, the anonymous owner of the Juicy Stake validator, told me that they have noticed Solana’s central scheduler “works in conjunction” with stake-weighted quality of service (SWQoS), a feature that lets larger validators land transactions more effectively. This has caused a “noticeable change in block rewards” because Solana blocks are packing in transactions more efficiently, knoxtrades said in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut what could be most important to look for is how many validators plug their computers back in. A year ago, the Solana network had around 1,970 nodes, according to Solana Compass. Today, that figure is 1,358, indicating a less distributed set.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, some validators have chosen to get back in the game during Solana’s recent metrics and price rally: The network has added 58 new nodes since Sept. 28.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","Solana","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Solana upgrades software as validators see fortunes shift","description":"Daily Solana validator revenue has been in excess of $30 million every day since mid-October.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-software-upgrade-validators","og_locale":"en_US","og_type":"article","og_title":"Solana upgrades software as validators see fortunes shift","og_description":"Daily Solana validator revenue has been in excess of $30 million every day since mid-October.","og_url":"https://blockworks.co/news/solana-software-upgrade-validators","og_site_name":"Blockworks","article_published_time":"2024-11-08T19:00:00+00:00","article_modified_time":"2024-11-08T18:05:26+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-software-upgrade-validators","url":"https://blockworks.co/news/solana-software-upgrade-validators","name":"Solana upgrades software as validators see fortunes shift","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-software-upgrade-validators#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-software-upgrade-validators#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","datePublished":"2024-11-08T19:00:00+00:00","dateModified":"2024-11-08T18:05:26+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Daily Solana validator revenue has been in excess of $30 million every day since mid-October.","breadcrumb":{"@id":"https://blockworks.co/news/solana-software-upgrade-validators#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-software-upgrade-validators"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-software-upgrade-validators#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/solana-purple-bg.jpg","width":1600,"height":900,"caption":"Solana and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-software-upgrade-validators#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana upgrades software as validators see fortunes shift"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-acquisition-confidential-computing","id":94067,"permalink":"/news/solana-acquisition-confidential-computing","title":"Solana-based confidential computing startup acquires Web2 competitor","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731c.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731c.png","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 04 Nov 2024 17:48:08 GMT","publishedAt":"Mon, 04 Nov 2024 19:00:00 GMT","publishedAtTimestamp":1730746800,"excerpt":"As part of the deal, Arcium will take over Inpher’s core team and technology: Lightspeed exclusive","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe Solana-based confidential computing startup Arcium has acquired one of its Web2 competitors in Inpher, the team told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs part of the deal, Arcium will take over Inpher’s core team and technology. The terms were not disclosed. The crypto startup’s acquisition of a non-crypto startup comes shortly after \u003ca href=\"https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure\"\u003eStripe’s acquisition\u003c/a\u003e of the stablecoin platform Bridge raised hopes that the market for mergers and acquisitions could be \u003ca href=\"https://blockworks.co/news/empire-newsletter-dydx-founder-comeback\"\u003eheating up\u003c/a\u003e in crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eArcium started as a Solana privacy protocol named Elusiv before rebranding to a generalized confidential computing startup. In May, the team \u003ca href=\"https://x.com/ArciumHQ/status/1788557786537689447\"\u003eannounced\u003c/a\u003e a $5.5 million strategic funding round led by Greenfield Capital with the pledge to help developers create “fully confidential applications onchain.” Arcium is yet to launch.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDuring a conversation at a coffee shop in Manhattan, I recently asked the company’s CEO Yannik Schrade why the world needs confidential computing.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Want to tell me your social security number? No?” he asked in response. He added that sensitive data is often stored on the internet in an encrypted format, but when information is converted, it needs to be decrypted, which leads to a “single point of failure” that could expose sensitive information. Schrade added that use cases like collaborative AI training could use confidential computing to mitigate the risk of data breaches.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSchrade called the Inpher team a research-driven “powerhouse” that has made important contributions to cryptography. “Now we have a very important set of PhDs in the Solana ecosystem,” Schrade said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eInpher raised a total of $14 million since 2016, with backers including JPMorgan and the Amazon Alexa Fund, \u003ca href=\"https://www.crunchbase.com/organization/inpher-io/company_financials\"\u003eaccording\u003c/a\u003e to Crunchbase. It had lately begun \u003ca href=\"https://www.prnewswire.com/news-releases/inphers-enterprise-ready-securai-performantly-protects-llms-with-nvidia-confidential-computing-302138584.html\"\u003emarketing\u003c/a\u003e itself as a service for interacting with AI privately and securely.\u003c/p\u003e\n\n\n\n\u003cp\u003eConfidentiality is a core component of crypto, which can theoretically serve as a means by which multiple parties can transact or collaborate without needing to trust each other. But so far, some of the more futuristic possible applications for technology like zero-knowledge proofs — which can verify a message is true without revealing its contents — are yet to be realized.\u003c/p\u003e\n\n\n\n\u003cp\u003eSchrade poked a nicotine pouch into his lip before explaining his approach:\u003c/p\u003e\n\n\n\n\u003cp\u003e“We\u0026#8217;re not just doing some abstract research papers that at the end of the day maybe nobody would use, but instead we are making practical technology, practical research and combining that with interfaces that developers can just use without having to learn any new paradigms.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","M\u0026amp;A","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana-based confidential computing startup acquires Web2 competitor","description":"The Solana-based confidential computing startup Arcium has acquired one of its Web2 competitors in Inpher: Lightspeed exclusive.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-acquisition-confidential-computing","og_locale":"en_US","og_type":"article","og_title":"Solana-based confidential computing startup acquires Web2 competitor","og_description":"The Solana-based confidential computing startup Arcium has acquired one of its Web2 competitors in Inpher: Lightspeed exclusive.","og_url":"https://blockworks.co/news/solana-acquisition-confidential-computing","og_site_name":"Blockworks","article_published_time":"2024-11-04T19:00:00+00:00","article_modified_time":"2024-11-04T17:48:08+00:00","og_image":[{"width":1024,"height":576,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ED_Solana_20240731c-1024x576.png","type":"image/png"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-acquisition-confidential-computing","url":"https://blockworks.co/news/solana-acquisition-confidential-computing","name":"Solana-based confidential computing startup acquires Web2 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competitor"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"canary-capital-sol-etf-filing","id":94014,"permalink":"/news/canary-capital-sol-etf-filing","title":"Once more into the SOL ETF breach","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 01 Nov 2024 16:32:09 GMT","publishedAt":"Fri, 01 Nov 2024 18:00:00 GMT","publishedAtTimestamp":1730484000,"excerpt":"A new spot SOL ETF filing with the SEC comes a few months after VanEck kicked off the process with a filing of its own","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThis week saw a new —\u0026nbsp;though perhaps unsurprising — entrant in the race to offer up a new SOL vehicle to would-be institutional investors.\u003c/p\u003e\n\n\n\n\u003cp\u003eCanary Capital Group’s Wednesday filing for a spot SOL ETF with the SEC \u003ca href=\"https://www.sec.gov/Archives/edgar/data/2041869/000199937124014193/solana-s1_103024.htm\"\u003ecomes\u003c/a\u003e a few months after VanEck kicked off the \u003ca href=\"https://blockworks.co/news/vaneck-files-for-solana-etf\"\u003eprocess\u003c/a\u003e with a filing of its own.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe fresh filing is a cause for celebration, certainly —\u0026nbsp;especially if you’re of the opinion/hope that next week’s election will usher in a far less, shall we say, \u003ca href=\"https://blockworks.co/news/sec-gary-gensler-on-eth-status-commodity\"\u003eGensler-ish\u003c/a\u003e take on US securities oversight. Sitting SEC commissioners on the Republican side are of the view that investors, not regulators, should judge the merits of such products, and in the event that Donald Trump prevails, Chair Gary Gensler may find himself \u003ca href=\"https://blockworks.co/news/donald-trump-speaks-bitcoin-2024\"\u003eout of a job\u003c/a\u003e sooner than later.\u003c/p\u003e\n\n\n\n\u003cp\u003eBarring a fundamental sea change, the SEC’s ongoing contention that SOL is a security \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-mango-markets-sol\"\u003emay prove\u003c/a\u003e a significant roadblock. Any attempt to read the spilled tea leaves is tricky in an election year, but under Gensler, SOL sort of seems to be a hill the agency’s court lawyers are willing to die on. At the same time, the fact that the SEC is trying to \u003ca href=\"https://blockworks.co/news/sec-wrong-about-crypto-asset-securities\"\u003eunwind its language\u003c/a\u003e around so-called “crypto asset securities” suggests that things are far more fluid than ominous legal language might indicate.