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  • 🐸 Were MEMECOINS the only factor pumping Solana?

🐸 Were MEMECOINS the only factor pumping Solana?

+ Get MORE done on BNB with FEWER steps via Ambire!

GM! ☕️ 

Some weeks feel like déjà vu in slow motion - same charts, same chop, new excuses. But beneath the stillness, the market’s always scheming.

Here’s what’s crossing our radar this week:

  • 🐸 Were MEMECOINS the only factor pumping Solana? Check out how it's doing now

  • 🔥 Get MORE done with FEWER steps: Ambire redefines BNB chain usability

  • 🪙 Tether plans a big audit before new rules in US

  • 🤡 BitBoy jailed for annoying a judge

Meanwhile, our W3oF Degen Portfolio is giving heavy “retired trader who now makes pottery” vibes 😭 

If you think it’s time to shake things up, come stir the pot in our Discord - we're always open to fresh ideas! 🧠 

Were MEMECOINS the only factor pumping Solana?

Check out how it's doing now

It wasn’t too long ago that Solana captured the crypto world’s attention. Cheap fees, and a sudden meme coin hype made it one of the hottest spots in the space.

Lately, though, the spark seems to have dimmed. Daily activity has cooled, making some wonder if Solana’s peak days have already passed.

  • Recent data suggests that DEX volumes on Solana have sunk to their lowest levels since October 2024 📉 

  • That drop also aligns with a noticeable dip in the number of new token launches, which reportedly halved compared to earlier in the year. For a chain that once saw memecoins pop up by the hour, the current slowdown is significant.

A more telling indicator is stablecoin transfer volume.

  • What was once around hundreds of billions in daily stablecoin transfer volumes on Solana have slumped to about $5 billion 🪙 

  • Stablecoins often serve as a barometer of a chain’s liquidity and user confidence. When those transfers dry up, it suggests fewer traders are using the network - or they’ve migrated to alternatives they feel are more stable.

Low fees, low usage

Solana’s super-low fees were once considered a major selling point. Now, those fees have hit a six month low, indicating reduced onchain transactions ⏬ 

  • While low transaction costs are part of Solana’s design, fees still reflect how heavily the network is being utilized. A dip there shows fewer people are engaging with DeFi or other on-chain activities.

  • Adding to the pressure is the rise of new Layer 2 solutions on Ethereum and rival Layer 1 networks, some of which offer similar speeds alongside larger developer communities.

  • Solana’s high-throughput model still has a lot of users, but concerns over centralization and past network outages have made some developers and investors look elsewhere 🏃 

Yet Solana isn’t necessarily on a one way track to irrelevance.

In crypto, sentiment can flip fast if a new wave of meme coins hits or a cutting edge app gains traction.

Partnerships or major upgrades could also spark renewed attention - assuming they address ongoing concerns about stability and decentralization 🙄 

To regain momentum, it’s clear the chain will need more active use cases than hot memes and clearer reliability ⚙️ 

  • If volumes remain low, it points to lingering skepticism or competition from other blockchains.

  • If activity picks up, it will likely come from tangible improvements or compelling new projects 🎁 

At this point, the data doesn’t lie: Solana is in a slump and needs a serious catalyst to reclaim its former hype 🤔 

Whether the hype could materialize depends on upcoming developments, sustained efforts by the community, and how the broader crypto market evolves in the coming months.

Get MORE done with FEWER steps: Ambire redefines BNB chain usability

Ambire’s latest browser extension update (v4.58.3) is all about making life easier for anyone using BNB Chain with EIP-7702.

  • The new features - transaction batching, multi token gas payments, and onchain simulations - focus on improving user experience, so you can get more done with fewer clicks and less confusion.

  • Transaction batching serves as the biggest game-changer for day to day usability. Instead of juggling multiple popups and confirmations, you can line up several actions - like approvals, swaps, and transfers - into a single, consolidated workflow. It cuts down on repetitive tasks and helps you stay organized, removing the headache of doing everything one step at a time.

Multi-token gas payments add another level of convenience. You’re no longer required to keep BNB on hand just to cover network fees 👇️ 

  • Instead, you can opt to pay gas in CAKE, USDC, USDT, or other supported tokens. That eliminates one of the more common stumbling blocks for new and experienced users alike - constantly swapping back to BNB for gas. Now, you can carry on using your favorite tokens without extra steps.

