PR0FESS0R

Binance is set to launch BFUSD, a “reward-bearing margin asset” offering passive rewards.The crypto exchange promises that BFUSD’s APY “will never go below zero,” protecting holders from negative returns.
Crypto exchange Binance officially introduced BFUSD on Tuesday, a "reward-bearing margin asset" that enables users to earn passive rewards by holding it or trading futures with it, with the product set to launch on Wednesday (Asia time).
"BFUSD is designed as a margin asset for futures trading while also providing passive rewards," a Binance spokesperson told The Block. "BFUSD holders will enjoy a Base APY [annual percentage yield] that accrues on a daily basis even if they don't trade futures, and those with qualifying USDⓈ-Margined Futures trading activity will enjoy a higher Boosted APY for that day instead."
USDⓈ-Margined Futures are futures contracts on Binance that use stablecoins like USDC or USDT as collateral and settlement currency, offering a stable trading experience by mitigating the volatility associated with using cryptocurrencies as collateral.
The Binance spokesperson claimed that, based on recent historical data, the base APY for BFUSD has ranged between around 12% and over 35% during the period from Nov. 20 to Nov. 25. Additionally, the boosted APY is said to have reached between roughly 15% and over 47% during that time. It’s worth noting, however, that BFUSD is set to go live on Nov. 27 at 02:00 UTC, at which point eligible users can begin purchasing it. These figures have not been independently verified.
Only eligible Binance Futures users in supported markets can purchase BFUSD, the spokesperson said, noting that the futures platform is restricted in certain regions, including the U.S.
BFUSD is 'not a stablecoin'
The Binance spokesperson said that BFUSD is "not a stablecoin" because it cannot be withdrawn from a Binance futures account or traded on the open market. "It can only be used as margin for futures trading on Binance, and redeemed with Binance for USDT stablecoin," they said.
BFUSD generates returns through two strategies: delta hedging crypto assets between spot and futures markets to collect funding fees and staking ether. Delta hedging involves offsetting the price risk of a spot position with an opposing futures position. In crypto markets, funding fees — which long-position holders pay to shorts when the funding rate is positive (and vice versa when negative) — ensure spot and futures prices eventually converge.
BFUSD's structure might seem similar to Ethena's "synthetic dollar" USDe, which also uses delta hedging to provide rewards. However, the Binance spokesperson said BFUSD is different from USDe, though they declined to elaborate further.
A person familiar with BFUSD's and USDe's workings told The Block that "USDe in itself doesn't bear reward. It is up to users of USDe to utilize it as they wish," while "BFUSD is a margin asset that bears passive rewards for holders."
BFUSD rewards 'will never go below zero'
Binance assured users that BFUSD's reward rate or APY "will never go below zero," protecting holders from negative returns. "There will be times when the APY for BFUSD is negative when the market is bearish and the funding fee income is negative. However, what we have designed BFUSD to do is that in good times, a portion of the total APY generated is kept in the BFUSD Reserve Fund. So that in times of negative funding rate, users will not pay for the negative funding which is covered by the Reserve Fund," the spokesperson said.
They went on to say that "historical data shows that the ETHUSDT trading pair's funding rate has been positive for 350 out of the previous 365 days. On a quarterly basis, funding fees have been mostly positive since the founding of Binance Futures in 2019. This provides a strong basis for BFUSD's ability to generate APY consistently."
Binance plans to generate total APY on BFUSD and distribute the majority as daily rewards in USDT stablecoin, while allocating a portion to the reserve fund. The reserve fund, initially seeded with 1 million USDT, will support hedging strategies and cover potential negative funding rates.
The Binance spokesperson did not disclose the exact percentage split between user rewards and reserve fund allocations but stated it would be "sufficient to protect users."
Both base and boosted APYs for BFUSD will be calculated daily and are expected to fluctuate. "Funding rates are going to be a significant factor in Binance's determination of the reward rates that it will pass on to BFUSD holders," the spokesperson said. "In a very bullish market (like currently), the funding rates paid by longs to shorts on futures positions can be higher, and therefore result in higher reward rates."
For now, BFUSD's purchase and redemption fees are set at 0.1%, subject to change. However, during the promotional period from Nov. 27 to Dec. 26, users can purchase BFUSD without incurring fees and participate in earning 100,000 USDT in bonus APY and USDT vouchers.