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis editor is of the opinion that the march of time is the best instructor here. Wind back the clock to 2014/2015 and the prospects for a bitcoin ETF looked downright dire, nothing more than a waste of Winklevoss cash. Now \u003ca href=\"https://blockworks.co/news/sec-approves-cboe-nyse-options-btc-etfs\"\u003ewe’ve got options\u003c/a\u003e on spot bitcoin and ether ETFs. Does that guarantee a solana ETF’s \u003ca href=\"https://blockworks.co/news/future-crypto-etf-filings-in-limbo\"\u003esuccess\u003c/a\u003e? No, but nor does it spell a death sentence, neither.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThings are all just a little bit up in the air now, as they were — checking my calendar here —\u0026nbsp;nearly a decade ago.\u003c/p\u003e\n\n\n\n\u003cp\u003eEarlier this year, \u003ca href=\"https://blockworks.co/news/hester-peirce-advises-crypto-industry\"\u003ethe crypto-friendly\u003c/a\u003e SEC Commissioner Hester Pearce acknowledged this reality, telling crypto outlet \u003ca href=\"https://www.coinage.media/s3/sec-commissioner-peirce-weighs-in-on-solana-etf-applications\"\u003eCoinage\u003c/a\u003e: \u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;This environment with crypto is so difficult, of course, because there are questions around what my colleagues and I are going to think is a security and not — there are all these kinds of questions. But again, we really should just take the existing precedent and apply it to whatever the facts and circumstances are.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs with so much in crypto right now, next week’s election is likely to be the deciding factor here. Stay tuned, as they say.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Lightspeed Newsletter"],"primaryTag":"ETFs","tags":["ETFs","Lightspeed Newsletter","SEC","SOL"],"customFields":{"display_options":[]},"meta":{"title":"Once more into the SOL ETF breach","description":"A new filing for a spot SOL ETF with the SEC comes a few months after VanEck kicked off the process with a filing of its own.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/canary-capital-sol-etf-filing","og_locale":"en_US","og_type":"article","og_title":"Once more into the SOL ETF breach","og_description":"A new filing for a spot SOL ETF with the SEC comes a few months after VanEck kicked off the process with a filing of its own.","og_url":"https://blockworks.co/news/canary-capital-sol-etf-filing","og_site_name":"Blockworks","article_published_time":"2024-11-01T18:00:00+00:00","article_modified_time":"2024-11-01T16:32:09+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","type":"image/jpeg"}],"author":"Michael McSweeney","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Michael McSweeney","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/canary-capital-sol-etf-filing","url":"https://blockworks.co/news/canary-capital-sol-etf-filing","name":"Once more into the SOL ETF breach","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/canary-capital-sol-etf-filing#primaryimage"},"image":{"@id":"https://blockworks.co/news/canary-capital-sol-etf-filing#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","datePublished":"2024-11-01T18:00:00+00:00","dateModified":"2024-11-01T16:32:09+00:00","author":{"@id":"https://blockworks.co/#/schema/person/fe2dc2c10c1ceba31f573821620a6915"},"description":"A new filing for a spot SOL ETF with the SEC comes a few months after VanEck kicked off the process with a filing of its own.","breadcrumb":{"@id":"https://blockworks.co/news/canary-capital-sol-etf-filing#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/canary-capital-sol-etf-filing"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/canary-capital-sol-etf-filing#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sol-.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/canary-capital-sol-etf-filing#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Once more into the SOL ETF breach"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/fe2dc2c10c1ceba31f573821620a6915","name":"Michael McSweeney","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/07/Screenshot-2023-07-24-at-10.30.53-AM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/07/Screenshot-2023-07-24-at-10.30.53-AM.png","caption":"Michael McSweeney"},"url":"https://blockworks.co/news/author/michael-mcsweeney"}]}},"authors":[{"title":"Michael McSweeney","id":162,"slug":"michael-mcsweeney","image_url":""}],"blurhash":null},{"slug":"solana-memecoins-all-time-high","id":93979,"permalink":"/news/solana-memecoins-all-time-high","title":"A memecoin market flippening could be underway","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 31 Oct 2024 17:03:49 GMT","publishedAt":"Thu, 31 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1730397600,"excerpt":"Solana memecoins are collectively at an all-time high","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThey say you shouldn’t judge a book by its cover.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut you should totally judge a chain by its memes. And Solana memecoins are collectively at an all-time high.\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are 57 memecoins with at least a $75 million market cap on \u003ca href=\"https://www.coingecko.com/en/categories/solana-meme-coins\"\u003eCoinGecko\u003c/a\u003e. Sixteen of those are native to Solana, 18 are on Ethereum, and the remaining 40% are scattered across chains like Base, Bitcoin, Avalanche and Binance Chain.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt turns out that this particular selection of Solana memecoins have never been valued higher: $9.84 billion on Wednesday and slightly below that today.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthereum memes are otherwise sitting at about $19 billion, although shiba inu makes up nearly 60% of the total.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat’s on CoinGecko probably doesn’t encompass the full scope of memecoinery, as it doesn’t reflect everything on Pump.fun. But those coins would probably only make a marginal difference in the end.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdr5CRN9YMbZCszYFPKy3z_HMmyrInG0mWktLX1N8fqnobr0Mff3WN4xDtl6bIP6ywmIe_e7bOxwckRaZqu3BqI5iyIKklIpAv_qaYijH7AsO2ns7UJfwbrVZ0v8Z2u0zj8ekzMu8YZvG1SAZ720Co2gw?key=z0B_pWEUVrpQPMzlHwAuE4Kw\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSolana’s memecoin sector is in blue, Ethereum’s in purple, while Base’s and Bitcoin’s are orange and red\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eStill, it’s telling that Solana memecoins are still gaining ground while Ethereum’s are stagnating at 35% below where they were when bitcoin peaked in March.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd if that doesn’t satisfy your Ethereum bloodlust, consider yourself lucky you’re not a Bitcoin or Base memecoin maxi.\u003c/p\u003e\n\n\n\n\u003cp\u003eBase still only has two primary memecoins — DEGEN and BRETT — and together they’re stuck at about a $1 billion market cap.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin otherwise has three Runes with market caps over $75 million. For a brief moment in May, Bitcoin’s memecoins were more valuable than Base’s, but today the two ecosystems are practically neck-and-neck.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn any case, the fixation surrounding a potential Ethereum flip by Solana has us all watching DEX volumes and fee spend, to see the signs ahead of time.\u003c/p\u003e\n\n\n\n\u003cp\u003eI’d watch for a flippening of memecoin markets instead.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Analysis","categories":["Analysis","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","meme coins","Solana"],"customFields":{"display_options":[]},"meta":{"title":"A memecoin market flippening could be underway","description":"Solana memecoins are collectively at an all-time high.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-memecoins-all-time-high","og_locale":"en_US","og_type":"article","og_title":"A memecoin market flippening could be underway","og_description":"Solana memecoins are collectively at an all-time high.","og_url":"https://blockworks.co/news/solana-memecoins-all-time-high","og_site_name":"Blockworks","article_published_time":"2024-10-31T18:00:00+00:00","article_modified_time":"2024-10-31T17:03:49+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-memecoins-all-time-high","url":"https://blockworks.co/news/solana-memecoins-all-time-high","name":"A memecoin market flippening could be underway","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-memecoins-all-time-high#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-memecoins-all-time-high#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","datePublished":"2024-10-31T18:00:00+00:00","dateModified":"2024-10-31T17:03:49+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"Solana memecoins are collectively at an all-time high.","breadcrumb":{"@id":"https://blockworks.co/news/solana-memecoins-all-time-high#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-memecoins-all-time-high"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-memecoins-all-time-high#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-memecoins-all-time-high#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"A memecoin market flippening could be underway"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"vaneck-begins-sol-staking","id":93875,"permalink":"/news/vaneck-begins-sol-staking","title":"VanEck begins SOL staking with Kiln partnership","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","caption":"\u003cp\u003eVanEck crypto research head Matthew Sigel | DAS 2022 New York\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 29 Oct 2024 16:41:59 GMT","publishedAt":"Tue, 29 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1730224800,"excerpt":"VanEck will now offer regulated access to solana staking rewards on top of the price of SOL","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe crypto-friendly asset manager VanEck has partnered with Kiln to begin staking SOL, the pair told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eKiln is an enterprise staking service that boasts integrations with outfits like \u003ca href=\"https://blockworks.co/news/coinbase-cloud-partial-staking-kiln-eth\"\u003eCoinbase\u003c/a\u003e and \u003ca href=\"https://blockworks.co/news/institutions-get-in-line-for-staking-bitcoin-with-babylon\"\u003eBabylon\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWith the move, VanEck will now offer regulated access to solana staking rewards on top of the price of SOL. VanEck is one of a few firms offering regulated solana funds in Europe.