Latest Solana News and Insights | Yellow.com

Solana's decentralized finance (DeFi) scene is buzzing. Raydium, a leading decentralized exchange (DEX), has grabbed a whopping 60% market share. This comes as overall DeFi activity cools off and meme coins start fleeing towards Tron. DeFiLlama data shows total value locked across major blockchains sits at $77 billion. Ethereum still leads the pack, but Solana's making waves. Raydium's user base is exploding. An analyst on X shared Artemis data showing the DEX attracts over 200,000 active users daily. It's simply leaving other competing protocols in the dust. Solana's daily active addresses have hit an all-time high. The blockchain now boasts 5.5 million daily active users on average. That's huge. Ethereum and its layer-2 solutions can't keep up. Solana's base layer scalability is giving it an edge. No need for sequencers or fault-proof systems here. "Solana's throughput is off the charts," says a crypto analyst who preferred to stay anonymous. "It's no wonder users are flocking to it." But here's where things get weird. Despite the user base growth gas fees are tanking. As of September 7, fee revenue hit a six-month low of $414,000. That's peanuts compared to the $5 million seen on March 18. What's behind the fee drop? Pump.fun, a popular meme coin launchpad, is losing steam. Its fees have nosedived by over 80% since late July. But don't you worry, meme coin enthusiasts aren't disappearing. They're just moving house. Tron, another speedy blockchain, is seeing a surge in activity. Its new launchpad, SunPump, is picking up where Pump.fun left off. "It's like musical chairs for meme coins," jokes a Solana developer. "First Solana, now Tron. Who knows where they'll go next?" Despite the fee slump, Solana's user activity remains red-hot. It's a mixed bag of signals for the blockchain. High engagement but lower revenue – a puzzle for analysts to unravel. As the DeFi landscape evolves, Solana's position remains strong. Raydium's dominance and record user numbers paint a rosy picture. But the exodus of meme coin activity and plummeting fees add a note of caution. One thing's for sure: the DeFi world never stays still for long. Solana's next moves will be closely watched by investors and enthusiasts alike.

Mercuryo, a crypto payments firm, has unveiled a Mastercard debit card for European crypto holders. The virtual card, named Spend, lets users convert crypto to fiat for purchases. It's available across the EU. Users can buy stuff at over 90 million Mastercard merchants. Polish fintech Quicko issues the card. Mercuryo aims to make Spend widely accepted. "Spend's launch is a big deal for us," says Petr Kozyakov, Mercuryo's co-founder and CEO. He's pretty chuffed about it. "It's a step towards making crypto more mainstream." The card works with a non-custodial wallet. Users keep their crypto keys. It supports 40 cryptocurrencies, including Ethereum and Solana. No word about Bitcoin, though. Mercuryo claims instant conversion from crypto to fiat. No waiting around like with banks. For now, it's just for the European Economic Area. But they're planning to roll it out globally soon. The card has a €40,000 monthly limit. There's a €1.60 issuance fee and a €1 monthly maintenance fee. Users gotta follow anti-money laundering rules. Mercuryo isn't the first to launch a crypto-to-fiat card. MetaMask did it in August with Mastercard. Bybit's been offering one since last year. It's a crowded field. But Mercuryo's betting on its competitive fees and security to stand out. Time will tell if they've got what it takes to make a splash in the crypto payments world.

A new scam is causing havoc in the Solana ecosystem. Users are buying tokens that vanish within seconds. The culprit? A sneaky abuse of Solana's "Permanent Delegate" extension. Slorg, a member of Jupiter's Core Working Group, flagged the issue. "Imagine you swap for a token and the wallet history confirms that you received it. But then you look inside and nothing shows up," he posted on X. The scam exploits a feature in Solana's Token 2022 standard. PeckShield, a blockchain security firm, explained the technicalities to Cointelegraph. The extension grants unrestricted privileges over token accounts. Solana's website describes the feature's intended uses. These include retrieving mistakenly transferred tokens and enabling automatic payments. However, they admit it's a "double-edged sword". So why burn victims' tokens? Slorg offered two theories. "Sometimes scammers just want to see destruction and chaos," he said. It's a mix of prank and malice. The second reason is more calculated. Burning tokens reduces float. "If someone can't sell, the price won't decrease," Slorg explained. Even small profits can add up for persistent scammers. PeckShield suggested another motive. The scam could be an attempt to manipulate token supply. This affects the cryptocurrency's overall economics. Beosin, another security provider, had a different take. They believe scammers might use this tactic to create a false impression of token scarcity. This could artificially inflate prices. The crypto community is fighting back. Jupiter and RugCheck have created indicators for this extension. But Slorg stressed the need for caution. "Always have a routine that you don't deviate from," he advised. As the Solana ecosystem evolves, so do the scams. Users must stay vigilant. The price of carelessness in crypto can be steep. It's a wild world out there, and even seasoned traders are getting caught out.

