BNB Chain and Solana Tokens Gain Momentum
Major tokens BNB and Solana have witnessed significant growth over the past day, recording increases of up to 10%. Specifically, BNB managed to erase its weekly losses by rising 6.7% by 08:50 UTC. This was after Binance, the crypto exchange, announced a token sale for Arkham, an on-chain analytics tool. Investors interested in participating in the $2.5 million hard-capped ARKM token sale must hold BNB. As a result, BNB's trading volume skyrocketed to $1.2 billion in 24 hours, quadrupling the previous day's level. This surge was largely due to massive deposits of BNB tokens to Binance ahead of the ARKM sale.
Solana-based DeFi Ecosystem Shows Promising Growth
The positive shift in SOL prices is a direct outcome of the expanding Solana-based DeFi ecosystem, which has managed to add about $25 million in locked value since the beginning of July.
Mantle Network Proposes $200 Million Ecosystem Fund
The Ethereum layer-2 project, Mantle Network, is considering creating a whopping $200 million ecosystem fund. An ongoing proposal suggests appropriating $100 million from the network's treasury and raising an additional $100 million to nurture the network's development over the next three years. The idea has received massive support, with over 99.5% of the community favoring it. This proposal provides crypto developers and investors with another highly-funded blockchain for future bullish markets.
Bitcoin's Steady State Amidst Market Liquidity Concerns
Despite the relatively slow growth in market liquidity and trading volumes, Bitcoin remains firm above the $30,000 mark. According to Glassnode data, the number of wallets holding at least one Bitcoin reached a record-breaking high of 1,008,737 last week, implying an increased network decentralization.
Updates on Beefy Finance and Abracadabra Finance
In other news, Beefy Finance is considering migrating the BIFI token away from Multichain following a recent $130 million attack. On another front, Abracadabra Finance's proposal to launch the Kava blockchain is close to completion, with the entire community in support. As part of this initiative, the Kava network will distribute almost $1 million in KAVA tokens to the DeFi lending, staking, and borrowing application in the coming 10 months.