Solana Reaches Record High in TVL on DeFi Protocols While SOL Price Soars

Solana – the fast-rising public blockchain platform – has reached an all-time high in TVL on its Defi protocols. This comes amidst a booming cryptocurrency market in which altcoins are beginning to reclaim market share.

  • According to Defi Llama, the TVL in DeFi on Solana reached a new record of $12.7 billion earlier on October 21st. It has since receded to about $12.34 billion at the time of writing.

Total Value Locked on Solana. Source: Defi Llama
Total Value Locked on Solana. Source: Defi Llama

  • This is a greater volume than the $12.2 billion TVL record seen on September 12th. The previous peak followed an exponential rise in the use of DeFi on Solana over the late summer. Prior to August, Solana’s DeFi protocols rarely exceeded $1.5 billion in TVL.
  • The rapidly growing interest in Marinade Finance (MNDE; a liquid staking protocol on Solana) is largely responsible for the surging volume. The protocol has seen a 69% TVL increase over the past week and is now among the top four projects with the highest liquidity.
  • It trails only to Sunny (SUNNY), Radium (RAY), and Saber (SBR) – the last two have a TVL of $1.77 billion each.
  • Solana’s price has soared this week as well, according to CoinGecko. The token is now trading at $185 – up 24% since last week. Earlier today, it even came close to $200, but the market-wide correction has driven it south as of now.
  • Solana’s rise has been coupled with a surge in the entire crypto market in recent days, which just topped $2.6 trillion. After Bitcoin reached its all-time high yesterday, its price climb slowed down as altcoins like Solana started regaining ground against it. 


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Binance CEO Issues Serious Crypto Price Warning As Sudden Bitcoin ‘Flash Crash’ Knocks Ethereum And Wider Market

Bitcoin, after surging to never-before-seen highs this week, suddenly plunged almost 90% on the U.S. arm of major crypto exchange Binance today—before almost immediately snapping back.

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The bitcoin price briefly dropped to under $10,000 per bitcoin on Binance.US, down almost 90% from around $65,000 and knocking the bitcoin price on other exchanges. The sudden plunge also took the wind out of the ethereum price rally.

Bitcoin’s flash crash, blamed on an institutional trader’s rogue algorithm, came as Binance’s chief executive warned crypto traders should watch out for “very high volatility” in coming months.

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“Expect very high volatility in crypto over the next few months,” Binance chief executive Changpeng Zhao, often known simply as CZ, said via Twitter, shortly before the Binance.US bitcoin price flash crash.

The flash crash happened at just after 7:30am New York time and saw the bitcoin price dip to $8,200 on the exchange. The plunge had a knock-on effect on other exchanges, with the bitcoin price losing around $1,000 on Coinbase. The ethereum price also dropped, losing some $2,000 from its price of just over $4,000 per ether. At the time, bitcoin trading volume on Binance.US was worth almost $40 million.

“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US told Bloomberg via email. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”

The bitcoin price has soared this week, in part thanks to the listing of the first U.S. bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange, with some warning of an imminent sell-off.

The “historic” listing has fueled a wave of bitcoin and crypto hype, with bullish investors betting Wall Street money will increasingly flow into the crypto market even after it’s added around $700 billion during the past month.

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Binance’s CZ isn’t the only one to warn over the prospect of extreme volatility approaching, with the U.S. Federal Reserve warning it could soon begin paring back its huge Covid-19 pandemic stimulus measures.

“I worry a little bit that this wonderful world we’ve been living in of low volatility, everything going up, may come to a stop with higher volatility,” former Pimco chief executive and Allianz advisor Mohammed El-Erian told Fox News over the weekend.

“If I were an investor, I would recognize that I’m riding a huge liquidity wave thanks to the Fed, but I would remember that waves tend to break at some point, so I would be very attentive,” El-Erian said.


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A Timeline Of Bitcoin And The Six Groups Who’ve Bought It

Originally published in The Conversation, under Creative Commons licence CC-BY-ND. Updated here by the author.

Mainstream commentators are often dismissive of the people who buy bitcoin, writing them off as naive victims of a fraudulent bubble. But if we look more carefully, we can trace the history of bitcoin, and its growing acceptability, through the arrival of different kinds of buyers. Each group has been drawn by a different narrative of bitcoin’s value, and it is these groups and narratives that have gradually contributed to its long-term growth.

The Idealists

Bitcoin arose from a tiny group of cryptographers, known as “cypherpunks,” who were trying to solve the “double spend” problem facing digital money: “cash” held as a digital file could easily be copied and then used multiple times. The problem is easily solved by financial institutions, who use a secure central ledger to record how much everyone has in their accounts, but the cryptographers wanted a solution that was more akin to physical cash: private, untraceable, and independent of third parties like the banks.

