Solana’s native token, SOL, saw a 9% decline over two days after reaching a peak of $161.80 on 29 September, marking its highest level in seven weeks. The correction mirrored the broader altcoin market capitalisation (excluding stablecoins), which hit approximately $800 billion in late September before dropping to $739 billion on 1 October.
Despite this dip, Solana’s network activity surged in the past week, prompting traders to speculate on SOL’s potential to outperform competitors. Notably, SOL’s price has risen by 10.4% over the past 30 days, indicating positive overall market sentiment. The token remains the fourth-largest cryptocurrency by market capitalisation and ranks third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
Solana’s network distinguishes itself with low transaction fees, averaging just $0.02, compared to Ethereum’s $2.50 and BNB Chain’s $0.08. The cost-efficiency, coupled with the network’s scalability, positions Solana as a strong competitor, particularly in gaming and mobile applications. Recent developments, such as the announcement of Gameshift and the upcoming Seeker smartphone, are seen as potential catalysts for increased network demand.
Ethereum and TRON continue to dominate the stablecoin market, controlling a combined $144.4 billion, which accounts for nearly 84% of the total supply. According to CoinGecko, Ethereum leads with $84.6 billion, while TRON holds $59.8 billion, primarily driven by demand for Tether.
Despite growth in both networks, Ethereum’s market share has dipped, influenced by factors such as the Terra UST collapse and the rise of layer 2 solutions. TRON also saw its market share shrink despite increasing supply, as the stablecoin landscape diversifies.
Other networks, such as the BNB Chain, have faced challenges, notably a sharp decline in stablecoin supply due to Binance USD’s regulatory issues. However, newer blockchains like Coinbase’s Base rapidly growing, indicating a more competitive future. Stablecoins are playing an increasing role in global finance, with their usage expanding in emerging markets for purposes beyond crypto trading.
Kazakhstan’s financial regulators have frozen $1.2 million in cryptocurrency and shut down 19 illegal over-the-counter platforms, marking a significant step in their ongoing crackdown on unlicensed crypto activity. These platforms, with a combined turnover exceeding $60 million, were operating illegally and posed risks related to money laundering and terrorism financing.
In addition to freezing funds, the Financial Monitoring Agency has targeted illegal crypto-mining operations. Since the start of the year, authorities have dismantled nine mining sites and seized around 4,000 mining rigs. Furthermore, more than 5,500 unlicensed online exchangers have been blocked as part of this broad regulatory effort.
Kazakhstan’s attempts to tighten its control over the crypto industry extend to major international players. In December 2023, the country banned the US-based crypto exchange Coinbase, accusing it of violating local laws regarding the trading of uninsured digital assets.
Binance, the world’s leading cryptocurrency exchange, has secured regulatory approval in Argentina, marking its official entry into the country’s market. By registering with Argentina’s National Securities Commission, Binance can now offer its full range of crypto services to local users, providing access to various digital currencies.
This approval is part of Binance’s broader strategy to expand into regions with strong potential for crypto adoption, such as Latin America. The company’s web and mobile applications are now available throughout Argentina, enabling users to trade, buy, and sell cryptocurrencies like Bitcoin and Ethereum.
Despite legal challenges faced by its former CEO in the US, Binance continues to prioritise global expansion. Recent regulatory successes in India, Kazakhstan, and Indonesia have further solidified its presence worldwide.
Musicians worldwide are increasingly turning to platforms like Wavlake and Fountain, where they can earn Bitcoin in the form of satoshis for streaming their songs. Artists like Ainsley Costello and Joe Martin have reported making more from these platforms than from traditional DSPs like Spotify, where payments are typically low. For example, Costello earned over $13,000 in bitcoin in one year through Wavlake, compared to just $750 in five years on traditional streaming platforms.
These platforms operate under a Value for Value model, allowing listeners to tip artists directly with satoshis, creating a stronger connection between fans and musicians. With the introduction of the “zap” feature, fans can send micropayments quickly, bypassing the complexity of other systems. Nostr, a decentralised social media protocol, is also gaining popularity among musicians, helping them share their work more effectively and engage with their community.
As these new platforms grow, many artists believe they offer a fairer and more profitable alternative to traditional music industry practices. Musicians like Joe Martin encourage others to join platforms like Wavlake and Nostr to take control of their careers and foster more direct relationships with their fans.
Ohio Senator Niraj Antani has introduced a bill to allow residents to pay their state and local taxes using cryptocurrencies such as Bitcoin. Announced at the end of September, the proposal aims to push Ohio into the digital age by embracing cryptocurrencies for government transactions, giving taxpayers a modern option to settle their obligations. Senator Antani emphasised the importance of keeping the state’s economy innovative, stating that cryptocurrencies represent both the present and the future.