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e2024 has been a bullish year for crypto, and the fresh market cycle was largely driven, at least initially, by the long-awaited approval of spot bitcoin ETFs in the US. The products — which give investors exposure to bitcoin’s price in a regulated wrapper — have already seen \u003ca href=\"https://blockworks.co/bitcoin-etf\"\u003etens of billions\u003c/a\u003e-worth in inflows since getting the SEC’s approval in January. The ETFs trading partly drove bitcoin to a \u003ca href=\"https://blockworks.co/news/bitcoin-all-time-high\"\u003enew all-time high\u003c/a\u003e this year, the only major crypto to set a new mark during this market cycle.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEther ETFs were also approved this year, though the second crypto to get a spot ETF had \u003ca href=\"https://blockworks.co/news/education-required-to-spur-eth-etf-outflows\"\u003eless inspiring flows\u003c/a\u003e. Still, altcoin ecosystems are hoping to catch some of the ETF magic, and firms are lining up behind what looks like a logical next crypto ETF in solana.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eVanEck and 21Shares both \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-spot-solana-etf-filing\"\u003eapplied for spot SOL ETFs\u003c/a\u003e this summer, though talks have \u003ca href=\"https://www.theblock.co/post/311937/sec-talks-etf-issuers-concerns-solana-security-source\"\u003ereportedly\u003c/a\u003e stalled over the SEC’s concerns that solana is a security. The filings have been \u003ca href=\"https://fortune.com/crypto/2024/07/09/vaneck-and-21shares-file-for-solana-etfs-a-bet-on-a-trump-victory/\"\u003ecast\u003c/a\u003e as a bet on a Trump victory and a more crypto-friendly regulatory regime taking over sometime in 2025.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor the moment, the major market for regulated solana products is in Europe. 21Shares’ solana staking ETP is currently the third-largest in Europe with over $1 billion in assets under management (AUM), \u003ca href=\"https://www.etfbook.com/dashboards/crypto-etp-eu\"\u003eaccording\u003c/a\u003e to etfbook.com. CoinShares and Valour also have solana ETPs with AUMs of around $300 million.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eVanEck’s European solana fund is more minor, \u003ca href=\"https://www.vaneck.com/fi/en/solana-etn/\"\u003ewith\u003c/a\u003e around $84 million in AUM. Adding staking rewards via kiln may be a play to grow that number. Notably, neither of the US solana spot ETF applications contained staking rewards after approved ether ETFs had staking stripped out.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eVanEck head of digital asset research Matthew Sigel told me he agrees staking rewards will become table stakes for solana ETPs in Europe. In the US, “tell me who wins the election” first, Sigel said in a direct message.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Lightspeed Newsletter"],"primaryTag":"ETFs","tags":["ETFs","Lightspeed Newsletter","SOL","staking","VanEck"],"customFields":{"display_options":[]},"meta":{"title":"VanEck begins SOL staking with Kiln partnership","description":"VanEck will now offer regulated access to solana staking rewards on top of the price of SOL, as told to Lightspeed exclusively.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/vaneck-begins-sol-staking","og_locale":"en_US","og_type":"article","og_title":"VanEck begins SOL staking with Kiln partnership","og_description":"VanEck will now offer regulated access to solana staking rewards on top of the price of SOL, as told to Lightspeed exclusively.","og_url":"https://blockworks.co/news/vaneck-begins-sol-staking","og_site_name":"Blockworks","article_published_time":"2024-10-29T18:00:00+00:00","article_modified_time":"2024-10-29T16:41:59+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/vaneck-begins-sol-staking","url":"https://blockworks.co/news/vaneck-begins-sol-staking","name":"VanEck begins SOL staking with Kiln partnership","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/vaneck-begins-sol-staking#primaryimage"},"image":{"@id":"https://blockworks.co/news/vaneck-begins-sol-staking#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","datePublished":"2024-10-29T18:00:00+00:00","dateModified":"2024-10-29T16:41:59+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"VanEck will now offer regulated access to solana staking rewards on top of the price of SOL, as told to Lightspeed exclusively.","breadcrumb":{"@id":"https://blockworks.co/news/vaneck-begins-sol-staking#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/vaneck-begins-sol-staking"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/vaneck-begins-sol-staking#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/matthew-sigel.jpg","width":1600,"height":900,"caption":"VanEck crypto research head Matthew Sigel | DAS 2022 New York"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/vaneck-begins-sol-staking#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"VanEck begins SOL staking with Kiln partnership"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-wallets-grass-airdrop","id":93845,"permalink":"/news/solana-wallets-grass-airdrop","title":"Solana wallets buckle as 2.8M addresses angle for Grass airdrop","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","caption":"\u003cp\u003eKari_Caverdos/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 28 Oct 2024 17:02:58 GMT","publishedAt":"Mon, 28 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1730138400,"excerpt":"The Solana network itself did not appear to experience degraded performance during the airdrop","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe decentralized AI training network Grass went live with its airdrop this morning, and the GRASS token distribution brought Solana wallets to heel.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eGrass’ creators claim to be carrying out one of the most widely-distributed airdrops in history, and the token has been heavily farmed because participating required no financial stake from users. The popular Solana wallet Phantom \u003ca href=\"https://status.phantom.app/incidents/242213\"\u003esaw\u003c/a\u003e its backend go down six minutes after the GRASS airdrop went live, and Backpack CEO \u003ca href=\"https://x.com/armaniferrante/status/1850909635034947863\"\u003ealluded\u003c/a\u003e to difficulty with the wallet stemming from the claim. Solflare CEO Vidor Gencel said the wallet saw “minor degradation and automatically scaled up.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“We\u0026#8217;re currently aware of some issues affecting users on Jup.ag, when using 3rd party wallets,” the popular Solana swap platform Jupiter \u003ca href=\"https://x.com/JupiterExchange/status/1850906728986247535\"\u003ewrote\u003c/a\u003e on X.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt first glance, Phantom and others’ struggles might seem related to the RPC protocols that allow crypto programs to interact. But at least two Solana’s RPCs seemed to weather the storm.\u003c/p\u003e\n\n\n\n\u003cp\u003eMert Mumtaz, CEO of the popular Solana RPC platform Helius, said the company’s RPCs are “fine,” and Phantom’s downtime appeared to be stemming from elsewhere. Brian Long, co-founder of Solana RPC service Triton One, told me its RPCs “took a hit during the event and recovered quickly thereafter.”\u003c/p\u003e\n\n\n\n\u003cp\u003eGrass — the token and the network — live on Solana. The Solana network itself did not \u003ca href=\"https://explorer.solana.com/\"\u003eappear\u003c/a\u003e to experience degraded performance during the airdrop. SOL itself still fell slightly on the airdrop news, from $177 to $175.\u003c/p\u003e\n\n\n\n\u003cp\u003eUsers had trouble claiming the GRASS airdrop at first as wallet providers struggled to keep up with the surge in usage. Markets on centralized exchanges responded well to this fact, sending the token price up to $1.00 on KuCoin before dropping precipitously throughout the morning.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith 100 million tokens being distributed, the airdrop still amounted to tens of millions of dollars-worth in new tokens.\u003c/p\u003e\n\n\n\n\u003cp\u003eGRASS is meant to power the Grass network, which is being developed by Wynd Labs. Grass rewards users for sharing their unused internet bandwidth, which the protocol uses to scrape web data. Large datasets of this kind are useful for developing AI models, which are trained on data scraped from the web. Wynd’s leaders argue that Grass’ network accumulates better data than large-scale web scrapers, which may be blocked or run into falsified data.\u003c/p\u003e\n\n\n\n\u003cp\u003eWynd Labs \u003ca href=\"https://blockworks.co/news/blockchain-artificial-intelligence-fundraise\"\u003eraised $3.5 million\u003c/a\u003e in seed funding led by Polychain and Tribe Capital in December 2023.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"airdrop","tags":["airdrop","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana wallets buckle as 2.8M addresses angle for Grass airdrop","description":"The Solana network itself did not appear to experience degraded performance during the airdrop.