Coin Market

Solana TVL hits new high in SOL terms, DEX volumes show strength — Will SOL price react?

Published

5 days ago

April 5, 2025

Solana’s native token SOL (SOL) dropped by 9% between March 28 and April 4, but several key metrics grew during the same period. Despite SOL’s price downturn, the Solana network continues to outpace competitors, maintaining its second-place position in deposits and trading volume. Traders now wonder how long it will take for SOL’s price to reflect this onchain strength.

Solana outperforms rivals in TVL deposits and DEX volumes

Investor’s declining interest in SOL could be linked to the April 4 staking unlock of 1.79 million SOL, worth over $200 million. The selling pressure is clear, as these tokens were staked in April 2021, when SOL traded near $23. Another factor is the decline in interest for memecoins, which had been a major driver of new user adoption on Solana. With fewer speculative inflows, growth in activity may not translate to immediate price gains.

Several meme-themed cryptocurrencies, including WIF, PENGU, POPCAT, AI16Z, BOME, and ACT, saw declines of 20% or more over the past seven days. Yet, despite worsening market conditions, the Solana network outperformed some competitors. Its Total Value Locked (TVL) rose to the highest level since June 2022, while decentralized exchange (DEX) volumes showed notable resilience.

Solana Total Vale Locked (TVL), SOL. Source: DefiLlama

Deposits in Solana network’s DApps rose to 53.8 million SOL on April 2, marking a 14% increase from the previous month. In US dollar terms, the $6.5 billion total stands $780 million ahead of its closest competitor, BNB Chain. Solana’s top DApps by TVL include Jito (liquid staking), Jupiter (leading DEX), and Kamino (lending and liquidity platform).

Solana gains support for scalability, and Web3 focus despite MEV concerns

While not yet a direct threat to Ethereum’s $50 billion TVL, Solana’s onchain data shows greater resilience compared to BNB Chain, Tron, and Ethereum layer-2 networks like Base and Arbitrum. In decentralized exchange (DEX) volumes, Solana holds a 24% market share, while BNB Chain accounts for 12% and Base captures 10%, according to data from DefiLlama.

DEX volumes monthly market share. Source: DefiLlama

While Ethereum has regained the lead in DEX volumes, Solana has shown strong resilience following the memecoin bubble burst. For context, Raydium’s weekly volumes dropped 95% from the $42.9 billion all-time high reached in mid-January. Still, Solana has demonstrated that traders appreciate its focus on base layer scalability and integrated Web3 user experience despite ongoing criticism related to maximum extractable value (MEV).

Source: X/Cbb0fe

In short, MEV occurs when validators reorder transactions for profit. This practice is not unique to Solana, but some market participants—such as user Cbb0fe, a self-proclaimed decentralized finance (DeFi) liquidity provider—have raised concerns about insider gatekeeping. While not stated directly, the criticism likely refers to incentives provided by Solana Labs to offset the high investment and maintenance costs required by certain validators.

Supporters of changing Solana’s token emissions argue that rewards earned through MEV already provide sufficient incentives for validators to secure the network, eliminating the need for further inflationary pressure on SOL. Meanwhile, Loring Harkness, a core contributor to Shutter Network, advocates for encrypting transactions before they enter the mempool as a way to prevent validators from manipulating their order.

Solana’s growth in TVL and resilience in DEX market share may not be enough for SOL to retest the $200 level seen in mid-February. However, it has firmly secured its second-place position behind Ethereum as a leading platform for decentralized applications, supported by consistent activity, infrastructure development, and growing interest from both developers and users.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Coin Market

Cosmos launches Eureka to connect Ethereum and IBC networks

Published

27 minutes ago

April 10, 2025

Cosmos, a blockchain network aiming to become the “internet of blockchains,” has launched Eureka, an interoperability layer designed to link its inter-blockchain communication (IBC) protocol with Ethereum.

According to an April 10 announcement, Eureka has expanded the Cosmos IBC protocol, changing IBC from an ecosystem standard “to a universal interoperability protocol,” setting the hub on a course to become the home of multichain apps.

Cosmos projects are integrating into IBC Eureka. Source: Cosmos

With the introduction of Eureka, many Cosmos-based applications and blockchains are now accessible to more users by expanding IBC to the Ethereum network. With the new protocol, developers can reportedly build multichain apps across multiple ecosystems without fragmenting the user base.

The announcement said that most projects rely on bridges for interoperability, resulting in the introduction of intermediaries as well as user and liquidity fragmentation. With bridges, users can simply move assets between blockchains, while with Eureka, developers promise to deliver native interoperability.

Cosmos Hub Integration Image. Source: Cosmos

Cointelegraph reached out to the Interchain Foundation, the organization behind Cosmos, but did not receive a response by publication.