The new proposal follows a similar attempt in 2018, which was short-lived due to bureaucratic issues. Antani’s bill is designed to avoid the hurdles that caused the previous initiative to fail. By explicitly mandating the acceptance of crypto payments for taxes, the legislation seeks to establish Ohio as a leader in crypto integration for public services. The bill also proposes allowing state universities and pension funds to invest in digital assets, offering more financial flexibility.
However, concerns have emerged about potential privacy risks, with critics arguing that the move could expose taxpayers’ crypto transactions to government scrutiny. The bill is currently awaiting committee assignment and must navigate the legislative process before being enacted. If successful, Ohio would follow in the footsteps of states like Colorado, which introduced a similar programme in 2022.
Bithumb, one of South Korea’s leading crypto exchanges, has announced plans for an initial public offering on the Nasdaq stock exchange, aiming for a listing in the second half of 2025. The announcement was made during a shareholders’ meeting, where Bithumb confirmed it is actively pursuing this IPO with Samsung Securities as its lead underwriter.
In a strategic move to enhance its IPO prospects, Bithumb has implemented a 60:40 corporate share split, allowing the exchange to concentrate on its core business while spinning off non-essential activities, such as investment and real estate leasing. This newly formed entity is set to be named Bithumb Korea or Bithumb Investment.
This isn’t Bithumb’s first attempt at going public; the exchange previously sought a Kosdaq listing in 2020 but abandoned the effort due to regulatory uncertainties. With South Korea‘s crypto regulations remaining tight, the firm hopes to find a more favourable environment in the US, following in the footsteps of Coinbase, which is already listed on Nasdaq.
Despite facing challenges, including an operating loss of $11 million in the last fiscal year and a steep decline in revenue, Bithumb remains optimistic about its future growth and is gearing up for this significant transition to the public market.
Toncoin continues to face significant challenges, with its price down more than 30% from its year-to-date high, trading at $5.81 as of 30th September. Despite strong on-chain activity, including a surge in activated wallets and an increase in the number of burned Toncoins, its role in the decentralised finance space is fading. The total value locked in Toncoin’s network has plunged from $765 million in July to $427 million, causing the token to slip in DeFi rankings.
Contributing to this decline is the arrest of Telegram founder Pavel Durov in France and the poor performance of newly launched tap-to-earn tokens, which have seen steep drops in value. Alongside these setbacks, Toncoin’s futures open interest has also declined, indicating weaker demand. Technically, Toncoin is approaching a critical point where the 50-day and 200-day moving averages may form a death cross, which could trigger further price declines if it fails to break above these levels.
Unless Toncoin can regain momentum, a bearish breakout to the $4.45 support level appears likely. The last time this pattern formed, Toncoin experienced a significant drop, and its future remains uncertain unless it can overcome its current technical and market challenges.
Jesse Pollak, the mastermind behind Ethereum’s Layer 2 blockchain Base, has taken a significant step in his career by joining the Coinbase executive team. In addition to leading the Base project, Pollak will now also oversee Coinbase Wallet, a key component in the company’s mission to enhance blockchain accessibility for a broader audience.
In a recent announcement on X (formerly Twitter), Pollak expressed his enthusiasm for his dual role, stating that both Base and Coinbase Wallet aim to simplify the process of connecting people to the expanding decentralised economy. He emphasised that this collaboration will strengthen efforts to onboard users onto the blockchain and enhance the overall experience.
Despite his expanded responsibilities, Pollak reassured the community that Base will maintain its core principles of decentralisation and openness. He underscored that both Base and Coinbase Wallet share the vision of being inclusive and accessible to everyone, fostering a collaborative environment between the two teams.
Coinbase is also enhancing its services with the recent launch of ‘Coinbase Wrapped Bitcoin’ (cbBTC), a new ERC-20 token that is backed 1:1 by Bitcoin. The initiative aims to improve the utility of Bitcoin within decentralised finance, allowing users to leverage their Bitcoin across various dApps on Ethereum and the Base network.
Shigeru Ishiba, who is set to become Japan’s Prime Minister next week, has announced his commitment to pro-blockchain and NFT policies. As the newly elected head of the ruling Liberal Democratic Party (LDP), Ishiba plans to appoint Masaaki Taira, the current head of the LDP’s web3 taskforce, as the new Minister of Digital Affairs. This strategic move aims to leverage blockchain technology to enhance regional economies by adding value to local products, particularly in the realms of food and tourism.
In his policy document, Ishiba emphasised the potential of NFTs and blockchain to restore local products’ value to global prices, aligning with calls from crypto industry groups to bolster rural economies. Taira has also expressed intentions to improve the global appeal of Japanese intellectual property through NFTs and highlighted the need to reform Japan’s tax system to support crypto startups. He noted that the current system is outdated and hinders the proper auditing of less prominent tokens.
As Ishiba prepares for a general election on 27th October, he aims to address digital divides across regions and promote internet resource development to maximise the potential of rural areas. With the LDP’s long-standing influence in Japanese politics, many anticipate that these policies will pave the way for a more digital-savvy nation.
