The cryptocurrency market, which includes coins such as Dogecoin and Aptos, continues to be filled with interesting developments in various projects. Here’s a summary of some important stories…
Dogecoin dreams of an ETF future
Dogecoin (DOGE) is experiencing an unprecedented surge of interest fueled by speculation about the possibility of a spot ETF product following memecoin. Although the price rose a modest 3.87% to $0.1706, trading volume paints a different picture. A significant decline of 54.31% indicates limited retail interest, potentially hindering long-term price gains. However, an opposite story emerges from the derivatives market. Open interest in DOGE increased by 6.86% to $895.7 million, indicating belief among professional traders in the possibility of DOGE ETF approval, reflecting the recent success of Ethereum ETFs.
Aptos wears the trading crown
Aptos burst onto the scene, beating Solana by a staggering margin in daily trading volume. With a record 96.6 million transactions compared to Solana’s 31.7 million, Aptos redefined the bar for Layer 1 blockchains. This surge is largely attributed to the launch of “Tapos Cat,” a play-to-earn game that generated 10 million transactions on its first day. While critics question the long-term value of the game, Aptos supporters defend it as a significant engineering achievement that demonstrates the scalability of the network. Remarkably, Aptos has managed to maintain stable gas fees and transaction success rates despite high volume.
Uniswap is revising its fee system, Terra is preparing for the update
Uniswap Foundation has proposed a new fee mechanism for its decentralized exchange (DEX). If approved through on-chain voting by May 31, the proposal will come to the fore. Because Uniswap V3 will attract attention with the implementation of an autonomous fee collection and distribution system for pools. This move comes with a $41.41 million fight fund put forward by the Uniswap Foundation. This funding shows their commitment to the project. Meanwhile, cryptokoin.com As we reported, the ongoing legal battle with the SEC continues as Uniswap challenges allegations that it operates as an unregistered securities exchange and broker.
Finally, the Terra Luna Classic community is preparing for a major update designed to improve the efficiency and robustness of the network. The v3.0.1 upgrade recommended by Genuine Labs includes important updates such as SDK v0.47 and improved inter-chain communication (IBC) functionalities. The proposal, which is currently undergoing community and validator voting, has received full support so far and is expected to be implemented on June 2, 2024. However, the price of LUNC remained largely stagnant. There was minimal transaction activity in both spot and derivative markets.
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For the rest of the article, Attention to Dogecoin, Aptos, UNI and Terra: There are Critical Developments!