The US market for spot Ethereum exchange-traded funds (ETFs) has seen a shift in investor sentiment, with the largest weekly inflows recorded since early August.

The surge marks the end of a six-week streak of consecutive outflows, signaling renewed enthusiasm among investors.

According to data from SoSoValue, US-based spot Ethereum ETFs saw inflows totaling $58 .7 million on Friday alone.

This helped the funds achieve a net positive inflow of $84 .5 million for the week, breaking a six-week cycle of net outflows.

$SOL surges back above $157 , reclaims $73 Billion Market Cap.

Solana digital asset investment products recorded inflows for the 5th consecutive week, totaling $3 .2M. Bitcoin saw $284M in inflows for the 2nd consecutive week, while Ethereum experienced $29M in outflows.

Source: CoinShares

At Solana Breakpoint, Jupiter Exchange announced the introduction of Perps V2, making perpetual trading gasless. This aims to deliver a trading experience on Solana with parity to centralized exchanges.

Tether, the issuer of $USDT , has become the 18th largest U.S. Treasury holder, surpassing Germany, UAE, and Australia.

Tether now holds $118 .4 billion in reserves, exceeding liabilities by $5 .3 billion.

Bitcoin reclaims $61 ,000

Qcp Reports That Harris Is Gaining Traction In The Debate, While The Market Remains Cautious About Interest Rate Cuts

QCP highlighted that the recent debate between Donald Trump and Kamala Harris has garnered significant attention this week. With support from Taylor Swift, Harris has seen her chances of winning rise above 50%, according to Polymarket data.

Step Finance launches a Solana Portfolio Data API, providing real-time and historical data to support Solana's growing institutional adoption.

Donald Trump's odds for winning the 2024 presidential election dropped to 49% during the 🇺🇸US presidential debate.

Via: BET on DRIFT

Pantera Capital and ParaFi Capital, bought 62.6M Metaplex's $MPLX tokens from Wave Digital, originally held by the FTX estate. Only 7.5M tokens remain to be sold by FTX, fully unlocking on September 19.

Metaplex is the leading standard for NFTs and tokens on Solana.

The Solana Foundation announces $160k in funding for open-source data tooling. Two RFPs, Solana Indexer Tooling ($100k) and Solana Discriminator Directory ($60k), aim to enhance data access and developer tools.

Proposals are now open for submission.

Mercuryo, a Web3 payments provider, has announced the rollout of Spend, a virtual debit card promising to streamline crypto payments.

Complete with Apple Pay and Google Pay compatibility, Spend facilitates payments directly from Solana wallets to over 90M Mastercard merchants across the globe.

WHAT IS SPEND??
Mercuryo’s Spend allows wallet apps to integrate virtual Mastercard debit cards directly into their applications. Through the Spend Card, Mercury promises to enable the crypto community to use their crypto assets to “spend on anything. Anytime. Anywhere.”

Spend aims to provide a fast and cost-effective method for crypto users to convert and spend their digital assets from their wallets. Beyond the simplicity of Mastercard, Apple Pay, and Google Pay integration, Spend also offers card customization, meaning wallet providers can incorporate their logos into virtual cards.

Spend is fully self-custodial, meaning users have full control over any assets deposited into the card account. Additionally, the platform offers multi-chain support, including Solana, Ethereum, and PolkaDot.

As part of the announcement, Mercuryo teased that several leading Web3 wallets will be adding Spend in the near future. SolanaFloor engaged Mercuryo for comment on the matter but is yet to receive a response.

Why Web3 Needs Better Off-Ramps
Since the birth of the industry, crypto companies have focused tirelessly on streamlining the flow of funds into decentralized economies. According to Mercuryo, “on-ramping is now a user-friendly process, and users can purchase crypto with ease.”

While onboarding has become easier with exchanges and third-party apps readily available, bringing funds back into the real world still poses significant barriers. Mercuryo argues that the biggest struggles facing crypto off-ramping are:

1. Poor UX of existing solutions - Users need to jump through a variety of hoops to withdraw funds. Many platforms are only available in certain regions and popular offboarding platforms offer limited support outside of mainstream cryptos.

2. Bank restrictions - Traditional banks often block payments from crypto-related companies and freeze accounts suspected of interacting with cryptocurrency.

3. Extortionate fees - Third-party apps and intermediaries can charge high fees on crypto-to-fiat withdrawals, discouraging users from transferring funds.

Slow processing times - After becoming accustomed to rapid, permissionless transfers onchain, crypto-to-fiat withdrawals can feel slow and cumbersome.

While the industry loves to discuss and promote progress and efforts toward crypto onboarding, finding seamless methods of getting funds off-chain is equally important.