  • On-chain simulations round out the update by offering a sneak peek at what will happen before you finalize a transaction. It’s a small addition that can save users from costly mistakes or unexpected outcomes 🤯 

These features are now live for accounts on BNB Chain, and hardware wallet support is on the way 💪 

Tether plans a big audit before new rules in US

Tether, the largest stablecoin provider by market cap, is reportedly gearing up for a full-scale audit with one of the Big Four accounting firms.

This comes as the U.S. is getting closer to adopting stricter regulations for stablecoins, with proposals that would require transparent financial disclosures and verifiable reserve backing 💰️ 💰️ 

Paolo Ardoino, Tether’s Chief Technology Officer, confirmed that the company is in ongoing talks to meet new regulatory standards and quell rising concerns around the nature of its reserves.

  • Although Tether issues public attestations and releases regular reports on its holdings, it has never completed a fully independent audit 🔍️ 

  • Critics often claim Tether’s disclosures don’t go far enough, pointing out that genuine third-party scrutiny could uncover unverified liabilities or questionable practices.

Past efforts to provide greater financial transparency have stalled, leaving many skeptical about whether the company’s latest push will lead to tangible results.

  • One looming piece of legislation is the proposed GENIUS Act, which aims to tighten oversight of stablecoins by mandating external audits and limiting acceptable reserve assets, such as U.S. Treasury bonds 🕵️ 

  • Tether claims it already holds a large portion of its reserves in Treasuries - reportedly purchasing $33 billion worth last year - and expects a formal audit to confirm its financial standing.

  • Still, some observers question whether the firm’s relationship with Cantor Fitzgerald, a global financial services company linked to Tether, can fully alleviate concerns about potential conflicts of interest.

Scrutiny has intensified following the appointment of Howard Lutnick, former CEO of Cantor Fitzgerald, as the new U.S. Secretary of Commerce.

Some high profile critics suggest Tether’s proximity to political figures requires closer oversight. They argue Tether should not have access to U.S. Treasuries without deeper investigation into how it manages and stores its funds 🪙 

Despite these doubts, Tether’s profitability last year shows the company has the financial means to pursue a robust audit.

If it succeeds, Tether could bolster its standing in the U.S. market and pave the way for additional partnerships or government-level approvals. But if no comprehensive review materializes, Tether risks jeopardizing its foothold in an environment that expects ever stricter regulatory compliance.

BitBoy jailed for annoying a judge

Ben “BitBoy” Armstrong is no stranger to online controversy, but this time he apparently took things too far - and right into a jail cell 🤡 

According to reports, the well known crypto village idiot influencer landed himself in jail after peppering the judge with emails that annoyed her enough for a warrant to be issued.

Now he’s stuck behind bars without bond, waiting for what comes next 🤔 

  • BitBoy had been embroiled in a legal dispute, but instead of letting his lawyer handle the back and forth, he decided to drop some personal emails to the judge.

  • Rumor has it the tone of those messages was none too friendly - enough for the court to see them as harassment.

  • Five days before his arrest, he apparently got word that a warrant was out, yet he continued to email the judge 🤷‍♂️ 

Past drama

This isn’t BitBoy’s first dance with legal trouble 👩‍⚖️ 

He was previously accused of messing with a lawyer in another case, though that run in didn’t end with a pair of handcuffs.

Some have called his public behavior erratic, pointing to strange online rants and questionable run ins with other influencers. Love him or hate him, the man seems to find his way into a new fiasco every few months 🤡 


BitBoy’s flamboyant style has earned him a sizable following. This yet another meltdown could dent his rep in the crypto community, especially if he can’t tweet or stream from behind bars.

Some fans believe the judge is overreacting, while others point to the obvious: sending heated emails to a judge is generally a terrible idea, no matter how big your YouTube channel is. Or used to be.

Other worthy reads

Strategic Implications of Binance, Okx, and Hyperliquid's risk management decisions, by Galois Kevin:

Stablecoins continue to rise, according to Patrick Scott:

Decentralized AI could be the new meta?

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!