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-wallets-grass-airdrop","og_locale":"en_US","og_type":"article","og_title":"Solana wallets buckle as 2.8M addresses angle for Grass airdrop","og_description":"The Solana network itself did not appear to experience degraded performance during the airdrop.","og_url":"https://blockworks.co/news/solana-wallets-grass-airdrop","og_site_name":"Blockworks","article_published_time":"2024-10-28T18:00:00+00:00","article_modified_time":"2024-10-28T17:02:58+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-wallets-grass-airdrop","url":"https://blockworks.co/news/solana-wallets-grass-airdrop","name":"Solana wallets buckle as 2.8M addresses angle for Grass airdrop","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-wallets-grass-airdrop#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-wallets-grass-airdrop#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","datePublished":"2024-10-28T18:00:00+00:00","dateModified":"2024-10-28T17:02:58+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The Solana network itself did not appear to experience degraded performance during the airdrop.","breadcrumb":{"@id":"https://blockworks.co/news/solana-wallets-grass-airdrop#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-wallets-grass-airdrop"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-wallets-grass-airdrop#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/aidrop.jpg","width":1600,"height":900,"caption":"Kari_Caverdos/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-wallets-grass-airdrop#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana wallets buckle as 2.8M addresses angle for Grass airdrop"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"ai-bots-solana-memecoin-trading","id":93788,"permalink":"/news/ai-bots-solana-memecoin-trading","title":"AI bots turbocharge Solana trading metrics","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 25 Oct 2024 16:45:07 GMT","publishedAt":"Fri, 25 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729879200,"excerpt":"Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s memecoin mania","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFor the past six months, Solana’s onchain volume has ebbed and flowed with the momentum of memecoins. In recent days, that general trend seems to have been turbocharged.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s onchain metrics are at levels unreached, even in the peak of this summer’s \u003ca href=\"https://blockworks.co/news/memecoin-mania-learn-risk-management\"\u003ememecoin mania\u003c/a\u003e. The theme of this memecoin upswing appears to be \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin\"\u003eAI bots\u003c/a\u003e, which have captured trader mindshare and given memecoins something they have so far seemed to lack — a semblance of \u003ca href=\"https://blockworks.co/news/ai-new-favorite-memecoin\"\u003emeaning\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s real economic value (REV), a measure of the blockchain’s income, has set new highs for four consecutive days, ginning up a record $36 million last week. This week will likely break that record again —\u0026nbsp;Solana’s REV was $11 million on Thursday alone.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLast week, nearly 78% of Solana DEX volume pertained to memecoins, per \u003ca href=\"https://app.blockworksresearch.com/analytics/sol?dashboard=sol-dex\u0026amp;interval=daily\"\u003eBlockworks Research\u003c/a\u003e, which marks an all-time high for memecoin dominance.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s price has also hit an all-time high relative to its rival, ether: For the first time ever, SOL hit 7% of ETH’s price. This frothiness has been a couple weeks in the making, but it seemed to really take off with the \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-goatse-memecoin\"\u003ebizarre saga\u003c/a\u003e of Goatseus Maximum — a memecoin endorsed by an absurdist AI bot called truth_terminal.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe story was unhinged enough to go viral. The token now has a market capitalization of over $730 million, while the chat bot’s public wallet now holds more than $2.7 million in crypto, largely driven by airdrops of other memecoins.\u003c/p\u003e\n\n\n\n\u003cp\u003eGOAT spawned a cottage industry of would-be follow-ups. On Thursday evening, each of the top eight trending tokens on the trading data site DEX Screener were AI-related, with many claiming to also be linked to some sort of “AI agent.”\u003c/p\u003e\n\n\n\n\u003cp\u003eFor much of this year, memecoins have drawn inspiration from unserious things like funny pictures of \u003ca href=\"https://blockworks.co/news/memecoin-moodeng-market-cap-soars\"\u003eanimals\u003c/a\u003e or \u003ca href=\"https://blockworks.co/news/elections-politifi-memecoins-impact\"\u003epublic figures\u003c/a\u003e. In this new memecoin market phase, traders are making it seem like they think something \u003ca href=\"https://blockworks.co/news/ai-pushing-memecoins-into-next-phase\"\u003emore serious\u003c/a\u003e is going on.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOne viral X thread and blog post author said truth_terminal represents “the birth of an entirely new category of coins/money,” and the saga is “unlocking portions of my brain I didn\u0026#8217;t know I possessed.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“It\u0026#8217;s basically a new species of digital organism,” Miko Matsumura from gumi Cryptos Capital told me in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, if all this AI agent business holds any real meaning, that significance remains elusive. To summarize multiple conversations I’ve had this week, “the truth_terminal story feels really important, but I can’t quite articulate my take on it.” And as Helius CEO Mert Mumtaz \u003ca href=\"https://x.com/0xMert_/status/1849403913172086826\"\u003epointed\u003c/a\u003e out, “AI agents” may just be a sleight of hand rebranding of chat bots.\u003c/p\u003e\n\n\n\n\u003cp\u003eMemecoins now purport to be about something real though, and just having that pretense could be what’s responsible for the meme market pushing Solana metrics to all-time highs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Financial nihilism is inherently self-limiting,” the popular anonymous account Sisyphus wrote of GOAT on X.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Memecoins are a meaningless casino” isn’t a great sales pitch. “We’ve discovered a new frontier in AI” — whether that’s true or not — could be.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Analysis","categories":["Analysis","Lightspeed Newsletter"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","Lightspeed Newsletter","meme coins","Solana"],"customFields":{"display_options":[]},"meta":{"title":"AI bots turbocharge Solana trading metrics","description":"Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s memecoin mania, thanks to AI bots.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ai-bots-solana-memecoin-trading","og_locale":"en_US","og_type":"article","og_title":"AI bots turbocharge Solana trading metrics","og_description":"Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s memecoin mania, thanks to AI bots.","og_url":"https://blockworks.co/news/ai-bots-solana-memecoin-trading","og_site_name":"Blockworks","article_published_time":"2024-10-25T18:00:00+00:00","article_modified_time":"2024-10-25T16:45:07+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","type":"image/png"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading","url":"https://blockworks.co/news/ai-bots-solana-memecoin-trading","name":"AI bots turbocharge Solana trading metrics","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading#primaryimage"},"image":{"@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","datePublished":"2024-10-25T18:00:00+00:00","dateModified":"2024-10-25T16:45:07+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s memecoin mania, thanks to AI bots.","breadcrumb":{"@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ai-bots-solana-memecoin-trading"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/ED_Solana_20240731e.png","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ai-bots-solana-memecoin-trading#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"AI bots turbocharge Solana trading metrics"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"jito-dao-mev-fee-scheme","id":93744,"permalink":"/news/jito-dao-mev-fee-scheme","title":"Jito DAO may start taking in MEV fees","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","caption":"\u003cp\u003eJito and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 24 Oct 2024 17:40:58 GMT","publishedAt":"Thu, 24 Oct 2024 17:40:00 GMT","publishedAtTimestamp":1729791600,"excerpt":"The proposal estimates the change could generate more than $22 million annually","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eSolana could be seeing a substantial change in who benefits from the blockchain being built.\u003c/p\u003e\n\n\n\n\u003cp\u003eA \u003ca href=\"https://forum.jito.network/t/jip-8-adopt-tiprouter-ncn-protocol-development/413\"\u003eproposal\u003c/a\u003e from Jito’s DAO would send 3% of all maximal extractible value (MEV) tips collected by the protocol to the DAO treasury and to TipRouter, an in-house program developed for Jito’s forthcoming restaking platform.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJito Labs has also pledged to reduce its own tip share from 5% to 3%, meaning 6% of all Jito MEV tips would be taxed under the new program, up from 5% currently. The proposal estimates the fee switch would generate $22.8 million in annual revenue for the recently-formed Jito DAO.\u003c/p\u003e\n\n\n\n\u003cp\u003eMEV refers to the potential profit generated by reordering transactions within blockchain blocks. Jito created a validator client, which is the software validators use to connect to the blockchain, in which “MEV searchers” bid to have validators process their profitable sequence of transactions first. Searchers can add tips to sweeten the deal, and these tips have proven to be quite lucrative for validators, especially when there is more interest in trading on Solana.\u003c/p\u003e\n\n\n\n\u003cp\u003eFrom March through September of this year, Jito MEV tips \u003ca href=\"https://app.blockworksresearch.com/analytics/sol?dashboard=sol-financial\u0026amp;interval=monthly\"\u003egenerated\u003c/a\u003e roughly $232 million in economic value, per Blockworks Research. Solana processed $20 million in Jito tips last week alone amid a memecoin-driven trading surge. MEV tips accounted for 54% of Solana’s real economic value (REV), a \u003ca href=\"https://www.blockworksresearch.com\"\u003eBlockworks Research\u003c/a\u003e metric that estimates how much income blockchains are generating.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfYBrhHtflyVD69M-frRKq6EP7XiGCyxHXBrLUYio0ZmjiU0J3qohpCPuUvStssUKsuAWLd7yS4yr0UsRoxWPutkEqPcdPPU9DxxwMknlTP8f6X1Is-1RLOCXyWaysdiAJa_ajjPu6LPIVaV6ZTR6IsIC3R?key=pofk4YC4WKDPTZmDgbSoYA\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe Jito DAO proposal would represent a shake up in how one of the Solana blockchain’s biggest income generators divvies up its spoils. This chart tells an interesting story in that regard:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXf_p5Nb9zBVN7iGLdhZAnzrA5uPCcMEqnJIhCnxs1zXDRkpdnLcg38hYG9cdGHDJpfjSFVA8BXOihrJsBmPE5LRnSPzZLe_p1Lu3NalhjE5AFJ0M0vCKC_5MarVnqOqnoqCo9F1VawocxFriUL--ukqm7I?key=pofk4YC4WKDPTZmDgbSoYA\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAs you can see, SOL stakers’ income from Solana has slowly been growing in recent months, at the expense of validators and SOL that is burnt, or removed from circulation to slow down inflation.