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Anthony Scaramucci, founder of SkyBridge Capital, has voiced strong support for Solana's role in revolutionizing the financial industry. According to him, Solana will help save as much as $7 trillion on financial transactions. The hedge fund veteran and former White House Press Secretary spoke at the Solana Breakpoint 2024 conference. He highlighted the blockchain's potential to eliminate inefficiencies in securities trading. Scaramucci pointed out the current complexities in the industry. "The problem in the securities industry: it's not one-third party, it's actually seven or eight different parties," he stated. This multi-party system introduces significant friction in transactions. He drew from his extensive experience, noting the progress made in transaction times over the past 35 years. "When I joined the industry 35 years ago, it was trade day plus 5 (T+5). I think we're down to trade day plus 1 (T+1)," Scaramucci said. Despite these improvements, he believes further optimization is possible. Scaramucci envisions a future where blockchain technology streamlines the entire process and sees Solana as a key player in this transformation. The potential impact of this change is substantial. Scaramucci estimates that $7 trillion is spent globally on transaction verification, this includes costs associated with credit card transactions and wire transfers. He suggests that tokenization on the Solana blockchain could revolutionize this system. "Once we clarify or are able to unwind our trades, this system is actually a flawless and near-perfect system," Scaramucci explained. The hedge fund manager expressed personal confidence in Solana. "I own a lot of Solana and I believe it will, I believe it eventually will," he stated. This suggests a long-term bullish outlook on the blockchain's prospects. Scaramucci's vision extends beyond mere cost-saving. He sees potential for broader economic benefits. By eliminating third parties and leveraging distributed networks, he believes trust can be established more efficiently. The ultimate goal, according to Scaramucci, is to redirect the $7 trillion currently spent on verification. "Just imagine if we could start tokenizing things and take third parties out of the equation, use the distributed network to trust each other, and take that $7 trillion and put it back into the economy," he said. At the time of the conference, Solana was trading at $146.04. This price point reflects current market valuation, but does not account for potential future growth based on Scaramucci's predictions.

XRP, Solana, Bitcoin and Litecoin see inflows from investors, while Ethereum continued its outflow trend. Digital asset investment products saw inflows of $321 million last week. This marks the second consecutive week of positive flows. The trend reflects strong investment interest, particularly in the United States. The Federal Open Market Committee's decision to cut interest rates by 50 basis points fueled this interest. As a result, crypto fund assets under management grew by 9%. Bitcoin led with $284 million in inflows. Notably, short Bitcoin products attracted $5.1 million, this suggests some investors are hedging against potential downside risks. Ethereum continued its outflow trend for a fifth consecutive week. Outflows totaled $28.5 million last week. The Grayscale Ethereum Trust largely drove this trend. Month-to-date outflows for Ethereum now stand at $145.7 million. XRP saw inflows of $0.1 million, this coincided with the launch of Grayscale's XRP trust. Solana maintained its appeal with $3.2 million in inflows. Litecoin also saw modest inflows of $0.1 million. Multi-asset investment products attracted $54.2 million, this effectively offset Ethereum's outflows. Cardano-based products, however, experienced $0.2 million in outflows. The crypto industry appears to be entering a bullish phase, recent multi-month corrections seem to be ending. Bitcoin, supported by key on-chain metrics, looks primed for a bull run. The prospect of further Fed interest rate cuts adds to this optimism. Institutional interest is crucial for the upcoming bull run. Large inflows from these investors will likely boost Bitcoin's price. This could lead to corresponding inflows into altcoins, and Ethereum may finally start attracting institutional inflows in the coming weeks. The diverse trends among altcoins highlight the varying strategies employed by institutional investors. As the market evolves, these preferences may continue to shift, reflecting the dynamic nature of the cryptocurrency landscape.

