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Solana DApp volumes shed 10%, but a rally to $230 is still possible

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Solana’s native token, SOL, experienced a 22.5% decline between January 6 and January 13, 2025, reaching $169—the lowest in ten weeks. A subsequent 15% recovery by January 15 failed to push SOL above $200, raising concerns among traders about the impact of decreased decentralized application (DApp) activity on Solana’s potential to rebound to $230.

According to DefiLlama data, Solana’s on-chain activity dropped by 10.3% between January 8 and January 15. Notably, the decentralized exchanges Raydium and Orca saw declines of 23.3% and 2%, respectively, while Lifinity and Stabble experienced increases of 27.7% and 29.7%. In contrast, Ethereum’s on-chain volumes rose by 9% during the same period, with Arbitrum’s activity up by 20%, driven by platforms like Curve Finance and Uniswap.

Despite a 5.9% monthly decline in total value locked (TVL), Solana maintains its position as a leading blockchain platform, second only to Ethereum, which saw an 18.1% drop in deposits. The decrease in Solana’s TVL was primarily due to reductions in Jito and Marinade, while Ethereum’s downturn was led by Lido and EigenLayer’s staking solutions. This trend reflects broader market challenges rather than issues specific to Solana.

Investors remain optimistic about SOL’s potential to surpass $230, bolstered by Solana’s competitive advantages and substantial inflows. A quant trader noted that $1.5 billion in USD Coin (USDC) was minted on Solana’s network within 15 days, highlighting the network’s low fees attracting users and institutions. While cross-chain USDC transfers face challenges, Solana’s infrastructure shows promising growth, suggesting that SOL could benefit from a new wave of market entrants.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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