- The launch of Pudgy Penguins’ PENGU token on Solana triggered record activity, with 9 million transactions in a single day, surpassing all other major blockchains combined, alongside leading in DEX trading volume and daily active addresses.
- Over 100,000 claims were made during the PENGU airdrop within the first hour, but the token’s value dropped by over 50% within 24 hours.
On Tuesday, the Solana blockchain saw record network activity as the Pudgy Penguins NFT project launched its native token, PENGU.
The network saw 9 million transactions, its highest single-day tally since its 2020 debut, according to data from Artemis. This volume exceeded the combined total of all other major blockchains.
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Solana also led in daily decentralised exchange (DEX) trading volume and daily active addresses. However, it trailed Base, Ethereum and Tron in stablecoin transfer volumes.
PENGU Airdrop Goes Live
This Tuesday, holders of Pudgy Penguins, Lil Pudgys, Rogs and Soul Bound Tokens (SBT) participated in the PENGU airdrop, which began at 8:00 AM ET. The project reported over 100,000 claims within the first hour and 4.7 million website visits.
News flash: It was a disaster, as the coin lost over 50% of its value in less than 24 hours.
Solana is the favourite go-to platform for gamers, meme enthusiasts and degenerate crypto gamblers. Solana’s SOL hasn’t performed the best, however. Data from CoinMarketCap shows the SOL price has declined 8.2% in the last seven days, currently priced at US$208 (AU$334).
By contrast, the blockchain’s total value locked (TVL) across its decentralised applications (dApps) is close to retaking 2021’s highs, currently at US$8.8B (AU$14.1B).
No ETP For You
In related news, while Solana-based exchange-traded products (ETPs) are not yet available in the US, European investors can now access a new Solana Staking ETP from crypto asset manager Bitwise.
The fund is set to trade in Germany on the Deutsche Börse AG. For those who don’t know, staking involves locking up digital assets to support a blockchain network, earning rewards in the form of additional tokens.
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Bitwise described the fund as a “low-cost, liquid, and transparent investment vehicle for staked SOL exposure”, as per its Wednesday announcement.
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