At launch, USDT will be the only supported asset for BFUSD transactions, meaning all purchases, rewards and redemptions will be denominated and paid in USDT, the spokesperson said.
#BFUSD #BinanceBlockchainWeek
$BNB $FDUSD

A criminal investigation is looking into whether #Tether is being used by third parties for illicit activities such as terrorism and hacking, WSJ reports.The Treasury Department, meanwhile, has been weighing sanctioning Tether because of the stablecoin’s use by U.S.-sanctioned people and groups, according to WSJ.
U.S. investigators are probing Tether, the company behind the world's largest stablecoin, over potentially breaking anti-money laundering rules and violating sanctions, according to reporting from The Wall Street Journal.
That investigation is looking into whether its crypto is being used by third parties for illicit activities such as terrorism, drug trading and hacking, WSJ reported on Friday, citing people familiar with the matter.
The Manhattan U.S. attorney's office is handling a criminal investigation, while the Treasury Department has been weighing sanctioning Tether because of the stablecoin's use by U.S.-sanctioned people and groups, including the terrorism group Hamas and bad actors in Russia. If the Treasury Department decides to bring sanctions against Tether, that would mainly block Americans from doing business with Tether, WSJ said.
The Treasury Department and the U.S. Attorney's Office for the Southern District of New York did not immediately respond to a request for comment from The Block.
Tether CEO Paolo Ardoino did take to X to push against WSJ's report.
"As we told to WSJ there is no indication that Tether is under investigation. WSJ is regurgitating old noise," Ardoino said. "Full stop."
A Tether spokesperson criticized the WSJ, saying that the article was based on “pure rank speculation.”
“These stories are based on pure rank speculation despite Tether confirming that it has no knowledge of any such investigations into the company,” the spokesperson said in an emailed statement to The Block. “The article also carelessly glosses over Tether’s well-documented and extensive dealings with law enforcement to crack down on bad actors seeking to misuse tether and other cryptocurrencies.”
Tether has faced scrutiny over the years over its stablecoin, which is pegged to the U.S. dollar. The U.S. Commodity Futures Trading Commission said Tether made "untrue or misleading statements and omission of material fact" related to the stablecoin. The regulator said Tether falsely claimed the stablecoin was fully backed by U.S. dollars.
U.S. lawmakers have also scrutinized Tether and called on the U.S. Justice Department to investigate the firm over its possible involvement in illicit finance. Tether has said it is working with global law enforcement to deter illicit activities.
$BTC $USDT

Notcoin founder Sasha Plotinov argues companies big and small are building games on Telegram because of the potentially low cost of acquiring new customers.Plotvinov estimates that successful Telegram games have the potential to onboard people at a cost of less than $1 per user.
Increased interest in blockchain gaming, primarily led by the popularity of Telegram mini-games like Notcoin, Hamster Kombat and Yescoin, has been one of the year's most compelling stories in crypto as the tap-to-earn titles appear to have attracted potentially millions of new users to web3.
Perhaps not since the rise and fall of Axie Infinity has crypto gaming garnered so much attention.
With millions of people signing up to play the crypto games, a wave of companies have decided to build and deploy simple video games on Telegram in the hopes of tapping into the messaging app’s nearly 1 billion users. Besides seasoned web3 game developers, and complete newcomers, even the world’s largest cryptocurrency exchange by trading volume, Binance, has entered the fray.
When it comes to Telegram clicker games, Notcoin is credited with pioneering the model. In a recent interview, the project’s founder, Sasha Plotvinov, told The Block that a primary reason why companies, both big and small, have tried to replicate Notcoin is the potential for low-cost user acquisition.
Telegram's even playing field
Plotvinov estimates that adding users in crypto could cost a company, like an exchange, upwards of $10 to $15 per new consumer. But with a Telegram mini-game, that can be achieved for far less than $1, he said. That proposition is not only attractive for companies but has also evened the playing field to some degree.
"What I see right now in the Telegram community, there are two types of teams. The first one is basically just kind of poor guys from nowhere who decide to build something and they eventually have millions of users," said Plotvinov. "This is a huge success. And this is something that you literally can have in one month of building. I’ve never seen in the gaming industry that kind of timing."
Telegram-based games primarily utilize The Open Network, or TON blockchain. While it officially operates separately from Telegram, the blockchain has long had a close association with the messaging app. Telegram founder and CEO Pavel Durov has also publicly supportedboth the blockchain and games built on Telegram.
