From Brazil ETF to Outperforming BNB and ETH: Solana's Eventful Week in Review

Solana Price Fluctuates During Volatile Week

(August 8) - On August 6, the SOL/ETH ratio reached an all-time high of 0.059 following a $500 billion market sell-off, with SOL recovering 35% to $144 and ETH only 15% to $2,463. On August 7, Solana-based memecoins surged by approx. 30% as SOL rose 38% from Monday’s low, driven by anticipation of a SOL ETF, which later has been approved in Brazil. Solana’s total value locked is $4.79 billion with a $3.68 billion stablecoin market cap, contributing to SOL flipping BNB as the fourth largest crypto by market cap as of August 8, reaching $71.3 billion.

Solana Witness Record Jito Validator Tips Amid Network Activity Surge

(August 8) - Solana's Jito validator tips hit a record high, soaring to 17,290 SOL (about $3.19 million) recently, signaling robust network activity amid new token launches. This surge reflects heightened interest in Jito, Solana's MEV solution, allowing validators to benefit from transaction ordering. However, alongside 68,000 new tokens launched last week, questions arise about the ecosystem's quality and sustainability. 

Metrics beyond tips, like daily active addresses and transaction counts, will be crucial in gauging genuine adoption versus speculative activity. While increased tips may attract more validators, potentially enhancing decentralization, they could also intensify competition and transaction costs. 

Pacmoon Shifts to Solana, Renamed ARMY

(August 8) - Blast Memecoin Pacmoon has migrated from its previous network to Solana, undergoing a rebranding in the process to become ARMY. The shift to Solana was motivated by challenges encountered while building on their former network. 

Solana's robust infrastructure and faster transaction speeds are expected to provide a more conducive environment for their operations going forward. This move marks a strategic decision to leverage Solana's capabilities for enhancing user experience and scalability in their meme coin ecosystem.

Solana's First Gaming SVM Surpasses 1M Monthly Active Users

(August 8) - Solana's first gaming SVM (Sonic Virtual Machine) has achieved a significant milestone, surpassing 1 million monthly active users during its testnet phase. Despite this success, Sonic's CEO highlights that Web3 gaming still lacks essential "soft" infrastructure necessary for broader adoption. 

This includes robust go-to-market strategies, project support services, and effective post-launch marketing. The platform's success was driven by the Odyssey testnet campaign, rewarding users with 'rings' for transactions and engaging in various tasks across eight games.

Ethena Labs Gradually Integrates SOL with USDe on Solana

(August 7) - Ethena Labs, known for the USDe yield-bearing stablecoin, has expanded its operations to the Solana blockchain. This move integrates SOL as a reserve asset for USDe, enhancing its scalability and open interest across major exchanges. The integration, set to be implemented pending a governance vote, aims to capitalize on SOL's strong market performance in 2024. 

Ethena plans a gradual scaling into SOL, monitoring funding rates closely to ensure stability and growth for USDe within the Solana ecosystem. This strategic move marks a significant step in USDe's evolution and Solana's blockchain integration efforts.

Binance Labs Invests in Solana Restaking Protocol Solayer

(August 7) - Binance Labs has invested in Solayer, a restaking protocol on the Solana blockchain. Solayer has attracted over $150 million in total value locked and 70,000 unique addresses within two months. The protocol aims to enhance Solana's decentralized applications (dApps) and blockchain security through proof-of-stake mechanisms. 

With Binance Labs' backing, Solayer plans to expand its team, integrate more protocols, and address Solana's network congestion issues. This investment reflects Binance Labs' strategy to support projects that strengthen crypto ecosystems. 

Andrena Raises $18M for Solana-Based DAWN

(August 7) - Andrena, a Solana-based project, has secured $18 million in funding to develop DAWN (decentralized autonomous wireless network). Led by investors like Dragonfly, the Series A extension round also saw participation from CMT Digital and others. DAWN aims to revolutionize internet services by leveraging blockchain to decentralize connectivity. 

It plans to reward users for network participation and aims to launch on Solana with initial coverage for 3 million U.S. households. This funding round brings Andrena's total raised capital to $38 million, signaling strong investor confidence in its mission to democratize internet access through decentralized infrastructure.