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Crypto: Ethereum dethroned by Solana in terms of decentralized exchange volume – Cointribune EN

Mon 13 May 2024 3 min of reading by Ariela R.

In the ever-evolving world of cryptocurrencies, the order of platform supremacy seems established. But the emergence of new players is challenging this current order. This is the case for Solana (SOL), which has just overtaken Ethereum (ETH) in terms of DEX volume.

Launched in 2020, the cryptocurrency platform Solana stands out for its transaction speed and low fees. This makes it particularly attractive to DeFi users. This crypto blockchain has experienced exponential growth in recent months, attracting many investors and developers.

According to recent data, DEX trading volume on Solana has reached $1.3 billion. For the first time, this volume exceeds that of Ethereum, which is at $1.29 billion. This remarkable performance marks a turning point in the competition between the two crypto platforms. It indicates the potential of Solana to emerge as a promising alternative to Ethereum.

In addition to the DEX trading volume of Solana, its transaction fees have also increased. These have reached 50% of the fees generated on the Ethereum crypto network lately. Analysts also predict that soon, transaction fees on the Solana network could surpass those of Ethereum.

Speaking of increases, the price of SOL has also seen a rise of over 6% in 24 hours. This situation propels Solana to the rank of the most performing altcoins in the crypto market.

Solanas surpassing of Ethereum in DEX trading volume is a strong signal of its potential to become a major player in the DeFi space. Its speed, negligible fees, rapidly expanding ecosystem, and innovative technology make Solana an attractive alternative for users and developers.

Although Ethereum maintains its dominance in terms of market capitalization, Solana is now positioning itself as a serious contender, ready to shake up the established crypto order.

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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rdaction web depuis maintenant 7 ans. Je n'ai dcouvert le trading et la cryptomonnaie que depuis quelques annes. Mais c'est un univers qui m'intresse beaucoup. Et les sujets traits au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Crypto: Ethereum dethroned by Solana in terms of decentralized exchange volume - Cointribune EN

Vitalik rallies support for temporary smart wallets on Ethereum – Blockworks

Ethereum co-founder Vitalik Buterin published a new Ethereum Improvement Proposal (EIP) on Tuesday that aims to reconcile core developers disparate approaches to account abstraction in upcoming hard forks.

The proposal, EIP-7702, is a successor to EIP-3074 which was considered a Candidate For Inclusion (CFI) in Ethereums next upgrade known as Prague-Electra or Pectra.

But 3074s road to CFI status was bumpy, with substantial time spent debating the EIP across multiple All-Core Dev calls since January.

Read more: Gnosis Chain premieres Ethereums Dencun hard fork

Developers have sought to provide tangible improvements to end users in the next hard fork, while keeping open various paths towards the endgame of account abstraction.

When looking at what could conceivably be moved into production first, 3074 was judged as most realistic.

But it wasnt without its critics. For instance, Ansgar Dietrichs at the Ethereum Foundation called it relatively heavy-handed on the Jan. 18 ACD call, and more recently expressed reservations as well.

Buterin wrote the new proposal in 22 minutes, according to ZeroDev wallet CEO Derek Chiang, although the published proposal also credits Dietrichs alongside Sam Wilson and Matt Garnett.

A new transaction type allows EOAs to operate as smart contract wallets temporarily. At the end of a transaction, they revert to a normal account.

This approach promises to simplify the developers tasks by allowing the use of existing contract code and interaction patterns.

This EIP is designed to be very forward-compatible with endgame account abstraction, without over-enshrining any fine-grained details of ERC-4337 or RIP-7560, the authors wrote.

Read more: Ethereum devs debate future of account abstraction

Unlike 3074, the new proposal aims to replicate its functionalities without adding new opcodes. By assuming a smart contracts code temporarily, EOA can perform complex operations like batch transactions, making use of transaction sponsorship, and constrained sub-key operations a security feature employing secondary keys (sub-keys) that have limited or specific permissions within a single transaction.

Further down the roadmap, a wallet-centric approach to account abstraction is expected to become the norm. The new EIP is designed to be quite compatible with EIP-4337, rolled out in March 2023, making use of existing wallet code and transaction frameworks to minimize disruption and duplication of effort.

Read more: Ethereum Improvement Proposals to watch in 2024

7702 has rallied support from 3074 proponents like core developers Garnett and Andrew Ashkhmin, as well as important dapp developers including Uniswaps Hayden Adams.