Satoshi Nakamoto’s solution was the Bitcoin blockchain, a cryptographically-secured public ledger that records transactions anonymously and is kept as multiple copies on many different users’ computers. The first narrative of bitcoin’s value was built into Nakamoto’s original “white paper.” He claimed that bitcoin would be superior to existing forms of electronic money such as credit cards, providing benefits like eliminating chargebacks to merchants and reducing transaction fees.

The Libertarians

But from an early stage, Nakamoto also marketed bitcoin to a libertarian audience. He did so by stressing the absence of any central authority and particularly bitcoin’s independence from both states and existing financial institutions.

Nakamoto criticised central banks for debasing money by issuing increasing amounts of it and designed bitcoin to have a hard limit on the amount that could be issued. And he stressed the anonymity of bitcoin transactions: safe, more or less, from the prying eyes of the state. Libertarians became enthusiastic advocates and buyers of bitcoin, more as an act of autonomy than for financial reasons. They have remained highly influential in the Bitcoin community.

The HODLers

These, however, were small constituencies, and bitcoin really started to take off in July 2010 when a short article on (“news for nerds”) spread the word to many young and technically-savvy buyers. This community was influenced by the “Californian ideology” – belief in the capacity of technology and entrepreneurs to transform the world.

Many bought small quantities at a low price and were somewhat bemused to find themselves sitting on significant investments when the price multiplied. They became used to huge fluctuations in the price and frequently advocated “HODLing” bitcoin (a misspelling of “hold,” first used in a now iconic message posted by an inebriated user determined to resist constant “sell” messages from day traders). The HODLers insisted, half seriously, that bitcoin was going “to the moon!” and talked of buying “lambos” (lamborghinis) with their gains. This countercultural levity generated a sense of community and a commitment to holding bitcoin that helps stop its value from sinking to zero when sentiment turns against it.

The Gamblers

The more recent groups that have contributed to bitcoin’s history are more conventional. The fourth group consists of individual speculators who have been attracted by the volatility and peaks in bitcoin prices.

On the one hand, we have day traders, who hope to exploit the volatility of bitcoin’s price by buying and selling quickly to take advantage of short-term price movements. Like speculators in any other asset, they have no real interest in the larger picture or of questions of inherent value, but only in the price today. Their only narratives are “buy” and “sell,” often employed in an attempt to influence the market.

On the other hand, we have those who are drawn in by news of price bubbles. Ironically, bubble narratives in the press, often designed to deter investors, can have the opposite effect. These investors join what Keynes called a “beauty contest” – they don’t care about long-term or intrinsic value but only about what other people might be prepared to pay for bitcoin in the short- to medium-term future.

The Portfolio Balancers

Bitcoin started to become more attractive to more sophisticated investors when narratives of its value as a useful element in a larger investment portfolio started to emerge. These investors buy bitcoin to hedge against wider risks in the financial system. According to modern portfolio theory, investors can reduce the riskiness of their portfolios overall by holding some bitcoin because its peaks and troughs don’t line up with those of other assets (i.e., bitcoin became known as an “uncorrelated” asset), providing some insurance against stock market crashes. This is arguably the narrative that started to break down the barriers to bitcoin’s acceptability among mainstream investors: they often take the view that risk, rather than something to be avoided, is something to be embraced as a source of high returns in a properly-balanced portfolio.

The Corporate Enthusiasts

Most recently the continuing upward progression of bitcoin’s price plateaus and market value have started to make it attractive to corporate investors. Initially this has been driven by enthusiasts in senior positions in a few large corporations who have made very large purchases of bitcoin to hold as part of the corporation’s own portfolio of assets. These purchases have enhanced the narrative of bitcoin as a mainstream investment, but they also contribute to a different narrative about the value of the corporation’s own shares. When a company’s bitcoin holding becomes a significant part of its assets, its own shares can be positioned as bitcoin-like investments, which should rise in price when bitcoin does, and vice-versa. They therefore become more attractive to investors who want some exposure to bitcoin but are wary of buying it themselves – or are legally prevented from buying it, like some mutual funds.

Where Next?

As bitcoin becomes attractive to more and more constituencies of buyers, the major financial institutions are becoming increasingly eager to get in on the act. We can expect them to package up new financial products, including derivatives, that give investors indirect exposure to the bitcoin market. In a narrative that has been bubbling under for some time, they are preparing to position bitcoin-related products as a routine element of institutional portfolios. If they succeed, the packagers will also have to buy bitcoin themselves to hedge against their commitments to buyers of their financial products. The irony, of course, is that these recent developments tie bitcoin ever tighter into the financial institutions that Nakamoto designed it to escape from.