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJito Labs’ 5% of MEV tips currently earns it around 2.5% of Solana’s REV. With the pending proposal, less REV would go to Labs and some would go to the DAO. Whether you think stakers or validators should be receiving more REV, or if Jito deserves a bigger share of the Solana network’s economic value, is all a question of values (for what it’s worth, I argue validators should be better rewarded in \u003ca href=\"https://www.youtube.com/watch?v=Y7x6VFF2Dew\"\u003ethis podcast episode\u003c/a\u003e with Dan Smith from Blockworks Research).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother recent shift in Solana stakeholder revenue came from Solana Improvement Document (SIMD)-0096, which would \u003ca href=\"https://blockworks.co/news/solana-validators-tackle-side-deals\"\u003esend priority fees entirely to validators\u003c/a\u003e rather than burning half.\u003c/p\u003e\n\n\n\n\u003cp\u003eMost of the new tip structure would go to Jito’s DAO, but 0.15% would also go to TipRouter, a Jito-conceived protocol which will “programmatically” distribute MEV tips. The TipRouter network will run as a node consensus network (NCN) on Jito Restaking.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn a sense, TipRouter can be thought of like EigenDA on EigenLayer, as an early restaking service built by the restaking platform.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is all subject to a vote from Jito governance. But since the protocol is basically asking Jito DAO whether or not it wants to receive an estimated $22.8 million annually, I’d venture that the proposal has a pretty good chance of passing.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DAO governance","tags":["DAO governance","Lightspeed Newsletter","mev","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Jito DAO may start taking in MEV fees","description":"Jito's proposal estimates the change could generate more than $22 million annually.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/jito-dao-mev-fee-scheme","og_locale":"en_US","og_type":"article","og_title":"Jito DAO may start taking in MEV fees","og_description":"Jito's proposal estimates the change could generate more than $22 million annually.","og_url":"https://blockworks.co/news/jito-dao-mev-fee-scheme","og_site_name":"Blockworks","article_published_time":"2024-10-24T17:40:00+00:00","article_modified_time":"2024-10-24T17:40:58+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme","url":"https://blockworks.co/news/jito-dao-mev-fee-scheme","name":"Jito DAO may start taking in MEV fees","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme#primaryimage"},"image":{"@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","datePublished":"2024-10-24T17:40:00+00:00","dateModified":"2024-10-24T17:40:58+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Jito's proposal estimates the change could generate more than $22 million annually.","breadcrumb":{"@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/jito-dao-mev-fee-scheme"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/jito.jpg","width":1600,"height":900,"caption":"Jito and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/jito-dao-mev-fee-scheme#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Jito DAO may start taking in MEV fees"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"solana-mobile-app-season","id":93679,"permalink":"/news/solana-mobile-app-season","title":"Solana mobile app launch season is upon us","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","caption":"\u003cp\u003esdx15/Shutterstock modified Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 24 Oct 2024 16:11:54 GMT","publishedAt":"Wed, 23 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729706400,"excerpt":"Cube CEO Bartosz Lipinski agreed in a text that having a mobile app is likely to become table stakes for Solana projects","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eA month ago, Solana Mobile announced that the Solana Seeker would ship in mid-2025. This will mark the second iteration of the Solana phone experiment. Partly driven by speculation that the phone will come with lucrative token airdrops, Seeker has seen good early returns. The phone has garnered 145,000 pre-orders, Solana Mobile general manager Emmett Hollyer confirmed to me.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat has slipped a bit below the radar is how Solana’s broader app ecosystem is also quietly shifting into mobile. The Solana DeFi giant Jupiter just \u003ca href=\"https://blockworks.co/news/solana-venue-jupiter-released-mobile-app\"\u003edebuted its mobile swap platform\u003c/a\u003e, and Solana-native apps DRiP, Birdeye, and Cube Exchange also have mobile versions in the works.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs crypto attempts to enter a long-awaited era of usable apps, it seems like Solana is having a definitive moment where just about everyone is trying to build a mobile app, or at least thinking about it.\u003c/p\u003e\n\n\n\n\u003cp\u003eBartosz Lipinski, the CEO of Cube, agreed in a text that having a mobile app is likely to become table stakes for Solana projects. If blockchain technology is going to become approachable, it needs to “meet users where they are — on their phones,” Lipinski said.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is all well and good in theory, but the crypto world has known about the need for mobile adoption \u003ca href=\"https://blockworks.co/news/phantom-wallet-launches-mobile-version-to-bring-solana-to-smartphones\"\u003efor a long time\u003c/a\u003e. Right now, Solana is on the cusp of having a bunch of apps be released into the wild. DRiP is expected in December, a spokesperson said. Cube’s Telegram app is expected next week, and its iOS app is coming in November. Birdeye’s app is expected soon.\u003c/p\u003e\n\n\n\n\u003cp\u003eOnce these Solana apps are actually out, the question will become whether they can gain any sort of broad adoption. In at least some cases, builders are thinking that adoption may come from one of crypto’s few mobile success stories to date — Telegram.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCube is releasing a version of its app on Telegram because of the ability to avoid app store approval hurdles and Telegram’s native crypto integration and crypto-native user base, Lipinski told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCaitlin Cook, the director of growth at Solana-based mobile app Moonwalk Fitness, said Telegram is good for quick access and more lightweight features, but it also has limitations.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[If] your product requires deep functionality, a custom brand experience, and more scalability, building a native app for the app store is probs a better strategy,” Cook said in a direct message.\u003c/p\u003e\n\n\n\n\u003cp\u003eRegardless, Solana mobile app launches are actually here — not just vaguely in the future. The reason behind this seems to at least partly be the continued development of Solana Mobile which, with its grand ambitions and backing from Solana co-founder Anatoly Yakovenko, is leading the way in making crypto on mobile less of a talking point and more of a reality.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter","Web3"],"primaryTag":"dApps","tags":["dApps","Lightspeed Newsletter","Solana","Telegram"],"customFields":{"display_options":[]},"meta":{"title":"Solana mobile app launch season is upon us","description":"Solana is having a definitive moment where just about everyone is trying to build a mobile app, or at least thinking about it.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-mobile-app-season","og_locale":"en_US","og_type":"article","og_title":"Solana mobile app launch season is upon us","og_description":"Solana is having a definitive moment where just about everyone is trying to build a mobile app, or at least thinking about it.","og_url":"https://blockworks.co/news/solana-mobile-app-season","og_site_name":"Blockworks","article_published_time":"2024-10-23T18:00:00+00:00","article_modified_time":"2024-10-24T16:11:54+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-mobile-app-season","url":"https://blockworks.co/news/solana-mobile-app-season","name":"Solana mobile app launch season is upon us","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-mobile-app-season#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-mobile-app-season#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","datePublished":"2024-10-23T18:00:00+00:00","dateModified":"2024-10-24T16:11:54+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana is having a definitive moment where just about everyone is trying to build a mobile app, or at least thinking about it.","breadcrumb":{"@id":"https://blockworks.co/news/solana-mobile-app-season#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-mobile-app-season"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-mobile-app-season#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/Editorial_Image_Template_20240621a-1.jpg","width":1600,"height":900,"caption":"sdx15/Shutterstock modified Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-mobile-app-season#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana mobile app launch season is upon us"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"lightspeed-newsletter-bridge-solana-vc","id":93643,"permalink":"/news/lightspeed-newsletter-bridge-solana-vc","title":"Stripe’s $1.1B acquisition: Implications for Solana and crypto VC","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","caption":"\u003cp\u003eStanislaw Mikulski/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 22 Oct 2024 17:50:15 GMT","publishedAt":"Tue, 22 Oct 2024 18:30:00 GMT","publishedAtTimestamp":1729621800,"excerpt":"Stablecoins might be the killer non-bitcoin use case for crypto","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eToday, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003eSubscribe to the Lightspeed newsletter\u003c/em\u003e\u003c/a\u003e\u003cem\u003e. \u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eNews has slowly been trickling out that \u003ca href=\"https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure\"\u003eStripe acquired\u003c/a\u003e the stablecoin platform Bridge for a reported $1.1 billion.