Here are some of the major developments in the world of crypto over the past few days.
Degen's were piling into Solana-based memecoins such as “Book of Meme” and “SNAP” as the network struggled to keep up with the surge of activity. Solana network activity surpassed Ethereum over the weekend amid a scramble for Solana-based memecoins — causing the network to struggle to keep up. On March 16, Solana’s total trading volume soared past Ethereum, reaching $3.52 billion and beating out the daily volume on the Ethereum network by more than $1.1 billion, per DefiLlama.
However, the Solana network struggled to keep up with the influx of activity, with many users across X complaining about frequent instances of failed or missing transactions. The huge uptick in Solana network activity was driven by an outsized appetite for new memecoins. On March 14, degens began piling into a new memecoin called Book of Meme (BOME), which rallied from near-zero to a market capitalization of $1.45 billion in just 56 hours. Another memecoin dubbed “$NAP” (NAP) also garnered significant attention from traders, rallying from a market cap of around $20 million to over $330 million in less than 18 hours.
The price of Solana SOL $203 also rallied alongside the huge uptick in network activity, with SOL currently trading at $200, up 7.6% over the last week and 38.4% in the last month, per Coin Gecko data. Solana’s recent gains have also allowed the coin to overtake Binance's BNB BNB $576 coin to become the fourth-largest cryptocurrency by market cap at $88.5 billion. Due to an overall increase in the total supply of Solana tokens, the network’s market cap is currently nearly $12 billion above its former top market cap of $76.5 billion — which it reached on Nov. 7, 2021
Mehen Back arranged to launch USDM in early 2023 but saw delays after crypto-friendly banks were covered in 2023 and its keeping money accomplice went to work with Circle. Layer-1 blockchain Cardano has invited it to begin with 1:1 completely fiat-backed stablecoin, USDM, the most recent participant in a $146 billion stablecoin showcase overwhelmed by Tether USDT $1.00 and Circle USDC $1.00. Propelled on Walk 17, the Mehen Finance-founded stablecoin permits holders to mint or recover USDM through the Joined Together States dollar and varies from existing Cardano-based stablecoins such as DJED and iUSD, which are algorithmic and synthetic-based. The firm discharged its white paper in November 2022, clarifying a U.S. dollar-backed stablecoin would give a “much-needed service” to Cardano clients.
Mehen arranged on propelling USDM in 2023, but “everything changed” when Silicon Valley Bank, Silvergate and Signature Bank were covered in Walk 2023, Plomin said in a Walk 14 X Spaces. Plomin uncovered the bank it was working with, Cross Waterway, cut ties with Mehen around when the bank joined up with Circle, the second largest stablecoin firm, which was looking for an unused managing account accomplice at the time. Mehen presently employments fintech firm Plaid’s administrations to mint and burn U.S. dollars for USDM. Plaid gives an instalment exchange arrangement between Bank of America, Chase, Wells Fargo, and other expansive U.S. banks to control fintech and cryptocurrency items. The firm coordinates Plaid’s administrations in Admirable 2023, concurring with an X post from Steven Fisher, chief innovation officer of Mehen.
"Adding your bank will permit you to store USD to mint USDM and permit you to burn USDM to get USD," Fisher said. Mehen is presently moreover effectively looking for a cash transmitter and virtual resource benefit supplier permit to extend its administrations in the Joined together Kingdom and Europe. Issuance and administration of USDM will be administered by shrewd contracts and decentralized prophets to guarantee straightforwardness and security, Mehen states on its site. The dispatch of USDM was met with good faith by a few individuals in the Cardano community, counting Jaromir Tesar, who portrayed the dispatch as a “major milestone” for decentralized back on Cardano. Be that as it may, USDM is protected from competition from those stablecoins, at the slightest on the Cardano arrange, as they aren’t right now accessible to be exchanged by means of the Cardano blockchain.
Nigeria’s Securities and Exchange Commission (SEC) has proposed an amendment to the rules guiding platforms offering crypto administrations, proposing a climb in the enlistment charge for crypto trades from 30 million naira ($18,620) to 150 million naira ($93,000). In the revision, the SEC said the proposed changes were made to give clarity and join proposals from industry partners, “particularly with respect to the later engagements with the CBN [Central Bank of Nigeria].” The Nigerian SEC to begin with issued rules and rules for all crypto and computerized resource benefit suppliers in May 2022, but on Friday, Walk 15, 2024, it proposed an amendment to the rules.
Under the updated rules, digital asset exchanges, digital asset offering platforms, and digital asset custodians will be required to pay an application fee of 300,000 naira ($186), up from the previous 100,000 naira ($62). The SEC expressed that these revisions point to upgrading clarity and consolidating input from industry partners. Although the SEC traits the proposed changes to input from industry partners, a few have criticized the 500 million naira ($310,343) paid-up capital prerequisite. They contend that this tall charge would essentially favour outside firms and impediment neighbourhood substances.
Nigeria has emerged as one of the fastest-growing crypto economies in the world in the past few years. It was also the second-biggest economy in the world in terms of crypto adoption in 2023. In August 2022, Nigeria was named the most crypto-obsessed country in the world by the number of Google searches for cryptocurrency or buy crypto. According to the Financial Times, Nigeria abandoned its years-long currency peg and allowed the naira to trade freely in June 2023. The country subsequently faced record-high inflation. In January 2024, Nigeria’s consumer inflation rose for the 13th straight month to nearly 30%, according to data from the National Bureau of Statistics.