Since Telegram launched its native crypto wallet, TON Space, in September 2023, the ecosystem has grown exponentially, with nearly 23 million new wallets activated in the past year, according to TonStat. At one point earlier this month, TON also boasted more than 11 million monthly active addresses, putting it on par with Ethereum. The monthly active addresses have since fallen to about 9.7 million.
Binance joins the fray
"The second segment [of builders on Telegram] are basically the established companies that are kind of jealous about the numbers and the cost of acquisition," argued Plotvinov. "Even Binance built a Telegram mini-game, which is weird."
At the end of last month, Binance launched a Telegram-based game called Moonbix.
While developers have chased the chance to quickly and cheaply scale a Telegram mini-game, these titles, particularly Hamster Kombat, have drawn in new users with the promise of token rewards. Unlike Notcoin’s NOT token, which has seen its market cap surpass $2 billion and continues to generate robust trading volumes since the initial airdrop, Hamster Kombat’s HMSTR token has not fared so well since its token generation event.
Plotvinov has said the tap-to-earn gaming model, where players are motivated to play the game because they want to earn money versus because they enjoy it, is not sustainable. With that in mind, Notcoin has been attempting to diversify, including releasing a new style of Telegram game called "Lost Dogs" in August. Notcoin also recently launched a game called "Not Pixel" that Plotvinov said was able to nab about 17 million new users in a few weeks.
'Innovation lab'
While many web3 gaming projects have struggled to attract users, making testing and development more difficult, Telegram games' ability to quickly create a community can arm builders with more data and feedback from gamers, thus making developers' lives easier, according to Umnov.
Helika, with Notcoin’s support, launched a $50 million Telegram gaming accelerator earlier this year. A web3 gaming analytics company backed by Pantera Capital, a Helika spokesperson told The Block the accelerator had more than 250 applicants. While the accelerator has Notcoin's support, Helika is fully funding the accelerator.
"There’s definite appeal to why people are building on Telegram. A big part of the audience is willing to play and try these games," Helika co-founder and CEO Anton Umnov told The Block. "Many of those developers are looking at Telegram as almost like an innovation lab."
$TON $HMSTR $DOGS

The Sam Altman-backed Worldcoin project has rebranded to World Network, or World for short. Additionally, the Ethereum-secured Layer 2 blockchain network connected to the project, known as World Chain, launched its mainnet Thursday.
Worldcoin, the Sam Altman-backed digital identity project, is rebranding to World Network — or World for short.
Along with the rebrand, the project announced World Chain has launched on mainnet. World Chain is the Ethereum-secured Layer 2 blockchain network connected to the project. Optimism, Alchemy, Uniswap, Safe, Dune and Etherscan will support the blockchain's launch.
"As the scale of the project grows along with the importance of World ID’s proof of human protocol, the name 'Worldcoin' no longer encapsulates the mission of the project, to accelerate every human," World wrote in a release shared with The Block. "With its three key pillars (World Chain, World ID and Worldcoin), World is truly a network of real, verified humans built to enable an optimistic future in which humans will continue to be at the center of AI progress."
Worldcoin, launched in July 2023, offers a digital identity solution called World ID, which helps verify users' humanity and identity online and onchain. People who give their biometric data (i.e. an iris scan via a metal orb) to prove their "personhood" receive that online passport and the cryptocurrency WLD. World Network claims to have over 10 million signups across 160 countries.
The lead developer behind the project, Tools For Humanity, is co-founded by Altman, who also serves as CEO of OpenAI. World Network is a project that hopes to help differentiate humans from automated actors as the internet becomes increasingly populated by AI chatbots and assistants.
'Humans only'
"World Chain is a humans-only community with more useful apps, savings on gas fees and eventually, the ability to share your voice in the direction of World Chain itself," the team wrote.
The blockchain is built using the OP Stack. User transactions represent about 44% of OP Mainnet’s activity, making it the largest application on the network, World Network says.
WLD is currently valued at $2.13, down 3.68% in the past 24 hours, according to The Block's price page. WLD has a market capitalization of $1.1 billion.
$WLD

Praxis, which bills itself as the world’s first “Network State,” announced it has secured $525 million to build a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech.Investors in the round include Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern.The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital.
Praxis, the ambitious project that bills itself as the world’s first "Network State," announced on Tuesday it secured $525 million to finance the building of a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech.