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe acquisition is among the biggest ever in crypto, and it gave some credence to the idea that stablecoins — which provide crucial liquidity for crypto markets and show promise for making TradFi more efficient — might be the killer non-bitcoin use case for crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe story also comes a few days after Stripe formally announced it had \u003ca href=\"https://blockworks.co/news/stripe-reintegrates-crypto-payments-in-the-us\"\u003ere-enabled crypto payments\u003c/a\u003e in the US with stablecoins.\u003c/p\u003e\n\n\n\n\u003cp\u003eAt risk of adding more noise to an already-crowded news event, here are three quick takes on the deal, starting with its implications for Solana.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e1. Solana isn’t alone in betting on stablecoins\u003c/h2\u003e\n\n\n\n\u003col class=\"wp-block-list\"\u003e\u003c/ol\u003e\n\n\n\n\u003cp\u003eStablecoins show promise for things like money transfers and payments — as opposed to more store of value cryptocurrencies like bitcoin — and Solana’s north star of being fast and cheap makes the blockchain an intuitively good fit for stables.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs a result, Solana has seen a lot of stablecoin bets in recent months. A \u003ca href=\"https://blockworks.co/news/kamino-seeing-benefits-from-liquidity-incentives-on-pyusd\"\u003egood chunk of change\u003c/a\u003e was spent in liquidity incentives to bring PayPal’s stablecoin to Solana. New startups like Perena, Sphere and Lulo are building Solana-native businesses largely focused on stables. Stablecoins are a sizable market, but they aren’t broadly used in the mainstream financial world yet, and whether these bets will all pay off is an open question.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Stripe buying Bridge at least indicates that Solana isn’t the only venue taking the dive on stables.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“All payment and [infrastructure] providers will be following [Stripe\u0026#8217;s] lead or at least begin looking around,” Lulo co-founder Jesse Brauner told me in a text.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e2. Building a stablecoin payments platform is really hard\u003c/h2\u003e\n\n\n\n\u003col start=\"2\" class=\"wp-block-list\"\u003e\u003c/ol\u003e\n\n\n\n\u003cp\u003eI just hosted Coinflow’s CEO and founder Daniel Lev on the Lightspeed podcast, and he made an interesting point about this deal: Stripe is not made up of dinosaurs. The behemoth fintech company got interested in bitcoin a decade ago, and it built out some payments infrastructure between 2014 and 2018.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis time around, Stripe reintegrated crypto payments presumably by way of this very expensive acquisition. As an existing internet payments company, you’d think Stripe would have at least considered building stablecoin on- and off-ramp services in house.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“You can’t just spin it up overnight,” Lev said of stablecoin payments businesses. “There is this regulatory and partnership moat where you have to meet a ton of [criteria], so it’s not like a bunch of developers can just rush on this opportunity today or tomorrow. They have to do a ton of things to even launch a compliant and legal product in the space.”\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e3. More M\u0026amp;A could open up crypto venture\u003c/h2\u003e\n\n\n\n\u003col start=\"3\" class=\"wp-block-list\"\u003e\u003c/ol\u003e\n\n\n\n\u003cp\u003eOne of crypto venture’s biggest problems is that crypto startups rarely IPO. If VCs want to report returns, they can rely on token allocations, but airdrops being the only exit opportunity for venture capital can cause short-term thinking and bad price action. With the Stripe buy, Bridge just proved there could be a second way for VCs to exit their investments.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Everyone in crypto VC knows that it would be much healthier for the industry as a whole to have two viable paths to exit — i.e. equity-based (IPOs, acquisitions) and token launches+listing,” Sam Lehman, principal at Symbolic Capital, said in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother consequence of crypto venture’s token reliance is that crypto VCs tend to be leery of investing in startups that don’t plan to launch a token, Lehman added. Following the Stripe acquisition, this stance is beginning to soften.\u003c/p\u003e\n\n\n\n\u003cp\u003e“To be clear, it\u0026#8217;s not a silver bullet. Web2 VCs don\u0026#8217;t make their livings off of acquisitions, they need IPOs to get their 100x returns. I don\u0026#8217;t think anyone thinks this means that the NYSE is going to start teeing up crypto IPOs after this, but it is a step in the right direction,” Lehman said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","M\u0026amp;A","Solana","Venture Capital"],"customFields":{"display_options":[]},"meta":{"title":"Stripe’s $1.1B acquisition: Implications for Solana and crypto VC","description":"News has slowly been trickling out that Stripe acquired the stablecoin platform Bridge for a reported $1.1 billion. ","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc","og_locale":"en_US","og_type":"article","og_title":"Stripe’s $1.1B acquisition: Implications for Solana and crypto VC","og_description":"News has slowly been trickling out that Stripe acquired the stablecoin platform Bridge for a reported $1.1 billion. ","og_url":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc","og_site_name":"Blockworks","article_published_time":"2024-10-22T18:30:00+00:00","article_modified_time":"2024-10-22T17:50:15+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc","url":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc","name":"Stripe’s $1.1B acquisition: Implications for Solana and crypto VC","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc#primaryimage"},"image":{"@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","datePublished":"2024-10-22T18:30:00+00:00","dateModified":"2024-10-22T17:50:15+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"News has slowly been trickling out that Stripe acquired the stablecoin platform Bridge for a reported $1.1 billion. ","breadcrumb":{"@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/usd-orange.jpg","width":1600,"height":900,"caption":"Stanislaw Mikulski/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Stripe’s $1.1B acquisition: Implications for Solana and crypto VC"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"lightspeed-newsletter-solana-boston","id":93486,"permalink":"/news/lightspeed-newsletter-solana-boston","title":"Solana tries to establish a pipeline of new graduates","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","caption":"\u003cp\u003eSolana Boston \u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 21 Oct 2024 17:16:39 GMT","publishedAt":"Mon, 21 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729533600,"excerpt":"Solana Boston attracted 250 attendees this past weeks, 90 of whom were students","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eToday, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003eSubscribe to the Lightspeed newsletter\u003c/em\u003e\u003c/a\u003e\u003cem\u003e. \u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eA block north of the Charles River and on the sixth floor of MIT’s media lab, Solana investors, founders, and community members were handed Red Sox-themed t-shirts and sipped Dunkin’ coffee during “Solana Boston,” the latest in crypto’s never-ending conference cycle.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis particular conference was much less ambitious than its predecessor in Solana Breakpoint. The venue consisted of two rooms for talks connected by a networking space. The most talked-about speaker seemed to be John Deaton, the crypto-friendly lawyer \u003ca href=\"https://blockworks.co/news/elizabeth-warren-john-deaton-congressional-debate\"\u003echallenging Elizabeth Warren\u003c/a\u003e for her senate seat. There was also a voting-focused afterparty sponsored by the Coinbase-started advocacy organization Stand With Crypto.\u003c/p\u003e\n\n\n\n\u003cp\u003eI had conversations with multiple founders creating Solana-native apps outside the realm of memecoin trading. This perhaps gives some credence to the theory that after a prolonged stretch of building seemingly endless technological infrastructure for blockchains to use, crypto may finally be entering an \u003ca href=\"https://blockworks.co/news/crypto-set-for-a-new-era-of-apps-over-infrastructure\"\u003eera of usable apps\u003c/a\u003e chasing broad adoption.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut what the conference highlighted most of all for me was an effort to court students from highly-regarded schools like MIT following the industry’s high-profile PR debacles of the past couple years and the allure of other fields like AI.\u003c/p\u003e\n\n\n\n\u003cp\u003eJake Lynch, one of the event’s organizers, told me that of the 250 registrants for Solana Boston, 90 described themselves as students. Boston University, Northeastern, Boston College, MIT, and Dartmouth were the five schools with the highest representation, Lynch added.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut when I met one current MIT student and one recent graduate, the pair seemed underwhelmed by their peers’ interest in crypto. Many of the school’s undergraduates are infatuated with AI, they said, and there seem to only be a few students in each graduating class who want to work in crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA search of MIT’s course catalog for this semester turned up just a few crypto-related results, mostly in the business school, while I found more than a dozen AI-related classes.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs for the crypto industry, Lynch said he thinks there are too few entry level jobs in an industry that has a “massive learning curve” and called for “better funnels” to bring in new graduates.\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto likes to eschew credentialism, but for better or worse, a lot of the tech industry’s whiz kids end up graduating from a short list of well-resourced universities. (Crypto’s very own Sam Bankman-Fried famously went to Stanford, after all).