Bitcoin’s value, then, has been built on an evolving series of narratives which have drawn in successive waves of buyers. While mainstream commentators are often dismissive of bitcoin as lacking inherent value, all asset market values depend on narrative processes like these, so bitcoin is much more like conventional assets than they are prepared to admit. Of course, bitcoin prices may well collapse again, but so may those of any other financial asset. Investing in bitcoin is arguably neither more nor less risky, for example, than investing in the latest technology company to be launched on the stock market without ever having made a profit.

This is a guest post by Dave Elder-Vass. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone

Cardano successfully deployed the Alonzo Hard Fork Combinator over a month ago, which has no doubt been one of the most important upgrades to happen on the network Alonzo HFC brought with it smart contracts capability on the network and with this came decentralized finance (DeFi) services to the ecosystem. Developers could now develop and deploy decentralized applications (DApps) on the Cardano blockchain.

This provided a boost for the network and Cardano continues to work with developers to get their DApps deployed on the blockchain. After this milestone, a question on the minds of supporters has been, ‘What’s next?’ With the Alonzo HFC operating as intended, the developers behind the blockchain can now move to the next phase. This phase is referred to as the Babbage era.

Related Reading | Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

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The Next Big Step

Kevin Hammond, software engineer at Input Output gave an update on what the developer was working on next. Hammond revealed that IOHK was moving into what they referred to as the Babbage era. This phase which is named after Charles Babbage, the mathematician credited as “the father of the computer”, is meant to smooth out any wrinkles that may be leftover after Alonzo.

Cardano price chart form

Cardano price chart form

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IOHK will roll out various performance improvements on the blockchain in this phase. These, Hammond said, are improvements which the developer had been working on for some time but had not yet launched.

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The developer intends to improve the sinking speed, and in addition, will address performance issues that operators have pointed out since the Alonzo HFC has been in operation. This part is important in ensuring that users of the network have a smooth experience when carrying out activities on Cardano.

Realizing The Best Of Cardano

The Plutus Language on the Cardano network is also getting an upgrade. Hammond revealed that the developer was planning on improving the language by introducing a new Plutus Language version on the blockchain. The Plutus script-specific aspects of the network will be improved to allow for a faster and increased volume of transactions in each block.

This new Plutus version will feature additional features which were created due to demand from the user base. Since the network has seen increased activity from the developer-side, it has also come with various requests on the things that they would like to see the network do.

Related Reading | ADALend Makes It On “The Essential Cardano List” By IOHK

On the decentralization side, Hammond talks about the network’s plans to further decentralize the blockchain. The software engineer didn’t give many details on this, but this will likely be a situation where Cardano puts the community more in control of what happens on the network. The revelations from Hammond are evidence of the fact that IOHK is continuing its work to make the blockchain the best it can be.

Featured image from Bitcoin News, chart from


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Houston Firefighter’s Pension Fund Bought $25M Worth of Bitcoin and Ethereum

The Houston Firefighters Relief and Retirement Fund (HFRRF) has hopped on the cryptocurrency bandwagon by making a $25 million investment in BTC and ETH. The allocation became possible through a partnership with New York Digital Investment Group (NYDIG).

  • The October 21st press release outlined the partnership between the two organizations, reading that NYDIG facilitated the investment through one of its regulated, audited, and insured funds.
  • It became the first such allocation from a public pension plan in the US. According to Bloomberg, the total investment was worth $25 million. However, the report didn’t specify what portion went into bitcoin and what part in ether.

  • “We are excited to take this first step forward into the world of digital assets. The investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation.” – commented HFRRF’s CIO – Ajit Singh.

  • Being one of the largest pension organizations in Texas, HFRRF’s benefactors include more than 6,600 active and retired firefighters and survivors of firefighters.
  • While the HFRRF might be the first US pension fund to accumulate BTC (or ETH), it’s not the first conservative US-based organization to do so.
  • MassMutual, a giant insurance company with nearly $300 billion investment accounts, made its initial step in December 2020 by buying $100 million worth of bitcoin.
  • Later on, the institution also partnered up with NYDIG to enable some of its clients access to the primary cryptocurrency.


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Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?

Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC’s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart.


The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000.

Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash

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Analyst John Wick believes Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend.


On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States.

This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin’s Open Interest has it made its way up with the price of the underlying asset.

