Solana Fee To Surpass Ethereum, Trader Loses Over $1 Million Due To Hard Fork: Finance Revisited
Welcome to FinanceRedefined, your weekly DeFi Insights newsletter designed to bring you the most important developments from the past week.
Last week, Solana continued its momentum in Diffie and could overtake Ethereum in terms of transaction fees in the next week. The United Kingdom's Financial Conduct Authority (FCA) is working to include regulations related to traditional finance (TradFi) and DeFi to ensure a comprehensive crypto framework.
A trader lost over a million dollars worth of crypto assets due to the 0L network hard fork.
The top 100 DeFi tokens had a mixed week by market cap, with several tokens posting double-digit growth while others traded in the red on the weekly charts.
Solana can reverse Ethereum transaction fees in a week – report
The Solana network may be on its way to surpass the Ethereum network in terms of transaction fees due to significant growth in Solana's status as the so-called “Ethereum killer”. Moreover, Solana's total economic value of $2.8 million is close to Ethereum's total economic value of $3.1 million on May 7.
According to Dan Smith, senior research analyst at Blockworks, Solana could topple Ethereum's transaction fees as soon as this week. However, Solana's daily transaction fees are still far from Ethereum. Ethereum generated more than $2.75 million in value in the 24 hours through May 8, compared to Solana's $1.49 million, according to Defillama data.
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FCA crypto regulators take advantage of TradFi and DeFi, says exec
Financial authorities in the UK aim to take advantage of TradFi and DeFi when it comes to regulating cryptocurrencies such as Bitcoin (BTC), an FCA executive has revealed.
The cryptocurrency community and regulators have long pondered the best approach to regulate the crypto market, raising concerns about overregulation or overregulation. The FCA's director of payments and digital assets, Matthew Long, says the right way to regulate the industry is to combine different approaches and see which works best.
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A businessman lost a seven-figure sum due to the 0L network hard fork
One unlucky trader lost over a million dollars worth of cryptocurrency due to the 0L network hard fork. Anonymous Trader NN lost his money due to a community-unapproved hard fork.
An anonymous trader bought 147 million Libra tokens with an estimated value of $1.47 million in February 2023, before joining the protocol to aid marketing efforts. According to CoinGecko data, the price of Libra has fallen to over $0.001 since May 3rd at 12:35 pm UTC.
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First Bitcoin-backed artificial dollar to start with 25% yield
Hermetica has launched its first Bitcoin-backed synthetic U.S. dollar generating capabilities for Bitcoin-native DeFi, the latest development product.
The new synthetic dollar, USDh, which is scheduled to be released in June, will offer users a yield of up to 25%, Hermetica's announcement shared with Cointelegraph. According to Jacob Schillinger, founder and CEO of Hermetica Labs, the new synthetic dollar will allow bitcoiners to hold and produce in US dollars without having to rely on the banking system or exposure to non-Bitcoin products.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a heavy week by market capitalization, with most trading in the red on the weekly charts. The total value locked in DeFi protocols has topped $90 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