Solana Labs and Google Cloud have introduced Gameshift, a new Web3 API for game development. The service aims to connect traditional Web2 experiences with Web3 technologies. Gameshift was unveiled at the 2024 Solana Breakpoint conference. It was announced during the "Gamer Village" side events, the API is now available on the Google Cloud Marketplace. The new tool is designed to simplify Web3 integration for developers. It provides a suite of foundational Web3 services, which are accessible to projects within the Google Cloud ecosystem. Gameshift targets developers working on traditional games. It allows them to add Web3 elements like NFTs to their projects. The API handles much of the complex work involved in integrating blockchain services. Jack Buser, director for Games at Google Cloud said, "Game studios have recently been considering Web3 for new approaches to growth and development but are often discouraged by the seeming complexity of the technology and the Web3 community." Buser also emphasized the need for simplified solutions. "Game studios are already overburdened and need solutions like GameShift that provide simplified technical and cultural interfaces to Web3," he stated. This announcement continues a tradition of collaboration between Google Cloud and Solana Labs. They often reveal new integrations at the annual Solana Breakout event. In 2022, Google Cloud became a node validator for the Solana blockchain. This was announced at that year's conference, and Solana also introduced a Web3 store and a blockchain-enabled smartphone at the same event. The 2024 event echoed previous years. It featured announcements from Google Cloud and a new Web3 API. Solana also presented its latest blockchain-enabled smartphone model. Gameshift represents a significant step in bridging Web2 and Web3 technologies. It offers game developers a streamlined path to incorporating blockchain elements into their projects.

Eclipse Labs is set to launch its mainnet in October. The project combines elements from Ethereum, Solana, and Celestia blockchains and aims to address scalability issues in the Web3 space. Vijay Chetty, CEO of Eclipse Labs, confirmed the timeline. "Public mainnet will be launching toward the end of October," he stated. The project is currently in the developer mainnet phase, he added. Eclipse utilizes the Solana Virtual Machine for transaction execution. It operates as an Ethereum layer 2 solution. The project also incorporates Celestia's data storage capabilities. The team's goal is to bring "Web2 scale to Web3". They believe this can be achieved by combining the strengths of multiple blockchains. Eclipse aims to avoid the perceived weaknesses of its component blockchains. Chetty pointed to Solana's decentralization issues and Ethereum's slow base layer transactions. These factors, he suggested, have limited both networks' widespread adoption. The project faces significant competition in the Ethereum layer 2 market. Arbitrum One, Base, and OP Mainnet are currently the largest players. They hold $13.7 billion, $6.5 billion, and $6 billion in total value locked, respectively. To gain market share, Eclipse plans to integrate existing Solana applications. These include decentralized exchanges Mango and Orca. The lending platform Solend is also slated for integration. Some of these applications will be rebranded for the Eclipse ecosystem. This strategy aims to leverage existing user bases and functionality. Eclipse's approach to data storage sets it apart from some competitors. Many layer 2 solutions store data off-chain due to cost concerns, but Eclipse plans to use Celestia for on-chain data storage. The launch of Eclipse represents a new development in blockchain interoperability. Its success could influence future approaches to scaling and cross-chain integration in the cryptocurrency sector.

Tron, a smart contracts platform, is carving out a unique niche in the blockchain space. An analyst argues it could be one of the most important layer-1 networks. The platform now functions primarily as a transactional layer, similar to Bitcoin. Tron's evolution has been noteworthy. Initially known for hosting gaming dapps, it has shifted focus. Michael Nadeau, founder of The DeFi Report, posting on X, claims Tron now plays a crucial role in banking the unbanked in developing economies. The platform has prioritized processing trustless peer-to-peer (P2P) transactions. This approach diverges from competitors like Solana, Avalanche, and Ethereum. These platforms focus on trading and DeFi. Tron's strategy has yielded results. It now leads in stablecoin transfers and international remittance, especially in emerging markets. The platform dominates USDT transfers. TronScan data from September 18 shows over $61 billion USDT held on Tron. The nature of Tron's transactions sets it apart. Artemis data reveals a stark contrast with other networks. On Ethereum, its layer-2s, Solana, and other layer-1 networks, most stablecoin transactions stem from trading. Tron's stablecoin transfers are primarily P2P. The numbers are striking. Only 5% of stablecoin transfers on Tron over the past year were attributed to MEV bots on exchanges. This means approximately 95% of Tron's USDT and stablecoin transfers were genuine P2P transactions. The scale of Tron's stablecoin activity is significant. As of mid-September 2024, its stablecoin volume exceeds $3.3 trillion. This volume dwarfs that of many competitors. Solana provides a clear contrast. Most of its stablecoin volumes result from trading activities. This difference highlights the distinct use cases and business models of each platform. Tron is not resting on its laurels. Last week, it partnered with Tether and TRM Labs. They formed the T3 Financial Crime Unit. This initiative aims to combat financial crime on the network. The analyst's assessment suggests Tron's model may be more sustainable than some competitors. Its focus on real-world transactions, rather than speculative trading, could provide a stable foundation for growth. As the crypto landscape evolves, Tron's unique approach may position it well for the future.