"With this capital, Praxis can execute its vision of building the next great city," the project said in a statement. "The city will be designed to attract entrepreneurs and foster breakthroughs in AI, crypto, biotech, energy, and advanced manufacturing ... The culture of the city will promote the traditional values of Western Civilization."
Praxis, helmed by 28-year-old cofounder Dryden Brown, provided a long list of new investors, including Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital.
A report published by The Wall Street Journalsaid that the location of the future Praxis city has yet to be determined. Additionally, Praxis can access "financing from GEM Digital after it lists crypto tokens on a public exchange," the report also said.
"Seeing institutions like BlackRock commit to crypto, we designed a crypto-native mechanism for financing large scale projects using tokenized real-world assets, in partnership with the largest new city development project in the Middle East, Global Emerging Markets," Praxis said in a statement. "This financing, primarily consisting of a drawdown facility, represents this mechanism’s first deployment.
According to its statement, Praxis aims to build a new city for three reasons: "Unlocking technological and scientific possibilities," "creating more heroic and beautiful ways of life," and "to show the world that it is possible to build a great city in the 21st Century."
The project's website also says it has nearly 14,000 "Praxians" who live around the world.
$BTC $ETH $BNB

Bse has become Ethereum’s largest Layer 2 rollup in terms of TVL, with $2.49 billion in total deposits.Overall, it is now among the top five blockchains by TVL, ranking behind Ethereum, Tron, Solana, and BNB Chain.
$Base, a Layer 2 Ethereum network developed by Coinbase, has now become the largest rollup in terms of total value locked.
Base has a TVL of $2.49 billion distributed across 366 protocols, slightly surpassing Arbitrum’s TVL of $2.39 billion, data from DeFiLlama shows. A large portion of Base’s TVL comes from the decentralized exchange Aerodrome, which accounts for over $1.3 billion in deposits.
Moreover, Base now ranks among the top five blockchain networks in terms of TVL, positioned just behind Layer 1 chains such as Ethereum, Tron, Solana, and BNB Chain.
Base functions as an optimistic rollup utilizing the OP Stack. This Layer 2 solution processes transactions off the main Ethereum blockchain and periodically commits data back to it.
According to The Block’s data dashboard, Base also leads in user activity, with about 1.5 million daily active addresses — the highest activity level across Layer 1 rollups. 
"Base's rapid growth underscores the commitment of Coinbase and app developers to realizing Ethereum's rollup-centric vision, cementing itself as the top Layer 2 by TVL one year after launch," stated Eden Au, Research Director at The Block.
This month, Base raised the block gas target from 10 to 13 Mgas/s to manage rising user activity. This adjustment aligns with a strategic plan to gradually expand the network’s capacity and increase the number of transactions each block can process. These incremental increases occur weekly, aiming for a final target of 1 Ggas/s.
In terms of decentralization, Base is still in the early stages. It is an optimistic stage 0 rollup described as being in the “training wheels” phase.
Currently, a fraud-proof system is not in place yet, meaning users must rely on the block proposer to submit accurate L1 state roots, according to L2Beat. However, the core developers of Base have committed to including fraud proofs in their roadmap and development reportedly underway.
$ETH

Sui Foundation stated that no insider participated in the recent $400 million sale of Sui tokens on the open market.The Foundation said the wallet likely belongs to an “infrastructure partner” who owns tokens under a lockup schedule.
The $SUI Foundation rebutted social media allegations of $400 million insider selling on the open market throughout its recent price run-up, stating on Monday that no such activity had occurred from someone within the foundation or its core contributor, Mysten Labs.
“No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors, have sold $400M worth of tokens during this period, either individually or combined,” stated the non-profit organization supporting Sui blockchain.
The claim surfaced as pseudonymous crypto analyst Lightcrypto alleged on X on Monday that "insiders" had sold $400 million worth of Sui during the token's recent price surge. Light identified wallets linked to the Sui initial coin offering as insiders, although specific wallet addresses were not disclosed.
 “It does not bring comfort that the people building this ecosystem, the people who arguably know this token's value best, are unloading hundreds of millions of dollars of the token into less informed buyers chasing momentum,” they alleged. In the same tweet, Lightcrypto questioned Sui’s recent surge and whether the blockchain has shown as much potential as the token’s valuation.
