Solana (SOL) has made a significant leap, overtaking Binance Coin (BNB) to claim the fourth position in the global cryptocurrency market cap rankings. This shift marks more than just a numerical change; it underscores the growing strength and popularity of Solana’s ecosystem. Over the past 24 hours, BNB experienced a notable decline of over 5% in its market cap, while Solana has been experiencing remarkable growth, setting new records and attracting attention across the crypto sphere.
This recent surge in Solana’s prominence is not merely a stroke of luck but the result of continuous growth, technological advancements, and a vibrant community that has propelled it beyond established giants in the industry. In recent weeks, Solana has not only surpassed Ethereum in daily decentralized exchange (DEX) volume, according to DeFi Llama, but has also emerged as a hub for meme coin enthusiasts. Amidst this flurry of activity, Solana has effectively countered what some referred to as the “Sam Bankman-Fried curse,” transforming itself into a launchpad for a remarkable uptrend. The value of SOL has soared to $200, with interest in Solana reaching unprecedented levels.
Facing potential prison time, former Binance CEO hints at new project
Since his guilty plea in November 2023, Changpeng Zhao has largely stayed off social media but broke this pattern to announce a project with “no new tokens.”
Launching a new project.
No, no new tokens.
Education project.
More details soon…— CZ 🔶 BNB (@cz_binance) March 18, 2024
Changpeng “CZ” Zhao, who is scheduled to appear in court on April 30 for sentencing after pleading guilty to one felony count, has hinted at a new project that focuses on education in the cryptocurrency or blockchain space. In a post on X on March 18, Zhao revealed that the project would not involve any new tokens and emphasized his intention to provide more information about it soon.
My next project. @GiggleAcademy (No logo yet)
Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.Read the Concept Paper at https://t.co/knqmZF0sQ8
We are HIRING. Small team, work directly with CZ.
— CZ 🔶 BNB (@cz_binance) March 19, 2024
Fidelity amends spot Ethereum ETF proposal to include staking
The announcement of Fidelity’s proposal to stake a portion of the Ether held by its proposed spot Ether exchange-traded fund (ETF) caused a brief jump in the price of LDO. In an amendment filed to the United States Securities and Exchange Commission on March 18, Fidelity outlined its intention to stake an undisclosed amount of the fund’s assets through trusted staking providers, potentially including an affiliate of Fidelity. This move is aimed at generating additional income for investors in the ETF.
Fidelity did not disclose a specific staking provider in its proposal to stake a portion of the Ether held by its proposed spot Ether exchange-traded fund (ETF). However, there are several Ether staking providers in the market today, including Lido DAO, RocketPool, and StakeWise.
The race for the approval of spot Ether ETFs has intensified, with multiple firms, including Fidelity, BlackRock, ARK Invest, and Grayscale, vying for approval from the United States Securities and Exchange Commission (SEC). However, if the SEC does not approve all eight ETFs by Van Eck’s final deadline on May 23, the prospective issuers will need to refile their applications at a later date.
Bloomberg ETF analyst Eric Balchunas has indicated that the likelihood of a spot Ether ETF approval by Van Eck’s deadline in May is currently sitting at just 35%. This is a significant drop from the 70% odds estimated in January, with Balchunas attributing the decline to the SEC’s lack of communication with prospective fund issuers and political pressure against Chair Gary Gensler.