Mercuryo’s commitment to simplified crypto off-ramps helps to legitimize digital currencies as meaningful financial tools. Through the Spend card, millions of crypto users may be able to enjoy improved access to their funds in real-world contexts, solidifying the role of cryptocurrency in the Web2 world

🇨🇭$290 billion Zurich Cantonal Bank launches Bitcoin and crypto offerings.

ZKB customers can now trade Bitcoin via the bank’s mobile banking app, eBanking, and other channels.

On August 31, 2024, cumulative daily DEX volume across all chains hit $2 .58B, the lowest level since February 4, indicating a sharp decline in onchain activity.

During this downtrend, Ethereum and Solana remain the top chains for DEX volume

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Solana surpasses all other chains in monthly NFT blockchain user adoption.

- Users: 106K
- Dominance: 32%

Binance hints at $BNSOL launch, a liquid staking token on the Solana blockchain.

Solana Optimistic Network secures funding in a "cobuilder" round, backed by Solana Foundation's Lily Liu, Solana co-founder Aeyakovenko, and others. SOON, a Solana Virtual Machine (SVM), claims to be "the most efficient rollup stack."

MagicEden an NFT marketplace has officially launched it's live crypto mobile wallet on both iOS and Android.

After weeks of eager anticipation, Lavarage has finally launched its generous rewards program. Offering DeFi traders a more efficient way of navigating onchain markets, Lavarage adds a new dimension to permissionless margin trading by leveraging spot assets, rather than the synthetic perpetual assets used across the Solana ecosystem.

With the launch of Tephra, the protocol’s dynamic points program, Lavarage brings renewed enthusiasm to Solana’s margin markets and re-stokes the flames ahead of a future airdrop.

THE TEPHRA POINTS SYSTEM - MISSION 1 NOW LIVE
Rewarding dedicated traders and community members alike, the Tephra points system aims to provide fair opportunities for all ‘Lavanauts’. By using the Lavarage trading platform and engaging in community-building activities, Lavanauts earn Tephras, which will be directly correlated to an eventual airdrop.

Users earn Tephras every time they execute an action in the Lavarage platform. Whether you’re opening positions, paying interest on borrowed assets, or staking SOL for lstSOL (Lavarage’s native liquidi staking token), users are actively earning Tephras. The team has also hinted that users can boost Tephra generation by holding Lava Rock Alpha NFTs.

Profitable traders stand to generate even more rewards. Encouraging skilled traders to use the platform, points are also being distributed based on the profitability of individual trades. Making point generation accessible to those with smaller wallets, Tephras can also be earned through community-building activities.

Adding an additional layer of intrigue to the Tephra program, Lavarage proposes diversified missions. With each mission lasting two weeks, the Lavarage team will adapt rewards based on the protocol’s strategic goals. While this keeps the rewards program dynamic, it also works as a countermeasure against bots and airdrop farmers seeking to game the system.

Mission 1 is currently live. Lavarage users can easily track their Tephra points tally through the app. Lavarage’s earliest users and supporters can now verify rewards accumulated during the ‘OG Mission’.

WHAT IS LAVARAGE?
Designed to improve capital efficiency in DeFi trading and boasting a streamlined user experience, Lavarage offers a creative approach to margin trading on Solana. Unlike the network’s vast range of perpetual DEXes, Lavarage contracts use spot assets.

This means that the platform offers more accurate pricing and liquidity than perpetual markets and allows traders to buy and sell the underlying assets.

Lavarage usage has erupted in recent weeks. Since the end of June, the platform has facilitated over 5,000 spot-margin positions at an average leverage of 3x. Boasting over 500 assets, Lavarage has attracted over 1,000 unique users with a retention rate of over 60%.

Beyond trading, Lavarage also manages to provide generous yield to its liquidity providers. According to the platform, SOL stakers have earned over 40% APY through Lavarage since the protocol’s inception.

WHAT'S NEXT?
With the Tephra points program officially underway, the Lavarage team has hinted that the upcoming TGE “might not be too far off”.

Regardless, Tephra is expected to boost the platform’s growing user base and volume, helping Lavarage grow towards becoming a key player in Solana’s flourishing DeFi Landscape.

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Solscan explorer is now displaying priority fee for every transaction on Solana.

Solayer, a re-staking protocol on solana, has officially launched their mainnet.

Pump.fun accrued 0.1% of Solana's supply via platform fees since its creation, holding $80M in their fee wallet. 50% ($40M) is in USDC, and 50% (271,691 SOL) represents 0.0582% of the total SOL supply. Fees are swapped 50/50 for SOL + USDC at the end of each collection period.

Putin signs law legalizing cryptocurrency mining in russia.

On August 4th, Solana surpassed all other Layer-1 chains combined in daily non-voting transactions.

BlackRock's spot Bitcoin ETF trading volume exceeds $1 .45B in the first hour of trading.

Memecoins have taken a dominant role in @solana 's DEX trading volume, comprising $192 billion (51%) of the total volume since August 2023

- Messari Crypto research.