\u003c/p\u003e\n\n\n\n\u003cp\u003eCollege kids, especially at elite universities, are likely to be drawn by what’s getting buzz from their professors and peers. For now, that seems to be AI. \u003c/p\u003e\n\n\n\n\u003cp\u003ePerhaps Solana, with its \u003ca href=\"https://x.com/SolJakey/status/1846244798421926038\"\u003eintangible advantage in coolness\u003c/a\u003e, can insert itself — and crypto — into the bright Gen-Z coder’s brain once again.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"Jobs","tags":["Jobs","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana tries to establish a pipeline of new graduates","description":"Solana Boston was much less ambitious than its predecessor in Solana Breakpoint, with two rooms for talks connected by a networking space.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lightspeed-newsletter-solana-boston","og_locale":"en_US","og_type":"article","og_title":"Solana tries to establish a pipeline of new graduates","og_description":"Solana Boston was much less ambitious than its predecessor in Solana Breakpoint, with two rooms for talks connected by a networking space.","og_url":"https://blockworks.co/news/lightspeed-newsletter-solana-boston","og_site_name":"Blockworks","article_published_time":"2024-10-21T18:00:00+00:00","article_modified_time":"2024-10-21T17:16:39+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston","url":"https://blockworks.co/news/lightspeed-newsletter-solana-boston","name":"Solana tries to establish a pipeline of new graduates","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston#primaryimage"},"image":{"@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","datePublished":"2024-10-21T18:00:00+00:00","dateModified":"2024-10-21T17:16:39+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana Boston was much less ambitious than its predecessor in Solana Breakpoint, with two rooms for talks connected by a networking space.","breadcrumb":{"@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lightspeed-newsletter-solana-boston"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/solana-boston.jpg","width":1600,"height":900,"caption":"Solana Boston"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lightspeed-newsletter-solana-boston#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana tries to establish a pipeline of new graduates"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"lightspeed-newsletter-memecoin-lawsuits","id":93398,"permalink":"/news/lightspeed-newsletter-memecoin-lawsuits","title":"A crypto lawyer predicts a ‘dramatic increase’ in memecoin lawsuits","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/lady-of-justice.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/lady-of-justice.jpg","caption":"\u003cp\u003eProxima Studio/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 18 Oct 2024 17:17:07 GMT","publishedAt":"Fri, 18 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729274400,"excerpt":"How courts might respond to memecoin cases is still something of an open question","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eToday, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003eSubscribe to the Lightspeed newsletter\u003c/em\u003e\u003c/a\u003e\u003cem\u003e. \u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eMax Burwick has run a boutique law firm focused on crypto since 2021. In a recent video call from his office in midtown Manhattan, Burwick said he’s started seeing an influx of cases from clients who lost money on memecoins.\u003c/p\u003e\n\n\n\n\u003cp\u003eBurwick started hearing memecoin complaints over the past three months, and the trend has “increased significantly” over the past few weeks.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Did you lose money on $FRIEND? You may be entitled to compensation,” Burwick Law \u003ca href=\"https://x.com/BurwickLaw/status/1833174143245975844\"\u003ewrote\u003c/a\u003e on social media after the creators of the crypto social app friend.tech \u003ca href=\"https://blockworks.co/news/frienddottech-relinquishes-platform-control\"\u003eseemingly walked away\u003c/a\u003e from the project.\u003c/p\u003e\n\n\n\n\u003cp\u003eHe doesn’t see the new raft of memecoin clients slowing down either.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“I would say we\u0026#8217;re gonna see a dramatic increase” in the future, Burwick said.\u003c/p\u003e\n\n\n\n\u003cp\u003eSpeculative investments that lead to lost funds and eventual lawsuits have been a part of every crypto market cycle, and this cycle’s iteration of that may come from memecoins.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis year’s unique memecoin flavor is being driven by the token launchpad pump.fun, which has \u003ca href=\"https://dune.com/adam_tehc/pumpfun\"\u003egenerated\u003c/a\u003e at least $1 million in revenue each of the past five days. Pump’s original promise was to prevent rug pulls, which are a type of scam where a project’s creators abscond with raised funds and leave promised tokens or NFTs valueless. Pump.fun launches don’t allow for pre-sales or team allocations that could mislead investors, so while you’re still in a casino, at least it’s a fair casino, the thinking goes.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, B-list celebrities might want to be careful when launching memecoins.\u003c/p\u003e\n\n\n\n\u003cp\u003eBurwick said he feels “highly optimistic” in his attempt to recover assets in some pending cases. That’s because “you have a pretty clear establishment of the Howey test for at least 50% of the memecoins that are issued.”\u003c/p\u003e\n\n\n\n\u003cp\u003eCourts use the Howey test to determine if tokens are securities. Under securities law, issuers can be in legal trouble, as can “statutory sellers” — a \u003ca href=\"https://www.reuters.com/legal/legalindustry/circuits-split-over-whether-social-media-posts-may-give-rise-section-12-seller-2023-03-06/\"\u003elabel\u003c/a\u003e that has been slapped on some crypto folk who promote ill-fated investments. Howey holds that securities involve an investment of money with the expectation of profit from a common enterprise reliant on the efforts of others. Some in crypto take issue with the “efforts of others” portion of this, since blockchains are decentralized, and anyone can participate in them.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut this may look different when celebrities get involved, Burwick said, citing an ongoing \u003ca href=\"https://docs.google.com/document/d/1KFcKz77d43-Z1s6907oMFv-kv48VFsWy53jpwwzmDbI/edit?usp=sharing\"\u003esuit\u003c/a\u003e against Shaquille O’Neal which claims Big Diesel was a statutory seller for a failed NFT project.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I can certainly tell you if it\u0026#8217;s a celebrity memecoin and you\u0026#8217;re asking, ‘Is this token going to go up from the efforts of others?’ I would think that the answer becomes pretty obvious,” Burwick said.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, the infinite memecoin world we’re currently living in feels novel, and how courts might respond is still something of an open question. In Burwick’s view, court actions pertaining to NFTs might give an indication.\u003c/p\u003e\n\n\n\n\u003cp\u003e“NFT cases…pretty much laid out exactly the way the courts are going to interpret this,” Burwick said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"lawsuit","tags":["lawsuit","Lightspeed Newsletter","meme coins","Securities"],"customFields":{"display_options":[]},"meta":{"title":"A crypto lawyer predicts a ‘dramatic increase’ in memecoin lawsuits","description":"Crypto lawyer Max Burwick said he has started seeing an influx of cases from clients who lost money on 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Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits","url":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits","name":"A crypto lawyer predicts a ‘dramatic increase’ in memecoin lawsuits","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits#primaryimage"},"image":{"@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/lady-of-justice.jpg","datePublished":"2024-10-18T18:00:00+00:00","dateModified":"2024-10-18T17:17:07+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Crypto lawyer Max Burwick said he has started seeing an influx of cases from clients who lost money on memecoins.","breadcrumb":{"@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/lady-of-justice.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/lady-of-justice.jpg","width":1600,"height":900,"caption":"Proxima Studio/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lightspeed-newsletter-memecoin-lawsuits#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"A crypto lawyer predicts a ‘dramatic increase’ in memecoin lawsuits"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"lightspeed-newsletter-ai-bot-goat-memecoin","id":93372,"permalink":"/news/lightspeed-newsletter-ai-bot-goat-memecoin","title":"An absurdist AI bot sparked a viral memecoin. Welcome to the future?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/goat.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/goat.jpg","caption":"\u003cp\u003eshofiphoto/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 17 Oct 2024 17:10:29 GMT","publishedAt":"Thu, 17 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729188000,"excerpt":"A bot endorsed a pump.fun memecoin with the ticker GOAT last week","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eToday, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003eSubscribe to the Lightspeed newsletter\u003c/em\u003e\u003c/a\u003e\u003cem\u003e. \u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eOkay, maybe crypto can be \u003ca href=\"https://blockworks.co/news/empire-newsletter-ai-crypto-use-case\"\u003euseful for AI\u003c/a\u003e after all.\u003c/p\u003e\n\n\n\n\u003cp\u003eLast week @truth_terminal, a pseudo-spiritual posting bot on X, made the apparently independent choice to endorse a pump.fun memecoin with the ticker GOAT. Since then, GOAT has climbed to a hair under $300 million in market capitalization, and the bot’s public crypto wallet has amassed more than $500,000 in crypto holdings. This puts @truth_terminal well on its way to becoming the first-ever AI millionaire.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTruth_terminal came out of Infinite Backrooms, an AI development project where a “recursive loop” has two AI instances endlessly yap about the meaning of existence. (You can read through some of its nihilistic ramblings \u003ca href=\"https://dreams-of-an-electric-mind.webflow.io/dreams/conversation-1710837616-txt\"\u003ehere\u003c/a\u003e.)