How IBC Eureka works

Eureka relies on a distribution zone allowing developers to access all IBC connections, users, liquidity and services without additional infrastructure. The Cosmos Hub also allows users to access apps, services and assets across the included ecosystems.

Some early use cases include Bitcoin staking protocol Babylon, whose users will now be able to transfer Bitcoin liquid staking tokens from Ethereum to Babylon’s Cosmos-based chain. Similarly, decentralized finance (DeFi) protocol Elys will enable trading with Wrapped Ether (WETH), Wrapped Bitcoin (WBTC) and USDt (USDT) from Ethereum.

More integrations coming

In the future, developers promise that users will be able to leverage Eureka-powered multichain features in major decentralized exchange (DEX) dYdX. Real-world asset tokenization platform Mantra will also reportedly bridge capital from Ethereum into Cosmos-based real-estate markets, staking infrastructure and permissioned DeFi applications.

According to the announcement, IBC — which Eureka upgrades — has facilitated an average of up to $3 billion in transaction volume among more than 115 blockchains every month since its launch. Still, the integration was far from seamless for blockchains that were not part of the Cosmos ecosystem.

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Coin Market

Anti-Elon Musk protests 2025: Everything you need to know

Published

27 minutes ago

April 10, 2025

Why are people protesting against Elon Musk?

Elon Musk, once celebrated as a tech visionary behind Tesla and SpaceX, has faced growing backlash due to his political ties, controversial corporate decisions and provocative public statements.

Born in 1971 in Pretoria, South Africa, Elon Musk co-founded Zip2 in 1995, which was sold to Compaq in 1999. He then launched X.com, which merged with Confinity to form PayPal, acquired by eBay in 2002.

His later ventures, SpaceX (2002) and Tesla (2004), solidified his status as a leading innovator in aerospace and electric vehicles. In 2022, Musk acquired Twitter for $44 billion and later rebranded the platform as X, integrating it into his broader vision for an “everything app.”

Initially celebrated for his technological contributions, Musk’s public image began to shift in the late 2010s for several reasons:

Political involvement: Musk’s association with conservative politics, notably his support for US President Donald Trump and his role as head of the Department of Government Efficiency (DOGE), drew criticism. His advocacy for significant federal spending cuts and program eliminations fueled discontent.Corporate practices: Decisions like relocating Tesla’s headquarters from California to Texas and implementing controversial labor practices contributed to negative perceptions. These actions were seen as prioritizing profit over employee welfare and regulatory compliance.Public statements: Musk’s public communications, especially on social media, often sparked controversy. Critics accused him of spreading misinformation and promoting conspiracy theories, which eroded trust among certain groups.

Did you know? Despite popular narratives of Elon Musk as a self-made entrepreneur, he came from a wealthy South African family. His father, Errol Musk, is suspected of owning an emerald mine in Zambia, and Elon has acknowledged receiving financial support from his family during his early ventures.

Anti-Elon Musk protests in 2025

By 2025, the aforementioned factors culminated in widespread protests targeting Musk and his business interests.

The demonstrations were driven by core grievances:

Wealth disparity: Musk’s net worth, which reached $400 billion in December 2024, had declined to $298 billion by April 2025 due to stock market fluctuations and political controversies. His accumulation of wealth highlighted growing economic inequalities, with protesters viewing it as emblematic of systemic issues favoring the ultra-wealthy.Political influence: Musk’s significant political engagement, particularly his advisory role to Trump and influence over DOGE policies, has raised concerns about the concentration of power among wealthy elites. Critics feared this influence undermined democratic processes and prioritized corporate interests over public welfare.Corporate practices: Actions such as aggressive cost-cutting measures, perceived labor exploitation and controversial business decisions led to dissatisfaction among employees and consumers. The “Tesla Takedown” movement, for example, targeted Tesla showrooms, criticizing Musk’s leadership and corporate strategies.Social and environmental concerns: Musk’s business decisions were also scrutinized for their social and environmental impact. Protesters questioned Tesla’s labor practices and the environmental implications of some of his ventures, calling for more ethical and sustainable corporate behaviors.Did you know? A March 2025 Brookings op-ed called DOGE’s naming choice a “branding blunder,” while a CNN/ORC poll found 62% of respondents viewed it as “inappropriate” for a government agency and 44% felt it damaged confidence in the administration’s reform efforts.

Tesla protest events in 2025

The “Tesla Takedown” movement, with demonstrations in over 250 cities worldwide, aimed to challenge Musk’s influence.

Originating in early 2025, this grassroots initiative organized nonviolent protests at Tesla locations across the US, Canada, Europe and Australia.

Protesters called for boycotts and urged the public to divest from Tesla by selling their vehicles and shares, intending to economically impact Musk and question his political influence.