Opposition to the previously included improvement had grown in recent months, as more developers became aware it was on a path to become part of the next Ethereum upgrade.

Ethereums governance operates on principles of consensus-building, where points of contention are meticulously debated in public, both on group calls and online forums, until a clear course of action emerges.

Independent development teams then agree on shared specifications, which are coded into new versions of their respective Ethereum clients.

Ultimately, operators of thousands of validators must concur to install the new software versions at sufficient scale to successfully initiate a hard fork at an agreed upon date.

The next such upgrade, Pectra, is tentatively scheduled for Q4 2024.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

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Vitalik rallies support for temporary smart wallets on Ethereum - Blockworks

Solana Surges Towards Unseating Ethereum Amid Crypto Rivalry – West Island Blog

Four years ago, Solana made its ambitious debut in the volatile world of cryptocurrency, boldly labeling itself as an Ethereum killer. Back then, only the more seasoned players treated this declaration with any seriousness. After all, was it not just the audacious proclamation of a newcomer who not even ranked amongst the top twenty crypto coins? But in a surprising twist of fate, Solana now sits proudly as the second-largest layer 1 solution.

A fascinating analysis by researcher Dan Smith of Blockworks posits that Solanas growth shows no sign of slowing down. His detailed modelling suggests that it will soon overtake Ethereum in terms of crypto transaction fees, a development that bodes well for fresh ERC-20 coins like Raboo that are built on the Ethereum network.

Ethereum still holds vast sway, lodged firmly in the number two position amongst leading cryptocurrencies. Devised by the visionary Vitalik Buterin, Ethereum reimagined the potential of Bitcoin with the creation of the game-changer, a smart contract. Within less than a decade, Ethereum has accrued a market capitalization of $360 billion, an undeniable proof of its commanding presence. But toppling it from its position is a monumental undertaking, akin to moving a mountain.

Nonetheless, Ethereum reveals a critical chink in its impressive armor. Its costly and sluggish. With staggering transaction fees, Ethereum undoubtedly holds value, but its practical application as a transaction token remains dubious. While its smart contract platform stands as a gold standard, utilizing Ethereum for trading becomes a sullen, costly chore, a severe deterrent for potential investors.

In contrast, Solana, with its confident promise to eclipse Ethereum, exploded onto the scene in 2020. Bolstered by fierce competition from formidable tokens such as Monero and Cardano, it entered the big leagues, swiftly scaling to the enviable top 20 position within a year. Powered by its nimble and efficient smart contract platform, Solana outperformed Ethereum in terms of speed, but more critically, its crypto transaction fees were dirt-cheap. In under three years, Solana rose to prominence as a top 5 coin, a juggernaut only surpassed by Ethereum.

The tides are swiftly turning in Solanas favor; it stands on the brink of overtaking Ethereum in terms of transaction fees, buttressing its claim even further as the Ethereum Killer. With growth that significantly outpaces Ethereum, the question on everyones lips is: can it rightfully claim the number two spot before this decade concludes?

The rise of Raboo, a fresh meme-fi crypto coin, to a hypothetical top 20 position has drawn much interest. But Raboo isnt just another meme coin hoping for easy stardom. It boasts a comprehensive crypto product offering that promises to disrupt the financial landscape. With inbuilt staking and rewards mechanisms, Raboo places itself firmly within the DeFi camp. It also harbors an ambitious plan to delve into the lucrative NFT market, targeting inroad into the buzzing gaming industry.

Tailoring its secret weapon the ability to leverage AI for forward propulsion, Raboo amassed beyond $1 million in liquidity in the early stages of presale. The path it has set for itself to become a top 20 crypto before the advent of 2030 cultivates an enticing investment spotlight.

The brewing rivalry between Ethereum and Solana paints a riveting yet lucrative tableau. Yet, for those looking for exponential growth, Raboo, currently in presale with Raboo (RABT) tokens at $0.0042, awaits on the cusp of a predicted 100x surge once it traverses into the open markets. The stakes have never been higher, and the race never more electrifying. Indeed, the next decade in the world of cryptocurrency promises intriguing jolts and seismic shifts.

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Solana Surges Towards Unseating Ethereum Amid Crypto Rivalry - West Island Blog

Will the Trumpification of the Libertarian Party Actually Hurt Donald Trump? – The Dispatch

When the Libertarian Party recently invited Donald Trump to speak at its annual convention later this month, the move sparked plenty of outrage inside the partyand a lot of intrigue outside it.

