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Have you used Jupiter on Solana over the past few months but haven’t claimed your Wen airdrop? There’s a few hours left for you to still claim your free $100 or so. You can check if you’re eligible here.

Markets

Solana signups surge to record highs while WEN token airdrop nears close (2 minute read)
Solana has experienced a strong start in 2024, breaking records in transaction volumes and new addresses. The layer-one network recently experienced its highest transaction volumes since October 2022 and achieved a record-breaking level of daily new addresses as a seven-day moving average.

While May 2022 remains the best month for overall network signups, January has surpassed December 2023 to claim the second spot, boasting over 10 million new addresses and counting. The success of Solana-based memecoins, particularly the popular WEN token currently undergoing airdrops to over a million users, has significantly contributed to the increased signups.

Large Chinese fund files for spot Bitcoin ETF in Hong Kong (2 minute read)
Harvest Fund Hong Kong has reportedly submitted an application for a spot Bitcoin Exchange-Traded Fund (ETF) with the Hong Kong Securities Regulatory Commission (SFC), aligning with the local authorities' positive stance on approving spot crypto ETFs.

The SFC is leaning towards granting approval for the ETF to be listed on the Hong Kong Stock Exchange after the conclusion of the Chinese New Year on February 11. The report also suggests that the SFC may adopt a strategy similar to the U.S. by approving applications from multiple companies simultaneously. As one of China's largest asset management firms, Harvest Fund Management oversees more than $210 billion in assets, managing a diverse range of funds, including mutual funds, pension funds, and various investment vehicles.

Avalanche (AVAX) Surges 10% After Team Unveils Scaling Solution (3 minute read)
AVAX pumped over 10% in the past 24 hours. This upward momentum is attributed to Ava Labs' latest initiative, the Vryx scaling solution. The developers at Avalanche outlined how Vryx aims to enhance the network's capacity to an impressive 100,000 transactions per second (TPS). Tackling a crucial challenge in blockchain technology, Vryx focuses on scaling networks to accommodate larger transactions without compromising security or decentralization.

The platform adopts an innovative approach called Decoupled State Machine Replication (DSMR), revolutionizing transaction processing. Unlike traditional blockchains such as Bitcoin, where valid transactions are sequentially executed and replicated in each block, decoupled structures, through advanced State Machine Replication (SMR), offer enhanced capabilities.

Trading & New Tech

Around 17% of WEN Token Supply Could be Burned After Airdrop, Data Suggests (4 minute read)
With the eagerly awaited token airdrop from Jupiter's trading protocol coming in the next week, in the meantime, they launched WEN. So far, only around half of the eligible wallets have seized the opportunity to claim their tokens despite the criteria being very low.

As the window for claiming WEN, the latest meme coin on Solana and a precursor to Jupiter's anticipated airdrop, draws to a close today, the token's price experiences significant fluctuations. Each eligible wallet receives an equal share of WEN, amounting to 643,652 tokens valued at approximately $100.

Zero-knowledge is back in the spotlight (3 minute read)
While the intersection of AI and crypto continues to capture investor attention, this week saw significant venture capital funding directed towards the less novel yet impactful narrative of zero-knowledge (zk) proofs. Zk proofs, enabling the verification of statements without disclosing their actual content, garnered notable support in the context of layer-2 rollups that enhance blockchain scalability.

Ingonyama, a zk startup, secured a substantial $21 million seed round, with leading contributions from Geometry, Walen Catalyst Ventures, and IOSG Ventures. Simultaneously, Axiom, an on-chain infrastructure startup, raised $20 million in a Series A round led by Standard Crypto and Paradigm. Axiom utilizes zk to assist Ethereum smart contracts in parsing data more cost-effectively, presenting a novel application of zk to scale Ethereum beyond conventional approaches.

Misc

Tesla missed out on $300M profit after Bitcoin sales (2 minute read)
Tesla's decision to sell a significant portion of its Bitcoin holdings has resulted in a missed opportunity for the company, with potential profits exceeding $300 million. The electric car manufacturer initially entered the Bitcoin market in February 2021, investing $1.5 billion when Bitcoin's price was around $36,000.

Tesla gradually sold 10% of its Bitcoin holdings in March 2021 and a substantial 75% in the second quarter of 2022, as Elon Musk explained, aiming to showcase Bitcoin's liquidity and fortify Tesla's balance sheet during financially uncertain times. If Tesla had retained its entire Bitcoin investment, the hypothetical profit, given the current Bitcoin value of approximately $41,500, could have surpassed $300 million.

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