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.
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.
up 6.7% as of 08:50 UTC, reversed all weekly losses after crypto exchange Binance yesterday 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.
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.
An uptick in prices follows on the back of growth in the Solana-based ecosystem, which added some $25 million in locked value .
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 , 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, of the network.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
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