TLDR Crypto 2024-07-26

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

Wall Street struggles to grasp Ethereum's value, with BlackRock simplifying it as "a bet on blockchain technology," which may not resonate with traditional investors. Despite Ethereum ETFs launching, ETH's price has dropped. Analysts maintain a bearish outlook on ETH, highlighting stagnant fundamentals, lack of major marketing, and competition from platforms like Solana as key challenges.

Ethena Labs has introduced reward-bearing asset proposals, inviting issuers to pitch for an allocation from its $45 million Reserve Fund and $250 million in USDe's liquid cash backing. Early applicants include Securitize, distributors of BlackRock's BUIDL, and SteakhouseFi's USDC. Governance will be managed by a newly launched Risk Committee of industry professionals to oversee and approve these allocations.

Gasless transactions are now possible on the TON blockchain because of the W5 smart wallet standard recently developed and launched by Tonkeeper. This allows users to pay transaction fees using USDT instead of toncoin. The TON teams hopes to simplify the user experience and encourage wider adoption by eliminating the need to hold native blockchain currency for transactions.

The Jito Foundation has launched Jito Restaking, a hybrid infrastructure platform with two main components: the Vault Program, which manages Liquid Restaking Tokens (LRTs) and enforces slashing conditions, and the Restaking Program, which coordinates AVSs and operators, handling rewards and penalties. This platform enhances token utility, supports various staking strategies, and aims to secure networks with flexible, multi-asset solutions.

Toyota Blockchain Lab is exploring the concept of Mobility-Oriented Accounts, which would represent vehicles as smart accounts on Ethereum using the ERC-4337 account abstraction standard. Their design addresses critical management challenges and enables multiple stakeholders to be involved in vehicle-related transactions. Toyota deployed the MOA and KeyToken contracts on Ethereum, allowing for the digital representation of basic vehicle operations and granting flexible permissions.

Raydium has half the daily volumes of Uniswap, but higher fees and distribution to RAY holders mean the token accrues more real yield than UNI. RAY's market capitalization is 10% of UNI, giving a market cap to protocol fees ratio of 1.4x versus UNI at 6.7x. This mispricing is likely due to skepticism about Solana memecoin and bot trading, RAY's aggressive issuance schedule, and Uniswap's better brand positioning.

Users can now transfer USDT on Tron to Coinbase Wallet, where it will convert to USDC on Base for free.

Leveraging the introduction of Umbrella, Aave has proposed significant upgrades to enhance $AAVE's role in the ecosystem. Key updates include automating secondary liquidity management, transitioning the safety module to a slashing-free staking module, and introducing the "Anti-GHO" ERC20 token. These changes aim to increase efficiency, generate new revenue sources, and improve protocol coverage at controlled costs.

Marginfi has launched The Arena, enabling users to long or short any token on the Solana blockchain with leverage.

A recent analysis of top trading pairs on Uniswap (Ethereum and Base) and Raydium (Solana) revealed that Solana has a significantly higher volume per dollar of TVL compared to Ethereum, with Base close behind.

Scroll has surpassed Linea to become the ZK Rollup with the highest TVL at $770 million.

Uniswap's Arbitrum liquidity mining campaign successfully boosted liquidity, improved price execution, and increased volume market share by deploying 1.8M ARB tokens (~$1.7M USD).