The idea that I completely wrote the GOP off only to have Trump follow me into the Libertarian Party really upsets me and upsets a lot of people, Jonathan Casey, whose involvement in Libertarian Party politics dates back to 2016, told The Dispatch.

Until the Trump invitation, the Libertarian Party had mostly been an afterthought for outside observers in the 2024 presidential campaign, but it shouldnt have been. Whoever wins the partys nomination for president later this month at the Libertarian National Convention will be on the ballot in at least 37 states, including the battlegrounds of Arizona, Georgia, Wisconsin, Michigan, and Nevada. The last two presidential election were decided by a few states where the victor prevailed by less than 1 percentage point, so its plausible the Libertarian candidate could sway the outcomeeven if he falls short of winning the 3.3 percent of the national popular vote won by 2016 Libertarian nominee Gary Johnson or the 1.2 percent of the popular vote garnered by 2020 nominee Jo Jorgenson.

So why, exactly, did a minor party whose raison dtre is to reject the two major parties invite the presumptive GOP nominee to potentially overshadow the convention where Libertarian Party delegates will pick their own presidential nominee? That is a hotly contested question within a Libertarian Party that is deeply divided between two factionsthe Mises Caucus and the Classical Liberal Caucus.

The Mises Caucus is the Libertarian Partys largest faction whose members swept to power at the partys 2022 convention in a backlash against what they saw as an increasingly politically correct party that didnt do enough to stand up to COVID lockdowns and was happy to run Republican Party retreads for president. The Classical Liberal Caucus is filled with, well, self-styled classical liberals who see Mises Caucus types as Trump-adjacent bigots and kooksor at least way too tolerant of bigots and kooks.

Heading into the 2024 convention, the Mises Caucus has endorsed presidential candidate Michael Rectenwald, a former New York University professor who says he converted from Marxism to anarcho-capitalism after he was the victim of a woke mob at NYU. On Friday, the Classical Liberals endorsed Chase Oliver, a former Democrat who was the Libertarian Partys 2022 Senate candidate in Georgia.

The Classical Liberals contend that by turning the convention into a Trump rally, the Mises Caucus leaders of the Libertarian Party are not only trying to help Trump win the general election, theyre also trying to depress turnout of delegates who might oppose the Mises Caucus candidates running for party leadership and the presidential nomination.

The Trump invitation is absolutely designed to discourage anybody who would challenge [the Mises Caucus] from showing up, said Casey, who serves as chair of the Classical Liberal Caucus. Moreover, Joshua Eakle, a classical liberal who served as Tennessee state party chairman until 2021, worries that if Rectenwald wins the Libertarian Party nomination, he could theoretically suspend his campaign, either immediately after being endorsed or, say, before the election and endorse Trump.

Members of the Mises Caucus strongly deny those accusations. Im not going to drop out to support any other candidate. Im gonna run as hard as I can, Rectenwald told The Dispatch. Mises Caucus Chair Aaron Harris said the decision to invite Trump, as well as President Joe Biden and independent Robert F. Kennedy Jr., was meant to increase interest in the Libertarian Party: The long and short of it is the media wont really cover usthe mainstream media wont cover usthey wont let us in the debate. So lets see what buzz we can create on our own. While Biden declined the invitation, RFK Jr. accepted and challenged Trump to a debate at the convention (something Trump has not agreed to do).

The difference between Trump and Biden is like the difference between stomach cancer and pancreatic cancer. You definitely dont want either one, but one might kill you a little slower, Harris said, before identifying Trump as maybe the less-bad cancer. Were not trying to game this to support Trump. If anything, I think us helping elevate interest in alternative candidates is going to hurt both of them and be a wild card in this election.

How Trump could hurt Trump.

Its not clear what Trumps objective is by showing up at the Libertarian convention, but theres actually a decent chance it could backfire on him. If Trumps presence at the convention does help Rectenwald win the nomination, that would likely hurt Trump in the general election because Rectenwalds anti-woke and anti-abortion stances would almost certainly draw more votes away from Trump than Biden.

On the other hand, Oliver, the candidate backed by the Classical Liberal Caucus, would likely draw more votes from Biden than Trump because Oliver is a former Democratic antiwar activist who favors enacting a federal statutory right to abortion.

