Overview

This report focuses on blockchain industry developments from January 20 to January 24. Driven by the TRUMP token, Solana’s price and TVL reached historic highs; Tether partnered with LayerZero to launch the cross-chain stablecoin USDT0; Raydium fees hit an all-time high of $32.42 million; B²’s TVL surpassed $380 million, setting a new record; Following Trump’s return to office, World Liberty increased its holdings by over $51 million in various cryptocurrencies; EigenLayer launched the Rewards v2 protocol.

Projects

Driven by the TRUMP Token, Solana’s Price and TVL Reach Historic Highs

Solana’s price surged to a new all-time high, breaking through $295.88, while its total locked value (TVL) surpassed $11.37 billion, marking historic peaks. This demonstrates strong growth within the Solana ecosystem in the decentralized finance (DeFi) sector. Solana’s stablecoin market capitalization is $7.29 billion, with daily transaction fees totaling $13.5 million. In the past 24 hours, the revenue reached $6.77 million, while application-related revenue amounted to $16.71 million.

Of particular note is that the TRUMP token, issued by Trump, chose Solana’s blockchain as its foundation, fully leveraging its high efficiency, low latency, and low-cost technological characteristics to support its issuance and transactions. As a highly attention-grabbing token, TRUMP has attracted significant participation from Trump supporters and crypto users. This brought more transaction volume to the Solana network and boosted the overall activity within its ecosystem[1].

Tether Partners with LayerZero to Launch Cross-Chain Stablecoin USDT0

Tether announced the deployment of its new token, USDT0, on Kraken’s Ethereum Layer 2 network, Ink. This is a major innovation based on LayerZero’s cross-chain replaceable token standard. As the world’s largest stablecoin asset, USDT has previously faced issues with liquidity fragmentation and high costs when transferring across chains. The launch of USDT0 will address these issues by leveraging its deep integration with LayerZero, which enhances cross-chain security and enables zero-loss cross-chain transfers. Tether’s CEO, Paolo Ardoino, emphasized that USDT0 provides a critical solution for seamless USDT transfers between different ecosystems. This innovation optimizes the user experience and meets market demands. Unlike traditional USDT, which requires burning and minting on different chains through cross-chain bridges, USDT0 allows for a unified liquid asset, enabling users to transfer the same amount of tokens across different networks without any loss, significantly enhancing capital efficiency[2].

Raydium Fees Hit All-Time High of $32.42 Million

Raydium platform’s fee income reached an all-time high of $32.42 million. The choice of Solana’s blockchain largely drives this surge as the foundation for the TRUMP token, which has led more developers to deploy tokens on the Pump.fun platform. As tokens on Pump.fun are prioritized for listing on the Raydium platform, this has attracted a large number of traders to Raydium, resulting in a significant increase in transaction volume, which in turn boosted platform fee income.

In addition, Raydium’s native token, RAY, has also seen impressive performance, increasing by nearly 14% in a single day. This rise correlates positively with the increase in platform fee income, demonstrating strong market confidence in the Raydium ecosystem[3].

B² TVL Surpasses $380 Million, Setting a New All-Time High

According to data from Defillama, B²’s total locked value (TVL) has exceeded $380 million, setting a new record. Among this, the TVL of Buzz Farming exceeds $260 million, holding the top position and becoming the largest participant in the ecosystem. Additionally, Pell Network saw a TVL increase of 55.83% yesterday, making it the fastest-growing project of the day. Overall, more and more funds are flowing into the BTC Layer 2 ecosystem, especially into Restaking projects offering high APY, which has attracted significant attention from investors.

B² Network is a BTC-based Layer 2 project, an EVM-compatible ZK Rollup. Rollup data and ZK proofs are recorded on the BTC network, and responses are confirmed through challenges. The project uses modular design architecture, consisting of the Rollup layer and the Data Availability (DA) layer, known as B² Hub[4].

After Trump’s Return, World Liberty Increases Holdings in Various Cryptocurrencies by Over $51 Million

According to ARKHAM data, World Liberty Financial (WLFi) has made large purchases in the past 24 hours, adding $4.7 million worth of LINK, AAVE, TRX, and ENA, $14.1 million (3 x $4.7 million) in WBTC, and $18.8 million (4 x $4.7 million) in ETH, totaling approximately $51.7 million.[5]

WLFi’s increased holdings in various cryptocurrencies indirectly reflect Trump’s and his family’s ongoing positive outlook on cryptocurrency, particularly in the DeFi sector. This move could further stimulate the growth of the DeFi ecosystem.

EigenLayer Launches Rewards v2 Protocol

EigenLayer announced that its Rewards v2 protocol upgrade went live on the mainnet on January 21, marking the successful implementation of the first EigenLayer Improvement Proposal (ELIP-001). This upgrade introduces three core features: operator-oriented rewards, variable operator fees, and bulk reward claims. These features offer greater flexibility and efficiency to the EigenLayer ecosystem, allowing AVS to incentivize operators to meet more specific demands dynamically.[6]

The launch of Rewards v2 not only enhances the customization of the reward mechanism but also significantly optimizes economic incentives and operational efficiency. Introducing EigenGov governance processes lays a transparent and collaborative foundation for future improvement proposals. This upgrade demonstrates EigenLayer’s forward-thinking approach to enhancing the efficiency and flexibility of decentralized networks, setting a solid foundation for continued innovation.

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.

References:

1. DeFiLlama,https://defillama.com/chain/Solana
2. X,https://x.com/USDT0_to/status/1879921612838805583
3. DeFiLlama,https://defillama.com/protocol/raydium?tokenVolume=false&tvl=false&fees=true
4. DeFiLlama,https://defillama.com/chain/BSquared
5. Arkham,https://intel.arkm.com/explorer/entity/worldlibertyfi
6. X,https://x.com/eigenlayer/status/1881814947509731659

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.