Geoff Kendrick predicts bitcoin may near $73,800 before the U.S. election, spurred by rising Trump odds and strong ETF inflows.

Standard Chartered's Geoff Kendrick predicts that bitcoin could approach its all-time high of $73,800 before the U.S. presidential election, driven by factors such as increased odds of Donald Trump winning, significant inflows into bitcoin spot ETFs, and heightened activity in bitcoin call options. With three weeks until the election, Trump's chances of victory have risen to 56.3%, which could positively impact risk assets like bitcoin.

Kendrick notes that recent market dynamics, including a steepening U.S. Treasury yield curve and stronger-than-expected CPI data, have contributed to a bullish sentiment for bitcoin. He highlights the largest single-day net inflows into U.S. spot bitcoin ETFs since June, totalling $555.8 million, indicating renewed interest.

Additionally, he mentions MicroStrategy's rising stock value, which is linked to its substantial Bitcoin holdings and potential new revenue streams from Bitcoin lending. Overall, Kendrick emphasizes that the growing legitimacy of digital assets and favourable political developments could bolster Bitcoin's trajectory soon, regardless of the election outcome.

Base Surpasses Arbitrum: Ethereum Dominance Achieved 🖲️

Base surpasses Arbitrum as the largest Ethereum Layer 2 rollup, boasting a total value locked of $2.49 billion.

Base has emerged as the largest Layer 2 rollup on Ethereum, surpassing Arbitrum with a total value locked (TVL) of $2.49 billion, according to data from DeFiLlama.

This growth positions Base among the top five blockchains by TVL, trailing only Ethereum, Tron, Solana, and BNB Chain. A significant portion of Base's TVL is attributed to the decentralized exchange Aerodrome, which alone accounts for over $1.3 billion in deposits. Additionally, Base leads in user activity with approximately 1.5 million daily active addresses, showcasing its robust engagement compared to other rollups.

Developed by Coinbase, Base operates as an optimistic rollup using the OP Stack, processing transactions off the main Ethereum blockchain before periodically committing data back to it. Base has increased its block gas target from 10 to 13 Mgas/s to accommodate rising user activity, with plans for further expansions. 

However, it is still in the early stages of decentralization and lacks a fraud-proof system, relying on the accuracy of the block proposer for L1 state roots. Core developers are committed to implementing fraud proofs in the future, indicating ongoing development and a focus on enhancing security.

$SolvBTC Bitcoin Staking On Solana 🍊

Solv Protocol's new Bitcoin staking token aims to capitalize on rising yield opportunities in DeFi.

Solv Protocol has launched a Bitcoin staking token, SolvBTC.JUP, on the Solana blockchain to attract Bitcoin holders amid growing yield opportunities in the cryptocurrency space. As Bitcoin's layer-2 and DeFi ecosystems expand, competition for BTC liquidity is intensifying across various networks like Ethereum and Solana. The liquid staking derivative aims to generate BTC-denominated yield from transaction fees on the popular Jupiter Exchange, with an expected annual percentage return (APR) of around 12%, significantly higher than typical returns on Bitcoin staking within layer-2 solutions.

The launch is part of Solv's strategy to enhance Bitcoin's role in decentralized finance, especially as other Bitcoin-native layer-2 solutions explore staking options. Solv mitigates risks associated with volatile token prices by employing a delta-neutral strategy, hedging against traders’ net open interest on centralized exchanges. With Jupiter Exchange boasting approximately $1.3 billion in total value locked, Solv's initiative highlights the growing interest in innovative yield-generating mechanisms for Bitcoin holders in the evolving DeFi landscape.

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Builder Interest On Solana Doubles In 2024 🔨

Solana's builder interest skyrockets in 2024, doubling to 11.2% amid a mobile wallet revolution.

In 2024, builder interest in Solana has surged, with a16z's State of Crypto report revealing that the percentage of startup founders choosing Solana has doubled from 5.1% to 11.2%. This 6.1% increase is the highest among all blockchains, positioning Solana second in builder interest, just behind Ethereum at 20.8%. The report highlights a broader trend of increasing mobile wallet usage, particularly in countries like Argentina, India, and Nigeria, where users are turning to crypto as a hedge against inflation.

The Solana ecosystem has seen significant growth since the FTX collapse, now boasting over 2,800 developers—a 14% increase from the previous year. This resurgence is reflected in Solana's DeFi performance, which often surpasses Ethereum in on-chain trading volume. With the upcoming Solana Seeker mobile device expected to enhance the Web3 experience, the network is poised for further expansion as it continues to attract developers and users alike.

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