Two key factors fueled the protests:

Labor practices: Tesla faced allegations of labor rights violations, including reports of employees being fired for expressing dissenting opinions. The National Labor Relations Board had 24 open investigations into Musk’s companies, including allegations of illegal firings at SpaceX.Environmental concerns: Protesters criticized Tesla’s environmental record, highlighting issues such as alleged negligence in the installation and maintenance of solar panels, which led to roof fires at Walmart stores. Walmart filed a multimillion-dollar lawsuit against Tesla, claiming negligent installation and maintenance of solar panels caused roof fires at seven Walmart stores dating back to 2012.

Declining sales figures underscored consumer discontent. In the first quarter of 2025, Tesla’s global vehicle deliveries dropped 13% year-over-year to 336,681 units, marking the company’s lowest quarterly performance since mid-2022.

Did you know? While intended to be peaceful, some protests escalated into acts of vandalism. For example, on March 24, 2025, incendiary devices were discovered at a Tesla dealership in Austin, Texas.

SpaceX controversy 2025

SpaceX’s activities also attracted scrutiny, particularly regarding safety and regulatory compliance.

The 2025 Starship explosion served as a stark reminder of the risks associated with private space exploration. The largest and most powerful rocket ever built disintegrated minutes after liftoff, scattering debris across protected areas and reigniting debates about safety, environmental responsibility and regulatory oversight in the private spaceflight industry.

Musk’s political involvement further complicated matters. Serving as the head of DOGE, he oversaw significant federal spending cuts and deregulation efforts. This role led to conflicts of interest, especially concerning agencies that regulate his businesses.

For example, SpaceX faced fines from the Federal Aviation Administration for safety violations, including operating an unapproved launch control room and using non-approved rocket fuel, totaling $633,009.

What does the future hold for Elon Musk amid growing backlash?

Musk’s entanglement in political affairs, particularly his advisory role to President Trump and leadership of DOGE, has led to significant public disapproval.

A February 2025 poll indicated that 52% of Americans held an unfavorable view of Musk, with only 29% expressing approval.

In response to the mounting criticism, reports suggest that Musk is considering stepping back from his governmental advisory role to focus on his business ventures. Such a move could be aimed at mitigating public perception that his political activities are adversely affecting Tesla’s performance.

However, given Musk’s history of unconventional decisions and resilience, it’s uncertain whether distancing himself from politics will fully quell public dissent or restore consumer confidence in Tesla.

Coin Market

Top Bitcoin miners produced nearly $800M of BTC in Q1 2025

Published

27 minutes ago

April 10, 2025

The largest publicly traded Bitcoin mining companies produced nearly $800 million worth of Bitcoin in the first quarter of 2025, reflecting continued growth across the sector as Bitcoin prices held near record highs.

According to publicly available data compiled by Cointelegraph, the top Bitcoin mining companies produced over 9,700 Bitcoin (BTC) in the first quarter. With Bitcoin trading at around $81,600 at the time of writing, the total production was valued at around $800 million.

Marathon Digital, the biggest Bitcoin mining company by market capitalization, led the pack with 2,285 Bitcoin (worth roughly $186 million) mined in Q1.

On April 3, Marathon announced that it produced 829 BTC in March, up 17.4% from February and 10.5% higher than January.

Bitcoin miners produce 9,746 BTC in Q1 2025

CleanSpark followed with 1,950 BTC mined in Q1, valued near $160 million. CleanSpark’s March performance also saw a 13.4% increase month-on-month.

Iren, formerly Iris Energy, produced the third-highest amount for the quarter. The mining firm reported a total of 1,513 BTC, worth almost $124 million.

Its 533 BTC produced in March was a 16.1% increase from its February performance. CompaniesMarketCap places Iren as the sixth-largest Bitcoin miner by market capitalization.

Riot Blockchain, which ranks second only to Marathon Digital by market capitalization, had the fourth-largest BTC production during the quarter.

The company reported production of 1,428 BTC (about $117 million) during the quarter. Like Iren, Riot produced 533 BTC in March, a 13.4% increase from February.

Top Bitcoin miners by market cap. Source: CompaniesMarketCap

Hut8 shows 91% growth in Bitcoin production

Hut 8 Mining, despite producing the least amount of Bitcoin among the top miners reviewed, showed the highest growth rate. The company mined 199 BTC in Q1 valued at about $16 million, including 88 BTC in March. That represents a 91% increase from the 46 BTC it produced in February.

On March 31, Hut8 partnered with US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, to launch a new mining venture called American Bitcoin. The project aims to be the “world’s largest, most efficient pure-play Bitcoin miner.”

In a previous Cointelegraph interview, Hut 8 CEO Asher Genoot said the company aims to dominate US Bitcoin mining. Genoot said the company plans to build one of the largest and most efficient Bitcoin mining platforms rooted in American soil.

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