So what does Trump have to gain from showing up at the Libertarian Convention? I dont think he cares one way or the other who our presidential nominee is, Casey of the Classical Liberal Caucus told The Dispatch. I think his motivation for coming to speak to the Libertarian Party is that he looks at this as a campaign rally where he can go up on a stage that has Libertarian Party branding, Libertarian Party crowd, and he can create an ad for himself, essentially. That message? I spoke to the Libertarians, and they loved me, as Casey put it.

Indeed, Trump could be competing for the much larger faction of self-identified libertarians who never vote for the Libertarian Party candidate. A recent poll, which has not been publicly released, conducted by YouGov for the libertarian Cato Institute found that 15 percent of Americans self-identified as libertarian, according to Catos director of polling, Emily Ekins. The respondents were evenly split between Trump and Biden at 41 percent apiece. Trump, of course, also needs to be concerned about Kennedy, who is courting libertarians with his record of opposing COVID vaccines.

Michael Rectenwalds play for the populist faction.

While RFK Jr. may win far more votes than the Libertarian Party nominee, Rectenwald seems like exactly the kind of candidate who could shave half a point off of Trumps margin if he is the nominee.

I was a Marxist and a full professor at NYU when the woke mob came for me, when I voiced criticisms of social justice and university policies that had become official dogma of the university, Rectenwald told The Dispatch. When I saw what totalitarians leftists are, I immediately became a civil libertarian. A conversion to full-scale economic and political libertarianism followed shortly thereafter.

Rectenwald characterized the last two Libertarian Party nominees, former New Mexico Gov. Gary Johnson and Clemson University professor Jo Jorgenson as milquetoast candidates who did not excite anybody. Rectenwald likened himself to Argentinian President Javier Millei and said his own political philosophy begins with the premise that government is an evil, that it is a thief, and that its a parasiteand it sucks the blood out of the body politic. And so what we need to do is get it out of our lives as much as humanly possible with the ultimate goal of a stateless societyanarcho-capitalist order.

Its Rectenwalds anti-woke record and association with alt-right figures that could hurt Trump come November. Rectenwald says he was pushed toward taking a leave of absence after he revealed that he had been tweeting under the screen name Deplorable NYU Prof in 2016 (though NYU administrators dispute Rectenwalds version of events). In 2016, New York University canceled a scheduled appearance from alt-right provocateur Milo Yiannopoulos, and Rectenwald invited Yiannopoulos to speak to one of his classes in 2018. The event was again canceled due to threats of violence. Asked what was the academic value of inviting Yiannopoulos to speak in a college classroom, Rectenwald replied: Milo, for whatever his faults, is a very brilliant guy. Asked about Yiannopoulos record of antisemitic rhetoric, Rectenwald said: At the time that I had invited him, there wasnt any indication of that at all. But whatever hes done since is on himlike palling around with Ye, or, you know, Nick Fuentes and all that, I think thats pretty abominable. But Im not here to check him. There was in fact plenty of evidence of Yiannopouloss racist and anti-semitic rhetoric prior to 2018.

Asked to name the worst aspects of the Trump presidency, Recetnwald replied: Operation Warp Speed, the lockdowns, eight-plus trillion dollars in inflationary spending as well as Trumps buffoonish and antagonistic rhetoric. What was wrong with Operation Warp Speed? The vaccine was not properly vetted, Rectenwald said.

On fiscal issues, Rectenwald said that there should be an off ramp for completely winding down entitlements like Social Security and Medicare of at least for four to five years, so it is somewhat precipitous, but not too much so that you end up with a social catastrophe.

While, like Trump, Rectenwald says the federal government shouldnt have a role in setting abortion policy, he draws a contrast by voicing support for state-level laws that ban almost all abortions, except in cases of rape or when the life or physical health of the mother is threatened. Philosophically, I think abortion is an egregious violation of the non-aggression principle, Rectenwald said, referring to one of the basic tenets of libertarianism. It is aggression against a person. I believe that it is a person regardless of the size or stage of development.

Rectenwald also thinks states should ban transgender surgeries and puberty-blockers or hormone treatments for minors because people under 18 do not have the ability to consent, but once youre of age, if you want to change your body in whatever way you think you can, you have a perfect right to do so.

Chase Olivers antiwar roots.