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The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Bitcoin At Risk Of Further Downside Or Heating Up For New ATH

Further data provided by CryptoQuant point to a heating up in the futures market with the leverage ratio increasing to September levels. Funding rates are going positive, as traders expect more gains and short-term investors take leverage Bitcoin positions.


The Bitcoin Option Open Interest follows a similar trend that the futures market, Delphi Digital noted. The OI in this sector also reached an all-time high, the firm said the following on the increase interest on this market:

This was expected given BTC’s new all-time high and futures markets hitting record open interest levels too. Most activity is centered around short to mid-term call purchases.

In the short term, Bitcoin could continue its rally as historical data suggest. Some analyst claims BTC’s price tends to return to discovery mode a few days after a successful push into new highs.

Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline

However, as the futures market runs hot, the bulls could face hurdles. In the past, whenever too much leverage enters the market, Bitcoin tends to correct to shake out short-term investors. Only time will tell if history repeats.


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Three Altcoins Poised To Explode After Bitcoin’s Big Breakout, According to Crypto Analyst Inmortal

A popular crypto analyst is mapping out some big price predictions for three large-cap altcoins.

The pseudonymous trader Inmortal tells his 95,000 Twitter followers that in order for the crypto market at large to remain bullish, Bitcoin (BTC) now needs to hold above $61,000.



If that happens, Inmortal predicts the leading smart contract platform Ethereum (ETH) is set for a breakout from its price of about $4,110 at time of publishing to $6,300 by the middle of November.

Source: Inmortal/Twitter

The next coin on the analyst’s radar is the native asset of blockchain interoperability platform Cosmos (ATOM).

Inmortal believes ATOM is “worth accumulating” and appears to be in a moment of consolidation.

He predicts the crypto asset will trend sideways until early next month, when he thinks resistance against Bitcoin at about 0.00063 BTC [$39.92] will flip to support and spark a rally to 0.00094 BTC [$59.56].

Source: Inmortal/Twitter

Inmortal is also looking for a significant surge in the price of FTX Token (FTT), which is the utility token of the crypto exchange FTX.

The trader says the accumulation period for FTT is already over.

He predicts the coin will likely surge from current levels at about $65.00 to at least the $100 mark by November 10th.

Source: Inmortal/Twitter


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Bitcoin ETF Is Not Fueling Top Cryptocurrency’s Rise to Record Highs, Says JPMorgan

Despite conventional wisdom, analysts at banking giant JPMorgan Chase say that the new Bitcoin Futures ETF is not the reason behind BTC’s surge to a new all-time high.

Company strategists tell Bloomberg that concerns over inflation are driving up the top crypto’s price, rather than excitement over the launch of the first-ever BTC Futures ETF.



“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin.

Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”

relates to JPMorgan Says Bitcoin’s Record Run Is Being Driven by Inflation
Source: JPMorgan Chase/Bloombreg

The analysts say BITO, which became the quickest ETF to reach a $1 billion valuation in just two days, could soon lose momentum as competing ETFs hit the market and leave investors with a “multitude of investment choices.”

“The initial hype with BITO could fade after a week.”

JPMorgan’s analysis comes on the heels of billionaire real estate tycoon Barry Sternlicht saying that he invested in Bitcoin and other cryptos due to concerns about Western nations causing inflation by printing too much money.

Bitcoin set a record high of $66,988 on October 20th before dropping to $63,779 at time of writing, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Associated Press plans to launch Chainlink node to publish data

The Associated Press news agency announced it would be launching its own Chainlink oracle node to ensure any data from its U.S. newspaper and broadcaster members would be cryptographically verified.

In an Oct. 21 announcement, the Associated Press, or AP, said smart contract developers would have access to the agency’s “economic, sports, and race call data” once the node was operational. According to the AP, it will be publishing data on-chain for developers to access and reference in any relevant applications, in addition to providing information on upcoming elections and serving artists working with nonfungible tokens.

“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data” said AP director of blockchain and data licensing Dwayne Desaulniers. “Working with Chainlink allows this information to be compatible with any blockchain.”

The AP said its primary reason for the shift to blockchain was “trust,” in that the on-chain data it provided would be “a publicly accessible, safe and secure record of verified information.” The news agency added it would be open to shifting its approach based on the response from developers as it kept “a finger on the pulse of the blockchain economy.”

Related: Blockchain in journalism: Winds of change carry media to new frontiers

This is not the news agency’s first foray into blockchain technology. The AP was reportedly interested in exploring ways to secure intellectual property rights, support ethical journalism, and track content usage when it partnered with blockchain-based journalism startup Civil in 2018. In addition, the AP published the results of contentious 2020 U.S. presidential election onto the Ethereum and EOS blockchains.