Solana Achieves Record-High Fee Revenue Once More

According to data from Blockworks Research., Layer-1 blockchain Solana has once again achieved a record-breaking network revenue after previously hitting an all-time high on Oct. 22. Blockworks’ data analytics manager, Dan Smith, said in a post on the X platform, that on Oct. 23, Solana generated some $8.7 million in economic value from network activity, up from just under $8 million one day prior. That figure accounts for all revenue sources, including base fees, priority fees, and tips, among others, according to Blockworks Research.

With Solana's (SOL$172.94) outstanding performance, it has emerged as a serious challenger to Ethereum, Since 2023, the SOL token has been outperforming Ether ETH$2,481.71 by some 600%.

According to data from DefiLlama, the total value locked (TVL) on Solana surged from less than $250 million at the start of 2023 to more than $6.8 billion as of Oct. 24. Solana's rise has been supported by a surge of celebrity coin trading primarily on Solana-based memecoin platforms like Pump.fun and Moonshot.

Meanwhile, SOL is seen as the next candidate after Bitcoin and Ethereum for inclusion in exchange-traded funds (ETFs) in the United States.

Consensys calls for clear cryptocurrency regulations in a letter to the future US President

Amid rising political and market tensions, Consensys, a blockchain firm has issued an open letter to the future United States president requesting clear and supportive regulations for cryptocurrencies and Web3.

The letter was published on Oct. 23, and it cites the need for transparency in regulatory ruling that would allow the US to remain competitive globally while addressing consumer protection and illicit activity concerns.

Consensys' request arises amidst considerable fluctuations in the cryptocurrency market due to global events. Bitcoin BTC$67,429 is now valued at approximately $67,500, a decrease from its peak of over $70,000 in June.

Kraken plans to introduce the Ink blockchain for decentralized finance in early 2025

A centralized cryptocurrency exchange (CEX), Kraken, has plans to launch its own blockchain dubbed “Ink” in early 2025, focusing on decentralized finance (DeFi) applications.

As reported by Bloomberg, Ink seeks to allow users to trade, borrow, and lend tokens directly, eliminating the need for intermediaries—marking a shift from the current stance of centralized exchanges in the crypto and Web3 space.

Kraken's upcoming blockchain launch is expected to streamline the DeFi process, making it more accessible and affordable for a wider audience.