1. Solana’s DEX Trading Volume Surpasses Ethereum for the First Time in July, Reaching $55.876 Billion link

According to DefiLlama data, Solana surpassed Ethereum in monthly decentralized exchange (DEX) trading volume for the first time in July 2024, reaching $55.876 billion compared to Ethereum’s $53.868 billion. Solana has shown significant growth in liquidity and user activity. Other notable chains include Arbitrum ($24.569 billion), BSC ($17.888 billion), and Base ($15.554 billion).

Data from The Block reveals that DEX trading volume relative to CEX has reached a historical high of 14.22%, surpassing the previous record of 13.7% set in May 2023. Currently, the total DEX trading volume stands at $139.67 billion, with Uniswap leading at $48.52 billion, followed by Raydium at $27.78 billion.

2. Public Chain Supra Launches StarKey Wallet Ahead of TGE link

The public blockchain Supra has released the StarKey wallet ahead of its Token Generation Event (TGE). Within three days of launching on Google Chrome, the wallet surpassed 130,000 downloads. Supra notes that the StarKey wallet has passed an audit by CD Security and features shard key recovery to enhance security. As the TGE and mainnet launch approach, Supra plans to release mobile versions and browser extensions for Brave and Mozilla Firefox. Additionally, Supra will introduce the StarKey Assistant, which will provide real-time alerts and updates on gas fees, asset detection, and other critical notifications. Supra’s over 510,000 token holders will be among the first to use this wallet for interactions across various blockchains.

3. Fantom Rebrands to Sonic Labs, Set to Launch EVM Chain Sonic in Q4 link

Fantom has announced its rebranding to Sonic Labs. Sonic Labs plans to garner support through the introduction of a large-scale incentive program, utilizing the S token. This new token will enter the ecosystem via extensive airdrops, simplified staking, and incentive programs. Although the transition from Fantom to Sonic Labs has been completed, the official launch of Sonic is scheduled for the fourth quarter. According to the description on Sonic Labs’ launch page, Sonic is a Layer-1 platform with an Ethereum security gateway.

4. Compound Community Proposes New Staked Compound Product to Mitigate Governance Risks link

Alpha Growth, in collaboration with several Compound representatives, has proposed launching a new Staked Compound product to address the interests of the new representative Humpy and to cancel Proposal 289 to mitigate governance risks. This product will allocate the majority of fees generated from liquidity and borrowing to liquidity providers, with 30% of the market reserve and annual new reserves distributed to holders of Staked COMP based on their proportion. The Staked COMP product will be governed by Compound DAO and deployed on-chain through governance voting. The proposal requires Humpy to withdraw Proposal 289 by 11:59 PM (Beijing time) on July 30, otherwise Compound DAO will advance Proposal 290.

Previously, Compound Finance passed Proposal 289, which allocated 5% of the Compound treasury (499,000 COMP, worth $24 million) to a yield protocol designed by Golden Boys. The community decried this as a governance attack, accusing a small group of acquiring a substantial amount of tokens on the open market and forcefully passing the proposal. Compound Finance security advisor Michael Lewellen identified several addresses that had hoarded COMP tokens on the open market and submitted multiple proposals aimed at transferring COMP to a goldCOMP product created by the organization known as Golden Boys. Following the approval of Proposal 289, Humpy, the leader of Golden Boys, defended the proposal, stating that the requested investment was set up through a binding trust rather than through theft or misappropriation. However, Ogle, one of the five multi-signature members of Golden Boys, claimed to be completely unaware of the proposal.

5. Aave DAO Announces Launch of First Custom Pool link

Aave DAO, the governance organization of the DeFi protocol Aave, has announced the launch of its first custom pool, designed specifically for Lido Finance’s stETH and wstETH. This marks the first custom deployment on Aave V3. Currently, $4.63 billion worth of stETH is supplied on Aave, and the new pool will cater to the specific needs of the Lido ecosystem and its users.

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6. StarkNet Derivatives Trading Protocol ZKX to Cease Operations link

Eduard, the founder of the StarkNet derivatives trading protocol ZKX, has announced that ZKX will cease operations. All markets have been delisted, positions have been closed, and user funds have been returned to their trading accounts. Users can transfer funds to self-custodied accounts and bridge them back to L1 via Starkway. ZKX will end its transition period at the end of August, and allocations and distributions will continue after September 1. Users are advised to withdraw funds and claim all STRK rewards before September. Eduard cited low user engagement, insufficient revenue to cover operational costs, and a decline in token value as reasons for the shutdown. Notably, ZKX received $4.5 million in seed funding in July 2022, with investors including StarkWare and Amber Group.

Twitter user @TheJinKang has revealed additional details about the ZKX team: within 24 hours of the TGE, the token price fell by over 50%. The team explained this was due to some market makers failing to stabilize the price, with one market maker selling 3.5 million tokens during the TGE. Changes in the TGE token distribution rules led to more tokens entering circulation at TGE. The team did not explain how they spent $7.6 million over the past three years. Additionally, in the first 9 hours post-TGE, the ZKX team prevented token transfers from Starknet to Mainnet, resulting in trades solely from the team, market makers, or centralized exchanges.

7. Modular Blockchain Project Elixir Launches Decentralized Synthetic Dollar Asset deUSD link

The modular blockchain project Elixir has launched the decentralized synthetic USD asset deUSD, aiming to compete with Ethena’s USDe. Elixir’s deUSD uses stETH as collateral and shorts ETH through a delta-neutral position, while also providing additional yield. Elixir claims that its deUSD does not rely on centralized entities, offering transparency and resilience. Additionally, Elixir has secured $1 billion in liquidity to support the new token and has garnered support from DeFi platforms, including Pendle. The Elixir mainnet is expected to go live in September.

8. Ondo Finance Announces RWA Stablecoin USDY Launch on Aptos Network link

Ondo Finance has announced the launch of its RWA stablecoin USDY on the Aptos network, marking the first tokenized U.S. Treasury asset on Aptos and integrating it into various DeFi applications. Ondo Finance reports that USDY currently holds over $300 million in total value locked (TVL) across multiple blockchains, with an annual percentage yield (APY) of 5.3%.

9. Telegram Game Catizen Delays July Token CATI Airdrop link

Telegram game Catizen has announced a postponement of its airdrop originally scheduled for July. The delay is due to the project’s focus on optimizing key factors for the long-term development and sustainability of the CATI token, including selecting exchanges, ensuring adequate liquidity, providing trading options, and determining the launch price. Some of these elements are beyond their full control, which may lead to the delay.

10. Trump’s Bitcoin-Themed Sneakers Sell Out Quickly, Resale Prices Reach $2,500 link

Former U.S. President Donald Trump’s Bitcoin-themed sneakers quickly sold out upon release and are now trading on the secondary market for up to $2,500. Priced at $499 on the official website, the sneakers are currently listed on eBay for between $700 and $2,500. This limited-edition release comprises 1,000 pairs, with five pairs featuring random signatures. The sneakers were sold under a licensing agreement with CIC Ventures LLC, with the website stating that they were neither designed, manufactured, nor distributed by Donald Trump himself.

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