The Blockchain Bulletin, Jan 24: TRON to Eliminate Transfer Fees for Stablecoin
Hey folks! Welcome back to the latest edition of The Blockchain Bulletin. In the last 24 hours, over 140,565 traders were liquidated and the total liquidations are worth $355.64 million. The largest single liquidation order happened on Bitmex-XBTUSD valued $7.97M. Other notable liquidations took place in BTC ($127.74M), TRUMP ($12.33M), DOGE ($11.86M), and XRP (9.82M).
In his X profile, Justin Sun, the founder of TRON, stated that the development team is taking steps to reduce user fees while transferring stablecoins. Sun stated that plans are on to eliminate the fees altogether, thus enhancing affordability for USDT and USDC users. He added that as TRON advances beyond other blockchain platforms, users will be able to enjoy feeless transactions. Notably, TRON earned $2.15 billion in fees in 2024, close behind Ethereum’s $2.48B.
Ethereum, which has been facing criticism in recent times, has launched Etherealize to boost institutional appeal. Receiving investments from Vitalik Buterin and The Ethereum Foundation, Etherealize will be utilized to onboard institutional investors to the Ethereum ecosystem. Founded by Vivek Raman, Etherealize will be a product arm of Ethereum. With ETH facing criticism for its poor management, the community has hopes that it will reach $5K by year-end. Market analysts pointed out that several factors including DeFi dominance, high market demand, and even reduced rates could push ETH’s price to $4K by mid-2025.
Related: Dogecoin Shows Bullish Signals Amid 590M Whale Accumulation
On the other hand, Bitcoin surged by 2% in the last 24 hours and is trading at $102K. Sensing its potential, Goldman Sachs CEO David Solomon stated that the king of crypto is not a threat to the US dollar. In an interview, Solomon pointed out that Bitcoin is speculative and is not a competitor to the USD. Further, he emphasized that the bank’s testing and utilization of blockchains is for streamlining commercial operations. Following his lead, BlackRock CEO Larry Fink predicted that Bitcoin would soar to $700K if sovereign funds allocated 2-5% of their investments to crypto. Fink added that such funds from government owners would increase Bitcoin’s growth in the market.
In order to aid Ross Ulbricht, the founder of the Silk Road website, post-release, Kraken donated $111K Bitcoin. Apart from that, the exchange set up a separate Bitcoin address, informing users to provide their contributions to Ross. Nearly 93 donations were made to the address, raising $261K.
On the institutional front, CME Group has proposed to launch XRP and Solana Futures in February after attaining approval. The proposed offerings include both standard and micro contracts tailored for different investor segments. While Solana contracts will be structured in denominations of 500 and 25 SOL, XRP will provide 50K and 2.5K XRP, enhancing institutional investors and retail members.
To engage users in a seamless Web2 to Web3 transition, the Shiba Inu community launched ShibOS, an operating system to build a secure and fast application. Launched with 36 chambers, ShibOS is beneficial for a multi-layer optimized stack used for all blockchain applications and is designed to meet specific needs in each sector. On the other hand, UpBit launched $ANIME to boost the connection between anime creators and fans and enhance user experience.
Related: Shiba Inu Uncertain Future: Will It Rise Again or Fade Away?
Marking an extraordinary record, the BNB Foundation completed its 30th token burn, removing 1.63M BNB worth $1.16 billion. This is a major step in its process of decreasing the total number of BNB tokens in circulation while also enhancing the token’s position within its ecosystem. With this, the total circulating supply of BNB is now 142,465,780.15, with 42,465,780.15 yet to be burned.
