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Ethereum Network Generated $370M in Profit in Q1, as ETH Reclaims $3K

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It may sound counter-intuitive that a decentralized network can generate a profit, but that is exactly what Ethereum has done so far this year.

According to an April 18 Token Terminal report, the Ethereum blockchain generated a $369 million profit in the first quarter of 2024.

If this level of profit is sustained, the blockchain could generate around $1.5 billion for the year.

Ethereum Blockchain Profitable

Token Terminal explained that Ethereum’s revenue model is based on network fees, which are the gas users pay for making transactions. Gas costs spiked in early March but have now fallen back to yearly lows.

Moreover, a portion of the ETH is burned and removed from circulation for every transaction. This accrues to the economic benefit of existing ETH holders since issuance becomes deflationary during times of high demand.

There are also ‘expenses,’ which is the issuance of new ETH to the network’s validators and stakers as an additional economic reward.

“The difference between the daily USD value of the burned ETH (revenue) and the newly issued ETH (expenses) represents the daily earnings for existing ETH holders,” it explained.

Crypto investor and Etherean Ryan Sean Adams said that Ethereum wasn’t like other blockchains. Over the past 18 months, Ethereum generated almost $1 billion in earnings, he added.

“This puts Ethereum in the top 20 entities globally in terms of buyback yield at 0.23%. Ethereum is only 9 years old. ETH should be over $10k based on this alone.”

On April 19, venture capitalist Tomasz Tunguz told his 98,000 X followers that Ethereum “was the most profitable software company in Q1 2024.”

Ethereum generated $370 million in profit on $825 million in revenue for about a 45% net income margin, he added.

“If Ethereum were to trade on the New York Stock Exchange or the NASDAQ, it would top the net income margin (%) charts, with Microsoft, Adobe and Veeva thereafter.”

ETH Price Slides

Nevertheless, ETH markets were getting no love last night, with the asset dropping below $3,000 for the first time in two months.

However, the trend started to change in the following hours, and ETH, alongside the rest of the market, bounced off to about $3,100 as of now.

Still, the asset has now retreated almost 25% from its 2024 peak and remains down 38% from its 2021 all-time high.

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Meme Coin Mania: Sealana Dives into Solana Sea While Dogeverse Presale Hits $13M

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The crypto market gained 2.5% on Thursday, hinting at a bullish May.

On the meme coin side of the market, Sealana (SEAL) and Dogeverse (DOGEVERSE) take centre stage. Sealana is a patriotic, overweight American redneck seal striving to trade his way out of his mom’s basement.

The Sealana presale launched to great reception, raising $100,000+ in a flash. The viral Dogeverse presale, on the other hand, has crossed past the $13M milestone.

Chubby Solana Meme Coin Sealana is Trending on Day 1

Sealana (SEAL) is the latest meme coin sensation.

The new Solana meme coin adds a fresh twist to the landscape dominated by dog, cat, frog, and sloth tokens.

Sealana stands out with a humorous narrative featuring a trader seal. The amusing, yet relatable theme is central to the project’s successful launch.

Sealana strategically steps into a bullish May, raising $100,000+ within hours of going live on Day 1. This strong start indicates a turbocharged presale that could end ahead of schedule due to massive traffic.

The community pages on Telegram and Twitter are live now.

The Solana meme coin features a “send-to-wallet” approach alongside a more conventional “Buy Now” widget. The goal is to cater to diverse investor preferences.

Can Sealana Move Out of its Mom’s Basement to Top Meme Coin Ranking?

Sealana’s core strength is its distinctive and relatable narrative. It integrates successful trends like Solana integration and send-to-wallet mechanics, while rooting its originality in the humorous and relatable theme.

The Sealana website introduces the meme coin with a playful description of the chubby seal immersed in Solana’s depths:

“Meet Sealana, the chubby seal who’s taken a deep dive into the Solana Sea. Whaled at his PC and growing by the day, Sealana is so absorbed in the degen market that he’s abandoned the gorgeous figure of his youth for a trader’s diet of chips and tinned tuna. His obsession with finding the next big Solana meme coin keeps his flippers busy and his living room a big fat mess.”

The narrative perfectly captures the essence of traders engulfed in the crypto frenzy.

Sealana resonates with traders who understand the appeal of the chaotic crypto world. As part of community building, the project is expected to post vibrant meme ideas that could go viral.

Strategic Investors Are Unlocking Meme Coin Potential

The meme coin market has proven that it is evergreen.

But the same can’t be said about individual meme coins. They are fleeting in nature. They can pump and dump in a matter of hours.

Even legendary meme coins like Dogecoin and Shiba Inu haven’t been able to reach anywhere close to their all-time highs after the crypto winter of 2021 and 2022.

Many view them as means of quick gains, which carry exponentially higher risks of capital loss. The rising traffic to Sealana and Dogeverse presale is the latest example of this trend.

Sealana attempts to cultivate a dedicated investor community around its quirky theme.

To join the presale, investors can send SOL directly to the designated presale wallet or follow the ‘Buy Now’ widget on the website.

Visit $SEAL Presale

Dogeverse Presale Heats Up, $13M Crossed

Dogeverse (DOGEVERSE) has emerged as one of the hottest meme coins of 2024.

It has generated close to 12,000 Twitter followers in less than a month. The project’s rise to success has been phenomenal.

Regardless of the market downturns, the presale has surged past the $13 million mark.

Dogeverse is breaking new ground in the meme coin market by integrating across major blockchains such as Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.

