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🌙 Solana Flips Ethereum in Monthly DEX Volume

Solana’s decentralized exchanges (DEXs) are processing the most onchain volume in Web3, beating out Ethereum, which has been the long-time holder of that title.

Author

Mike Gavela
August 01, 2024

Crypto Roundup - August 1

In a significant milestone for the DeFi ecosystem, Solana has surpassed Ethereum in monthly decentralized exchange (DEX) trading volume for the first time ever, signaling a shift in the competitive landscape of blockchain networks. Meanwhile, Coinbase reported a robust $1.4 billion in revenue for the recent quarter, exceeding market expectations and highlighting the platform's resilience and growth amid regulatory challenges. Additionally, XRP surged by 7% following optimistic speculation regarding a potential settlement between Ripple and the SEC, coupled with the unlocking of $600 million worth of tokens, which has further energized the market.

Top Stories:

  • Solana surpasses Ethereum in monthly DEX volume, reflecting its growing influence in the DeFi sector.

  • Coinbase reports $1.4B in quarterly revenue, beating analyst estimates and showcasing strong financial performance.

  • XRP gains 7% amid hopes of a Ripple-SEC settlement and a significant token unlock, boosting market activity.

TOP STORIES

Solana Flips Ethereum in Monthly DEX Volume For First Time Ever - The Defiant

Solana’s decentralized exchanges (DEXs) are processing the most onchain volume in Web3, beating out Ethereum, which has been the long-time holder of that title.

thedefiant.io/news/defi/solana-flips-ethereum-in-monthly-dex-volume-for-first-time-ever

Coinbase reports $1.4B in revenue, beating estimates

Coinbase reported its second-quarter earnings on Thursday.

blockworks.co/news/coinbase-reports-1-4b-in-revenue-beating-estimates

XRP Surges 7% Amid Ripple-SEC Settlement Hopes, $600M Token Unlock

XRP trading activity is heightening in South Korea, where traders tend to get euphoric about rallying tokens.

www.coindesk.com/markets/2024/07/31/xrp-surges-7-amid-ripple-sec-settlement-hopes-600m-token-unlock

FUNDRAISING

Arbitrum-based DuelNow receives $11M funding as Web3 betting heats up

DuelNow, an Arbitrum-based sports betting platform, raised $11 million, led by GEM Digital, amid growing Web3 gambling interest and surging Polymarket activity.

cointelegraph.com/news/arbitrum-based-duelnow-11-million-funding-web3-betting-heats-up

OTHER HEADLINES

Bitcoin Layer 2 Bitlayer Overtakes Merlin as Scaling Battle Heats Up - The Defiant

Bitcoin Layer 2 Bitlayer has claimed the top spot in the Bitcoin scaling networks rank, in terms of total value locked (TVL).

thedefiant.io/news/defi/bitcoin-layer-2-bitlayer-overtakes-merlin-as-scaling-battle-heats-up

BlackRock's tokenized BUIDL fund has paid $7M in dividends since March

BlackRock's tokenized BUIDL fund, the world's largest tokenized treasury fund, returned $7 million in dividends since the launch of the vehicle in March 2024.

cointelegraph.com/news/blackrock-tokenized-buidl-fund-paid-7-million-dividends-since-march

Bitcoin price crumbles to $62K support, but derivatives metrics show bullish signs

Bitcoin price volatility continued on Aug. 1, but pro traders expect the $62,000 support to hold.

cointelegraph.com/news/bitcoin-price-crumbles-to-62k-support-but-derivatives-metrics-show-bullish-signs

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