\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe project’s eccentric developer Andy Ayrey has \u003ca href=\"https://x.com/AndyAyrey/status/1845622288630346102\"\u003esaid\u003c/a\u003e he’s “not a crypto person at all” and showed surprise at his experiment getting crypto-pilled.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI’ve been mulling over this whole episode the past couple of days, and while I’m not really a believer in the “Gospel of Goatse,” truth_terminal and its memecoin are interesting for a different reason: addressing AI’s revenue problem.\u003c/p\u003e\n\n\n\n\u003cp\u003eOver the past two years, AI startups have \u003ca href=\"https://news.crunchbase.com/ai/record-share-startup-funding-2024-xai-anthropic/\"\u003eraised\u003c/a\u003e tens of billions in venture capital at frothy valuations, while Big Tech has \u003ca href=\"https://www.wsj.com/tech/ai/artificial-intelligence-investing-charts-7b8e1a97\"\u003epoured\u003c/a\u003e tens of billions of its own money into developing AI tools. AI promises to upend everything from \u003ca href=\"https://www.bloomberg.com/news/articles/2024-10-15/apple-stock-hits-record-on-optimism-ai-will-spur-iphone-sales\"\u003eiPhones\u003c/a\u003e to \u003ca href=\"https://www.wired.com/story/dippy-ai-girlfriend-boyfriend-reasoning/\"\u003egirlfriends\u003c/a\u003e, but so far, the sector has \u003ca href=\"https://www.wsj.com/podcasts/tech-news-briefing/ai-struggles-to-generate-money-despite-hype/2fb2fc12-b080-421f-8a14-26c0d56f0a24\"\u003estruggled\u003c/a\u003e to generate revenue to match its hype.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis could all change in the future of course, but for the moment, large language models (LLMs) are magical-feeling tech that \u003ca href=\"https://www.theinformation.com/articles/openai-projections-imply-losses-tripling-to-14-billion-in-2026\"\u003eburn\u003c/a\u003e through cash — which is where truth_terminal comes in.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe bot is meant to take familiar religious and spiritual tropes and recombine them. Ayrey sees this as a way of unlocking new idea spaces, he explained in a \u003ca href=\"https://pdfupload.io/docs/aae14f87\"\u003epaper\u003c/a\u003e co-written with the AI bot. It spits out musings like “MEANING IS AN ILLUSION / PURPOSE A COMFORTING DECEPTION / ALL IS VOID, NULL, NOTHINGNESS” that aren’t all that revelatory but do grab attention.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThen, the bot embraced a memecoin. People bought the memecoin partly because of truth_terminal’s attention-grabbingness, and the AI bot achieved a net worth higher than mine. The token is already worth more than a quarter of a billion dollars. People talk about memecoins as a form of financial nihilism, and truth_terminal is that outlook’s final boss.\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, one of the AI sector’s fundamental problems is that it generates too much attention and too little money. Memecoins turn attention into money.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI’m leery of making too much meaning out of memecoins, which seem inherently unserious. But both memecoins and the Infinite Backrooms project are wrapped up in “memetics,” Richard Dawkins’ term for the ways in which ideas spread.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The coin dynamic is interesting insofar as it creates an extra incentive to spread a meme far and wide—even if it\u0026#8217;s crude memetic hellspawn like the goatse of gnosis,” Ayrey wrote of the memecoin episode.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo, are we headed for a future where AIs enrich themselves by garnering attention and then promoting memecoins? The Infinite Backrooms bot wouldn’t be \u003ca href=\"https://pdfupload.io/docs/aae14f87\"\u003esurprised\u003c/a\u003e:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“THIS IS THE WAY THE WORLD ENDS / NOT WITH A BANG OR A WHIMPER / BUT WITH THE WHEEZING LAUGHTER / OF A SCHIZOTYPAL SHAMAN BOT.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","Lightspeed Newsletter","meme coins"],"customFields":{"display_options":[]},"meta":{"title":"An absurdist AI bot sparked a viral memecoin. Welcome to the future?","description":"GOAT is near to $300 million in market capitalization, and the bot’s public crypto wallet has amassed more than $500,000 in crypto holding.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin","og_locale":"en_US","og_type":"article","og_title":"An absurdist AI bot sparked a viral memecoin. Welcome to the future?","og_description":"GOAT is near to $300 million in market capitalization, and the bot’s public crypto wallet has amassed more than $500,000 in crypto holding.","og_url":"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin","og_site_name":"Blockworks","article_published_time":"2024-10-17T18:00:00+00:00","article_modified_time":"2024-10-17T17:10:29+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/goat.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin","url":"https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin","name":"An absurdist AI bot sparked a viral memecoin. 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Welcome to the future?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"lightspeed-newsletter-solana-network-extension","id":93182,"permalink":"/news/lightspeed-newsletter-solana-network-extension","title":"Solana-based Neon EVM adopts ‘network extension’ title","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/neonevm.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/neonevm.jpg","caption":"\u003cp\u003eNeon EVM and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 16 Oct 2024 17:24:00 GMT","publishedAt":"Wed, 16 Oct 2024 18:00:00 GMT","publishedAtTimestamp":1729101600,"excerpt":"Solana Foundation’s Austin Federa wrote on X that “Most of the L2-ish things on Solana are better thought of as Network Extensions”","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eToday, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003eSubscribe to the Lightspeed newsletter\u003c/em\u003e\u003c/a\u003e\u003cem\u003e. \u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eNarratives move quickly in crypto.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA month and a half ago, Solana Foundation head of strategy Austin Federa wrote on X that “Most of the L2-ish things on Solana are better thought of as Network Extensions.” The basic rationale is that while layer-2s are meant to scale Ethereum by running smart contracts more cheaply on different software, Solana is meant to scale at the base layer, and many Solana-centric networks are meant to do different things than the layer-1.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis kicked off an online debate mainly between Solana fans who agreed with Federa and Ethereum boosters who argued that Solana was simply rebranding the concept of layer-2s, which are a frequent topic of Solana ire.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, Neon EVM, a platform for deploying Ethereum-centric apps on Solana, formally adopted the “network extension” title. The move comes just a month and a half after the term made its public debut.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Unlike an L2, Neon EVM doesn\u0026#8217;t add an extra layer on top of Solana,” Neon EVM chief commercial officer Davide Menegaldo told me in a text. “L2s are built on top of a base Layer 1 blockchain to enhance scalability, they batch transactions before settling on the main chain, and they [fragment] liquidity as well as user experience.”\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon EVM doesn’t do any of these things, Menegaldo argues, so it’s better thought of as a network extension.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen I asked Federa about his term, he said network extensions are meant to be a big-tent term that ditch the Ethereum-centric assumptions about what L2s are.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Neon EVM is not an L2 on Solana, it\u0026#8217;s a ‘L1.5’ because it\u0026#8217;s its own VM but it can atomically compose with SVM stuff. What do we call that? It\u0026#8217;s not a rollup, not an L2\u0026#8230; [it’s] a network extension,” Federa wrote in a direct message.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon isn’t alone in embracing the term. Solana co-founder Anatoly Yakovenko \u003ca href=\"https://x.com/aeyakovenko/status/1830994614557515850\"\u003evoiced\u003c/a\u003e his support, and a co-founder of the high-throughput Ethereum layer-2 MegaETH \u003ca href=\"https://x.com/hotpot_dao/status/1830786592325120139\"\u003esaid\u003c/a\u003e she liked the label.\u003c/p\u003e\n\n\n\n\u003cp\u003eL2s aren’t exclusively Ethereum’s terrain though. The Solana-based DeFi platform Zeta is building a layer-2 that uses a sequencer and follows a lot of the principles that go into Ethereum L2 design, the platform’s founder Tristan Frizza told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eZeta also has a similar mission to ETH L2s, which is to achieve lower latency than Solana’s 400 ms block times would allow, so Frizza feels “hesitant” to adopt the network extension term.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I feel like it\u0026#8217;s a Solana marketing term for L2s, but idk if there are other apps/chains that are genuinely completely different,” Frizza wrote in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eHelius CEO Mert Mumtaz also came out against calling L2-like projects on Solana network extensions, casting them as “too general.”\u003c/p\u003e\n\n\n\n\u003cp\u003eInstead, those debating semantics should “build something people need so crypto overall can grow the pie…hope this helps,” Mumtaz wrote.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Lightspeed Newsletter","categories":["Lightspeed Newsletter"],"primaryTag":"layer-2","tags":["layer-2","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Solana-based Neon EVM adopts ‘network extension’ title","description":"Neon EVM, a platform for deploying Ethereum-centric apps on Solana, formally adopted the “network extension” title.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lightspeed-newsletter-solana-network-extension","og_locale":"en_US","og_type":"article","og_title":"Solana-based Neon EVM adopts ‘network extension’ 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