22 Nov, 2024

Solana Breaks Record Amid Crypto Market Resurgence

Solana (SOL) has achieved a historic milestone, surpassing its all-time high to trade above $263 late Thursday. The cryptocurrency’s 11% surge within 24 hours comes amid a bullish market rally, driven by renewed optimism following Donald Trump’s re-election as U.S. president. Solana’s previous peak was $259.96, recorded in November 2021, according to CoinGecko.This achievement is remarkable considering Solana’s tumultuous history. Once celebrated as a faster and cheaper alternative to Ethereum, the token plummeted to $8 by the end of 2022 due to the fallout from the FTX collapse. However, SOL’s rally underscores its dramatic recovery, with a 360% year-over-year increase.Drivers of Solana’s SurgeSeveral factors contributed to Solana’s resurgence:① Meme Coin Activity: The resurgence of tokens like Dogwifhat (WIF) and Peanut the Squirrel (PNUT) has spiked transaction volumes on the network.② DeFi Growth: Decentralized finance (DeFi) activity on Solana has surged, bolstering its appeal to both retail and institutional users.③ Institutional Investment: Solana’s ecosystem attracted $173 million in Q3 2024 funding, a 54% quarter-on-quarter rise.Political and Regulatory ShiftsMarket sentiment has been further lifted by the prospect of a crypto-friendly U.S. administration. Bitcoin and XRP have also reached new heights, coinciding with the announcement of SEC Chair Gary Gensler’s resignation. Fox News reports that the SEC is engaging with issuers on spot Solana ETF applications, adding to the momentum.Competitive AdvantageSolana’s ability to offer cost-efficient and high-speed solutions positions it as a formidable competitor to Ethereum. Rising gas fees and Layer 2 complexities have prompted users to explore Solana’s streamlined ecosystem, which supports dynamic applications and robust transaction capabilities.Broader Market ContextThe GMCI 30 index, tracking the top 30 cryptocurrencies, reflects the ongoing rally with an 8% daily increase and a 46% monthly rise. Bitcoin continues to break records, and the crypto market appears to be riding a wave of renewed investor confidence.Solana’s OutlookHaving navigated the challenges of 2022, Solana’s resurgence highlights its resilience and adaptability. With the potential approval of a U.S.-based Solana ETF and increasing institutional interest, the blockchain network is poised to redefine its market position in the rapidly evolving cryptocurrency landscape.By focusing on innovation, strategic funding, and user engagement, Solana solidifies its reputation as a leader in the crypto space.

18 Nov, 2024

Tether-Backed Quantoz Launches Mica-Compliant Stablecoins USDQ, EURQ

Quick Take① Quantoz Payments, a blockchain firm based in the Netherlands, has launched two new MiCA-compliant stablecoins pegged to the Euro and the U.S. dollar.② The stablecoins will be listed on Bitfinex and Kraken on Thursday, Nov. 21.③ Tether, alongside Kraken and Fabric Ventures, will invest an undisclosed sum in the company.Tether-Backed Quantoz Launches Mica-Compliant Stablecoins USDQ, EURQShortly before the European Union's Markets in Crypto-Assets regulation, known as MiCA, takes full effect in December, a Netherlands-based firm has launched two MiCA-compliant stablecoins. Quantoz Payments is issuing two new tokens, USDQ and EURQ, stablecoins pegged to the dollar and the euro, respectively, on the Ethereum blockchain. Quantoz is regulated and licensed by the Dutch Central Bank as an Electronic Money Institution, and the stablecoins are fully backed by fiat and "highly liquid financial instruments," according to the firm. The launch comes at a crucial time for European crypto investors, with MiCA regulations restricting certain stablecoins set to go into effect in December. While Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market, other competitors such as EURQ are likely looking to claim their own share of the market. EURC's stablecoin supply also recently hit an all-time high. Tether, the world's largest stablecoin issuer, has yet to receive a license for its stablecoin USDT under MiCA. Coinbase has also not commented on whether or not it will delist the token in Europe, as it plans to do with other non-compliant stablecoins by the end of the year. The lack of clarity around USDT might provide one reason why Tether invested an undisclosed sum, alongside Kraken and web3 venture capital firm Fabric Ventures, in Quantoz Payments. "Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape," Tether CEO Paolo Ardoino said. USDQ and EURQ will be available for trading on Bitfinex and Kraken on Thursday, Nov. 21, according to Quantoz. Quantoz will hold 2% of the token on its balance sheet in accordance with MiCA regulations. "The support through this investment round from some of the best businesses in digital assets will enable us to provide a timely solution for digital asset markets as well as unlock the benefits of blockchain-based money for more traditional use cases," Quantoz CEO Arnoud Star Busmann said.