The multichain compatibility enables token swaps for DeFi opportunities and cross-chain functionalities through protocols like Wormhole. This versatility gives the project a wide range of opportunities for utility integration. In addition, it attracts speculative attention across different blockchain communities.

The presale hard cap of Dogeverse is $17M, which means the sell-out is on the horizon. The token’s upcoming listings on both decentralized (DEX) and centralized (CEX) platforms are events to watch out for.

Visit $DOGEVERSE Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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$SNUKE Presale Reaches 300 $SOL Milestone

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[PRESS RELEASE – Burlignton, United Kingdom, May 2nd, 2024]

$SNUKE, a new meme coin inspired by the humor of the popular TV show “South Park” and based on the Solana blockchain, has recently achieved significant milestones in its presale. These achievements underscore its potential among the array of Solana-based meme coins poised for success.

Users can join The $SNUKE Coin Presale here.

Early Success in the $SNUKE Presale

SNUKE ($SNUKE), a meme coin with a vibrant community backing, has raised over 300 $SOL in the first four days of its 25 day token presale.

The $SNUKE Presale has a total allocation of 600 Million $SNUKE Tokens for early Presale participants.

According to the SNUKE team, the initial progress with both retail investors and prominent Solana stakeholders highlights interest in their community focused approach and transparent fundraising model.

$SNUKE is setting a new standard for fairness in the crypto space with no insider allocation. SNUKE’s team is optimistic that the presale, which commenced on April 25th, will encourage widespread participation by offering every early adopter an opportunity to secure tokens.

$SNUKE Presale: Early Access to 60% of Tokens and Zero Transaction Tax

The $SNUKE Presale allocates 60% of its total supply of 1 Billion #SNUKE Tokens to early adopters. The $SNUKE Token offers a commitment of 0% tax on transactions, with liquidity pool (LP) tokens burnt to ensure security, and the minting function permanently disabled to prevent the creation of new tokens

How to Participate in the $SNUKE Presale

To participate in the $SNUKE Presale, users can follow these simple steps:

  1. Wallet Preparation: Users should ensure they have a compatible Solana wallet, such as Phantom or Solflare, set up for participation.
  2. $SOL Acquisition: Users should acquire $SOL from Binance or Coinbase, considering applicable transaction fees, and then transfer it to their Solana Compatible self-custodial wallet.
  3. Contribution: Users should visit the $SNUKE presale page and adhere to the provided instructions to transfer $SOL to the designated address.
  4. Token Tracking: Users can utilize the user-friendly dashboard to monitor the $SNUKE tokens entitled based on the total $SOL contributed.
  5. Token Receipt: After the presale, $SNUKE tokens will be airdropped to the user’s wallet in proportion to their contribution.

Joining the $SNUKE Community

Joining $SNUKE is an opportunity to be part of a movement set to redefine meme coins on Solana. With growing social media presence and a surge in community engagement, the $SNUKE team sees a great future for $SNUKE in the industry.

Users can stay connected with the $SNUKE community and receive updates or information about partnerships by joining the $SNUKE Telegram group and following us on Twitter.

About $SNUKE

$SNUKE is a pioneering project launched on the Solana blockchain, inspired by the beloved “South Park” series. It blends humor with investment potential, designed to captivate meme lovers and crypto investors alike.

Users can stay updated by following $SNUKE on social media:

Website: https://snuke.wtf

Twitter: https://twitter.com/snukecoin

Telegram: https://t.me/snukecoin

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Aave Labs Unveils Major Upgrades and Expansions with Aave V4 Proposal

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Aave Labs, the team behind the DeFi lending platform Aave, has proposed a slew of major upgrades and expansions two years after introducing its V3.

The suggested improvements include Aave V4, Aave Network, a Cross-Chain Liquidity Layer, non-EVM L1 deployments, and a fresh visual identity.

Aave V4

According to the latest blog post, Aave V4 will be built with a brand-new architecture featuring an efficient and modular design while aiming to minimize disruptions to third-party integrators.

The most important architectural change of the latest iteration is the proposed introduction of a Unified Liquidity Layer, which expands on the Portals concept introduced in Aave V3. This layer enables a fully agnostic, independent, and abstracted infrastructure for liquidity provisioning.

It is also proposed to manage supply/draw caps, interest rates, assets, and incentives while enabling other modules to draw liquidity from it. This would allow the Aave DAO to add or remove borrow modules without the need to migrate liquidity.

The main function of this architecture approach is to facilitate the addition or improvement of borrowing features without overhauling the entire system or the liquidation module while simultaneously addressing the issue of fragmented liquidity present in older versions of the protocol.

Aave’s proposal revealed that the liquidity layer is capable of natively supporting both supplied and natively minted assets, thereby improving integration with GHO and other collateralized protocol-native assets. Aave V4 also proposes fully automated interest rates with adjustable slopes and kink points.

Other Proposed Features

‘Smart Accounts’ is yet another feature that has been proposed for introduction in the V4 iteration in a bid to streamline the user experience by addressing a major issue with Aave V3 – eliminating the need for separate wallets to manage positions when borrowing using eMode or isolated assets. Users will be able to create multiple smart accounts within a single wallet, simplifying interactions with the protocol.

The proposal also features a dynamic configuration mechanism per asset, where users are “hooked” to the current configuration of an asset when they borrow. If a new asset configuration is needed, a new instance is created while existing users remain hooked to the previous configuration.

Meanwhile, the company mentioned that they are collaborating with Chainlink to investigate solutions for fully automating risk management. The concept involves utilizing ad-hoc, on-chain feeds to evaluate asset risk and dynamically adjust risk parameters through control theory or artificial intelligence.

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