Research Summary
The report provides updates on various blockchain projects, including Solana’s record-breaking on-chain activity, Avalanche’s support for the Meme sector, and PancakeSwap’s proposal to reduce the total supply of CAKE tokens. Other updates include the temporary halt of zkSync Era mainnet’s block production, Metis Andromeda’s growth, and changes in leadership and support for different assets and regions across various platforms.
Key Takeaways
Solana’s Record-Breaking On-Chain Activity
- Solana’s Growth: Solana Network set a new record for monthly new addresses and active addresses in December, surpassing 15.6 million active addresses, a 50% increase compared to November. The number of new addresses added in December was 6.8 million, surpassing the 6.6 million recorded in May.
Avalanche’s Support for Meme Sector
- Meme Sector Support: Avalanche Foundation announced its support for the Meme sector through its Culture Catalyst funding program. The initiative involves acquiring curated Meme tokens based on Avalanche to create a collection, recognizing and encouraging the culture and fun represented by the Meme ecosystem.
PancakeSwap’s Proposal to Reduce CAKE Tokens
- CAKE Token Reduction: The PancakeSwap community proposed a vote to reduce the total supply limit of CAKE from 750 million to 450 million. As of the time of writing, the proposal has been approved, and it will take effect on January 4, 2024.
zkSync Era Mainnet’s Temporary Halt
- zkSync Era Mainnet Halt: On December 25th, the zkSync Era mainnet experienced a 2-hour block production pause. The issue has been completely resolved, and the team plans to discuss holiday emergency plans to improve the network in the new year.
Metis Andromeda’s Growth
- Metis Andromeda’s Rise: Over the past 7 days, the Total Value Locked (TVL) on Metis Andromeda has grown by 215% to reach $723 million, making it the third-largest Layer 2 (L2) network by TVL, following Arbitrum and Optimism.
Actionable Insights
- Monitor Solana’s Continued Growth: Given Solana’s record-breaking on-chain activity, it may be beneficial to keep an eye on its continued growth and development.
- Explore Avalanche’s Meme Sector Support: Avalanche’s support for the Meme sector could potentially lead to new opportunities within the Meme ecosystem. It may be worth exploring these opportunities further.
- Consider the Impact of CAKE Token Reduction: The approved proposal to reduce the total supply of CAKE tokens could have significant implications for the token’s value and PancakeSwap’s overall market dynamics.
- Assess zkSync Era Mainnet’s Stability: The temporary halt of zkSync Era mainnet’s block production could raise questions about the network’s stability. It may be beneficial to assess the network’s response and future plans to prevent similar issues.
- Research Metis Andromeda’s Rapid Growth: The rapid growth of Metis Andromeda, particularly its rise to the third-largest Layer 2 network by TVL, suggests potential for further expansion and development.
