As Uptober comes to a close, Bitcoin flirts with its all-time high, making investors ask if it’s going to be a BTC Christmas. Meanwhile, investors are looking at up-and-coming blockchains Solana and Sui to see if they can gain greater returns as altcoin season appears to be starting. New project Cutoshi is attracting attention from those looking for a smaller coin with huge potential, after its recent listing on CoinMarketCap.
Solana’s New SUSD Stablecoin And The Rise Of On-Chain Activity
Solana is a staking platform built on Solana. They have introduced sUSD, a tokenized Real World Asset (RWA) stablecoin on October 29th. Unlike traditional stablecoins which are, according to Solayer, backed by fiat and therefore tied to traditional finance systems, sUSD is user-owned.
“Most stablecoins are tethered completely to traditional banking infrastructure, drifting away from crypto’s core promise of individual freedom. To create the ultimate open internet platform, stablecoins should be decentralized and user-owned – an automated asset that no one can create, destroy, or freeze besides the user themselves.”
However, sUSD is still tied to TradFi in the sense that it is partly collateralized by a collection of low-risk assets, including U.S. Treasury bills and bonds from the U.S. Department of the Treasury. Still, the coin is a step in the right direction and will help to boost liquidity on the chain, further accelerating Solana’s efforts in the meme coin world, among others.
Solana’s big success story of 2024 has been its price action and growth of pump.fun, the easy-to-use meme coin deployer, and other Solana memes such as POPCAT, Dogwifhat, and MEW.
Pump.fun’s revenue continues to increase (in part due to the increase in Solana’s price), and the two work well to keep network activity high.
Meanwhile, looking to the future, VanEck’s recent partnership with Kiln to offer staking rewards to their Solana ETF, could be yet another signal that Solana is going to continue to rise in price, influence, and size.
Sui’s Cross-Chain Bridge And Rising Participation In Gaming And DeFi
In a surprise last-minute move, Telegram game ‘MemeFi’, moved to SUI to launch their token. Like others, they have noticed SUI’s transition of their focus from business to gaming.
MemeFi felt it was essential to partner with an ecosystem that shares their approach.
On October 26th, MemeFi posted, “With Sui’s extensive background and experience, it’s clear they’re focused on innovation, shifting back from a corporate structure to a dynamic, startup-friendly environment.”
Sui offers low-cost, high-speed transactions with unlimited scalability, thanks to its Rust-based language. While Sui has recently gained significant attention, MemeFi said they recognized its potential early on, drawn by its cutting-edge technology, opportunities, and capability to create and promote viral consumer applications.
SUI’s recent reveal of its cross-chain bridge means that people will be more easily able to get their assets in and out of SUI, which should increase DeFi and gaming participation across the chain, resulting in continued positive price action.
SUI is in the green on almost all timeframes, up 8% on the weekly and 332% on the yearly chart.
Cutoshi Blends Meme Coin Appeal With Decentralized Finance Goals
Like Solana and Sui, Cutoshi is aiming to push the boundaries of what is possible in crypto. Part meme coin, part DeFi ecosystem, Cutoshi is part of a new but growing genre of MemeFi projects. Cutoshi is the meme of the Chinese Lucky Cat, they are believed to bring good fortune and prosperity.
Apart from the meme aspect, Cutoshi’s core concept is based around the Cutoshi DEX, which, like Solana’s bridge, is cross-chain for enhanced interoperability. It also has a P2P section encouraging users to try out the truly decentralized trading options that blockchain enables.
They are also going to provide staking and liquidity-providing options, as well as group farming and quests, designed to enhance network participation and unite their community.
The Cutoshi Learning Academy is another important aspect of the MemeFi ecosystem, since it will encourage community members to empower themselves and learn new skills in DeFi, investing, and trading.
Cutoshi, which recently gained a page on CoinMarketCap, is in the second stage of presale, with about 75% sold out already. This means the price of this new token will shortly rise. CUTO is currently at $0.022, providing a 46% gain for holders from the first stage.
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