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Midday Mover: BNB, SOL Outperform as Bitcoin Clings to $30K
PLUS: Mantle Network is mulling a $200 million ecosystem fund for its new layer-2 blockchain.
Updated Jul 11, 2023, 9:11 a.m. Published Jul 11, 2023, 9:11 a.m.
Tokens powering the BNB Chain and Solana blockchains rose as much as 10% in the past 24 hours to post the largest gains among major tokens.
BNB, up 6.7% as of 08:50 UTC, reversed all weekly losses after crypto exchange Binance yesterday announced a token sale for on-chain analytics tool Arkham and said investors must hold BNB to participate. The ARKM token sale has a hard cap of $2.5 million with a maximum of $15,000 contribution limit per user.
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Trading volume in BNB surged to $1.2 billion in 24 hours, four times the day-earlier level, CoinGecko data show, with some large holders depositing millions worth of the tokens to Binance in advance of the ARKM sale.
A giant whale deposited 141,835 $BNB ($35M) to #Binance 3 hrs ago through 4 Binance deposit addresses.
— Lookonchain (@lookonchain) July 11, 2023
The whale may participate in the Arkham (ARKM) token sale.
Due to the purchase cap of 300K $ARKM, the whale deposited $BNB to 4 Binance accounts in order to buy more $ARKM. pic.twitter.com/9hlSCPLlKj
An uptick in SOL prices follows on the back of growth in the Solana-based DeFi ecosystem, which added some $25 million in locked value since the start of July.
Ethereum layer-2 project Mantle Network is voting to create a $200 million ecosystem fund. A recent proposal seeks to allocate $100 million from its treasury and raise an additional $100 million to support the development of the network for the next three years.
Over 99.5% of the community is in favor of the proposal, giving crypto developers and investors yet another heavily funded blockchain to play with in the next bull market.
Bitcoin (BTC), meantime, remains steady above $30,000 even as overall market liquidity and trading volumes show poor signs of growth. Glassnode data indicates that the number of wallets holding at least one bitcoin reached an all-time high of 1,008,737 last week, suggesting decentralization of the network.
MORE:
- Beefy Finance is holding a vote for migrating the BIFI token away from Multichain, which recently underwent an estimated $130 million attack.
- An Abracadabra Finance vote to deploy on the Kava blockchain is nearing completion, with 100% of the community in favor. Kava network will distribute nearly $1 million worth of its KAVA tokens to the DeFi lending, staking and borrowing application in the next 10 months as part of the move.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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