As the candidate endorsed by the Classical Liberal Caucus, Oliver cuts a much different profile. While Rectenwalds interaction with a woke mob brought him to Libertarian politics, Oliver came into the party as a Democratic antiwar activist who thought Barack Obamas first term was too militaristic because he failed to close the Guantanamo Bay detention facility and end drone warfare. I became politically homeless until I found the Libertarian Party, campaigning at the Atlanta Pride festival in 2010, Oliver told The Dispatch.

While both Rectenwald and Oliver favor cutting off U.S. military aid to Ukraine, Israel, and Taiwan, Oliver was particularly passionate in condemning Israels war against Hamas. October 7 was a horrible day for the people of Israel, like theres no questioning that what Hamas did was horrible. But the response back has been equally terrible, Oliver told The Dispatch. It has killed so many more innocent peoplelike tens of thousands of innocent people. When pressed on using the phrase equally terrible to describe Hamass attack deliberately targeting civilians and Israels military response targeting Hamas, Oliver apologized and said the actions were not equal but both were morally indefensible.

What I mean to say is that the [Israeli] response is not morally defensible, just as obviously what Hamas did is not morally defensible, he said.

Oliver and Rectenwald more notably differ on domestic issues. On abortion, for example, Oliver supports enacting a federal statute creating a national right to abortion until an unborn child can survive outside the womb and prohibiting abortion after that point except to protect the life of the mother. Thats the standard that I would like to see federally because I think its a matter of bodily autonomy and medical privacy which fit into our constitutional rights, Oliver said, pointing to the Fifth and 14th amendments. Hed like to phase out Social Security and Medicare over a matter of decades, not four or five years. Hes OK with state bans on transgender surgeries for minors, but not restricting puberty blockers.

Asked if Trump or Biden presents a greater danger to the country, Oliver replied: Theyre both turds, right, and they both stink. Im not going to sit here and try to determine which one is better than the other. He added that Biden and Trump are both representative of authoritarian policies to which the Libertarians seek to be wholly distinct from.

A missed opportunity for libertarians?

Its far from clear that either Rectenwald or Oliver will win the nomination at the convention later this month. Roughly 1,000 national delegates will continue voting until one candidate emerges with a majority of the vote, and Joshua Eakle suggested the most viable strategy to secure the nomination is to basically just be everyones second choice.

During a time of deep dissatisfaction with the Republican and Democrat at the top of the ticket, why hasnt the Libertarian Party taken off as a vehicle for a more mainstream center-right presidential candidate who has held elective office before? In 2020, candidate recruitment efforts faltered amid concerns nominating a libertarian Republican like Michigan Rep. Justin Amash would help reelect Trump, resulting in a lackluster candidate like Jorgensen. Infighting since 2022 has certainly dimmed the partys prospects as well.

But Emily Ekins of the Cato Institute pointed to something more fundamentalwhat political scientists call Duvergers lawthats holding back the Libertarian Party. When you have an electoral system like ours, which is single-member districts, first past the postso whoever wins the most votes wins the whole thing, winner-take-allthat tends to create a system with two parties, said Ekins. No third party will take off unless the electoral system is different.

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Will the Trumpification of the Libertarian Party Actually Hurt Donald Trump? - The Dispatch

How FreedomWorks Paved the Way for Trumpismand for Its Own Demise – The New Republic

In the 2010 midterm elections, FreedomWorks packed Utahs state Republican Party convention with Tea Party activists, who came to bounce incumbent U.S. Senator Bob Bennett from his seat in favor of the right-wing neo-libertarian Mike Lee. The trick worked; Bennett came in third in the convention vote, leaving Lee to duke it out with businessman Tim Bridgewater in the caucuses, where he won.

FreedomWorkss ultimate aim appeared to be to destabilize Senate Minority Leader Mitch McConnell. In McConnells home state of Kentucky, FreedomWorks, working with Jim DeMint, then the junior senator from South Carolina and leader of the Senate Conservatives Fund, launched the insurgent candidacy of Rand Paul for the nomination, in opposition to the more establishment candidate Trey Grayson, who was anointed by McConnell. Rand Paul prevailed. McConnell got the message, and began his bend further to the right.

In 2010, I interviewed Adam Brandon, then FreedomWorkss communications director before his ascendance to the organizations presidency, about FWs aim with its backing of insurgent Senate candidates. America needed more senators like DeMint, who opposed health care, energy reform, and labor unions, he said, in order to create something of a caucusa new power center, Brandon called it.

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How FreedomWorks Paved the Way for Trumpismand for Its Own Demise - The New Republic