In the ‘war’ between Solana and Ethereum, SOL takes a swing at ETH as it retests $170 and boasts a larger than ever TVL, showing that Solana’s popularity is on the rise.
One of Solana’s big successes this year has been the activity and revenue from the popular memecoin deployer pump.fun. These facts give us the opportunity to examine some of Ethereum’s successful coins – Chainlink and Cutoshi to examine if/how they boost Ethereum’s utility.
VanEck’s Staking via its Solana ETN merges benefits of DeFi and TradFi
As well as Solana’s positive price action and on chain usage, there’s been more good news for the speedy blockchain.
Asset Manager VanEck has upgraded its Solana Exchange Traded Note (ETN), by adding staking rewards to enhance investor returns and support Solana’s network growth. This move shows increasing institutional interest in crypto-staking products across Europe.
The Solana ETN holds $74 million in assets, and now allows investors to earn additional Solana staking rewards, reinvested daily. This brings extra utility to Solana, allowing TradFi investors to experience rewards similar to dividends.
This comes after a similar strategy VanEck implemented with its Ethereum ETN earlier in the year and VanEck will charge a 25% fee on the staking rewards.
For investors, this development provides an opportunity to generate passive income while holding Solana. The reinvestment of daily rewards offers compounding returns, potentially increasing overall yields. VanEck’s Solana ETN is now more appealing to those seeking diversified income in the crypto market.
However those holding Solana on chain will likely find better staking returns by accessing web3.
In terms of price action, SOL is forming a cup-and-handle pattern and is on target for another move past $170.
LINK on the rise as the CCIP continues to prove its usefulness for EVM chains
Chainlink, perhaps one of the most important crypto projects of today in terms of active use cases, is on a tear. LINK posted 10% gains on the weekly chart and is up by 35% on the monthly.
The project, which started off as a decentralized network of oracles, aiming to bring increased safety to DeFi, has blossomed into the much bigger scope of its CCIP – Cross Chain Interoperability Protocol.
This news was bringing LINK a lot of attention in previous months but recently has been suppressed by other things going on in crypto. However, the Chainlink team has been busy, continuing to work on making the blockchain space safer, with additional utility and ease of interoperability.
One such project is the recent integration of Chainlink with Axie’ Infinity’s gaming blockchain Ronin. After a vote, Chainlink was the most desired partner for the ongoing safety of their Ronin Bridge.
In a recent announcement that proves how superior Chainlink’s tech can be, Ronin token holders are not required to do anything and all tokens will migrate seamlessly. This is an example of how protocols built on Ethereum are surpassing the utility of Solana.
Furthermore, in a huge step for Chainlink, ANZ bank (Australia and New Zealand Banking Group) has just gone live with CCIP’s Private Transactions. They are the first bank to adopt the tech, but many more are likely to follow.
Moving back to price action, with rising network activity, partnerships and declining exchange reserves, LINK is showing bullish signs. If it breaks above $13.01 resistance, LINK could target $14.85, with potential for even higher levels around $19.23 as trading volume and market confidence continue to grow.
Cutoshi set to bring a new generation of crypto holders to DeFi?
Cutoshi comes with the appeal of memecoins as seen on the Solana blockchain, combined with the utility-enhancing capabilities of DeFi on Ethereum.
Called “The Luckiest Meme Coin in The World” Cutoshi draws inspiration from the Chinese Lucky Cat figurine often seen in homes and businesses. This is because the cat has been traditionally thought to bring prosperity to its owners.
Memecoins have been incredibly profitable for some in 2024, but that’s just one feature of the Cutoshi project. In an effort to bring more people to the benefits of DeFi, but in a fun and engaging way, Cutoshi is building a whole ecosystem dedicated to DeFi.
One interesting feature they are building is a cross-chain DEX. One of the problems with DeFi on Ethereum is prohibitive fees, so Cutoshi aims to keep them as low as possible while offering easy ways to trade across chains. This is similar (if smaller in scope) to Chainlink’s interoperability intentions. And it also brings back the decentralized yet human element to crypto.
Cutoshi seems to realize that many people would like to get involved with DeFi but don’t have the tools or knowledge to do so. That’s why their Learning Academy is set to be a key feature of the ecosystem. Most lessons will be free while advanced ones are purchasable in CUTO, the ecosystem’s native token.
From a price perspective, Cutoshi is a brand new coin in the second stage of presale, at $0.022, currently up by 46% on the monthly. This means that there is plenty of upside potential before the coin even launches, and if their vision is successful CUTO will be a token to watch.
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