Solana, a big player in crypto, is seeing its transaction fees tank. This has folks worried about its future in a rough market. Kyle Doops, who hosts Crypto Banter, spilled the beans on X. Daily fees on Solana have nosedived to $639,000. That's an 87% drop from March's all-time high. It's the lowest in nearly 5 months. Doops reckons it's due to cooling hype and less meme coin action. "Major meme coins on SOL have taken a beating," Doops said. "It's driving down network activity." But it's not all doom and gloom. Solana's stablecoin market cap is booming. It's hit $4 billion, the highest since October 2022. Doops thinks this shows growing trust in Solana. DeFi platforms and wider crypto markets are gobbling up its stablecoins. Meanwhile, SOL's price has dropped from about $161 to $146. The market's feeling bearish, but some analysts are keeping the faith. Trader Tardigrade is one of them. They've spotted a bullish Symmetrical Triangle pattern on SOL's weekly chart. "It's like mid-2021 all over again," Tardigrade said. Back then, SOL rocketed from $30 to $250 after breaking out of a similar pattern. If history repeats, Tardigrade reckons SOL could hit $1,200. That's a massive jump from its current price. So, what's the takeaway? Solana's in a weird spot. Fees are down, but stablecoins are up. The price is wobbling, but some see a rally coming. It's a mixed bag, for sure. But in crypto, things can change fast. Solana's story is far from over.

Solana's memecoin scene is about to get wilder. A protocol known for shorting these volatile tokens is flipping the script. Dumpy.fun, a platform for betting against memecoins, is launching a new tool. It's called squeezy.lol. The aim? To let traders go long on heavily shorted tokens. The announcement came via X on August 20. Dumpy.fun, whose name riffs on the popular Solana memecoin deployer pump.fun, set the launch date for August 27. They're calling it a "new era of PVP" in trading. What's the big deal? Well, squeezy.lol will let traders take the opposite side of Dumpy.fun users. It's introducing a "squeeze explorer" to show which memecoins are most shorted. This could be a game-changer. The idea is simple. Spot the heavily shorted assets. Rally the memecoin communities. Trigger a "short squeeze". It's a recipe for chaos, and potentially, profit. Dumpy.fun currently supports 11 memecoins. These include Dogwifhat (WIF), Wen (WEN), and Bonk (BONK). But they're not stopping there. They're planning to introduce permissionless listings. This means users can short newly created tokens of their choice. Let's back up a bit. What's shorting? It's betting that an asset's price will fall. And a short squeeze? That's when the price of a heavily shorted asset suddenly spikes. Short sellers are forced to buy more to cover their positions. It's a vicious cycle. Remember the GameStop saga of 2021? That was a short squeeze on steroids. Retail traders forced hedge funds to liquidate their shorts. GameStop's shares skyrocketed over 1,500% in a month. It was bonkers. Now, Solana's memecoin traders might get a taste of that action. With Dumpy.fun's new tool, they could spot potential squeeze opportunities. It's like giving them a superpower in the wild west of crypto trading. But here's the kicker: Dumpy.fun was originally designed for shorting. It lets users short Solana memecoins with small amounts of leverage. Given the recent price drops in these tokens, that strategy might've paid off handsomely for some traders. So, what's next? The crypto world is watching. Will squeezy.lol live up to the hype? Only time will tell. But one thing's for sure: Solana's memecoin scene is about to get a whole lot spicier.