Meanwhile, the Sui Foundation speculated that the wallet that sold $400 million worth of Sui tokens was to be owned by an “infrastructure partner” that owns tokens under a lock-up schedule. 
“All token lockups are enforced by qualified custodians and continuously monitored by Sui Foundation, and this partner is in compliance,” the foundation noted.
The Sui Foundation did not immediately respond to requests for further comments.

A new proposal would see Arbitrum’s DAO recall nearly $120 million worth of tokens from the organization’s Gaming Catalyst Program after its apparent failure to meet several deadlines outlined in its original proposal.The co-founder of Offchain Labs, Arbitrum’s developer, responded that the fund’s operations are “super complicated and won’t happen overnight” in a post on X. 
A proposal passed in June by the governance DAO Ethereum Layer 2 network Arbitrum to "catalyze gaming ecosystem growth" on the network has recently been met with scrutiny following an apparent lack of communication and several missed deadlines, prompting one DAO member to propose a recall of its funding. 
Arbitrum's Gaming Catalyst Program (GCP) was passed in June of this year after being unveiled in March, and aims to "immediately expand awareness and adoption of Arbitrum/Orbit/Stylus by builders and players in the Gaming community." The proposal allocated 225 million ARB tokens to the initiative over three years, a sum of tokens worth $215 million at the time, though its value has now fallen to about $122 million following ARB's decline in price. 
The GCP proposal, which passed with 76% of votes in favor, lays out several goals for the first four months of the program which, taking the proposal's passage as a start date, would correspond with the period between June 10 and Oct. 10 of this year. The assigned actions for this period include electing or confirming interim council members to permanent positions, issuing the first requests for proposals (RFPs) for infrastructure development, opening grant applications, establishing communication channels, and more. 
However, as noted by Arbitrum DAO member and DeFi founder Joseph Schiarizzi, who uses the handle @CupOJoseph, the GCP has seemingly missed several of the deadlines laid out in the original proposal. The GCP has apparently failed to create a website, issue RFPs, or consider grants, and it's unclear whether permanent council members have been elected. While the GCP has provided some updates in a thread on Arbitrum's DAO forum, the cadence of publicly published updates has seemingly fallen short of the proposal, which calls for updates every two weeks. 
The missed deadlines have prompted Schiarizzi to propose recalling a majority of the GCP's funding, 220 million ARB tokens worth about $118.6 million at current prices, from the GCP's multisig wallet to the Arbitrum DAO's treasury. "It is unconscionable to continue to allow a 3/5 multisig hold $120M in ARB when they have failed to meet their agreed on oversight obligations," Schiarizzi states in his proposal. 
When reached for an interview, Schiarizzi said he doesn't expect his proposal to pass, but that it has already had its intended effect of raising awareness about the GCP's missed deadlines. "The ideal solution isn't even that we pull all the funds back. The ideal solution is the DAO gets the transparency and the obligations that it set out at the beginning of GCP met." 
In a response post on X, Steven Goldfeder, the co-founder and CEO of Offchain Labs, Arbitrum's developer, countered that the biweekly calls have indeed occurred, and the complexity of setting up the GCP has led to reasonable delays. "It’s super complicated and won’t happen overnight — legal structure, oversight, hiring etc. And there are public biweekly status calls," Goldfeder wrote on X. 
Schiarizzi also noted that a quarterly transparency report promised by the GCP's original proposal has failed to materialize, though the proposal does state that the first report could take between 4 and 6 months following the proposal's passage.
"There is no transparency report because the program is being set up. The foundation is still holding all the funds for the DAO. Obviously there is no transparency report of data on GCP performance. They aren’t performing yet," wrote A.J. Warner, Offchain Labs' director of partnerships and strategy, in his own response post on X.
In an edit to his proposal, Schiarizzi said GCP council members told him that rather than counting the proposal's passage as its start date, the council members will be "...coming to the DAO in the coming days to formalize a start date for the program."
"I’m looking forward to it and will not pursue the [proposed funding recall] if we can quickly get back on track and post these updates publicly. Without any public updates posted in the update thread, I have no other official source of information to go on about how close they are to hitting the 4-month goals," Schiarizzi's post continues. 
Despite what Schiarizzi views as the GCP's failures so far, he reiterated that his intention isn't to cancel the program but rather to get it back on track.
"I didn't make this post originally because I want GCP to fail or I want to end it, I want it to be a success," Schiarizzi said. "When I started checking for updates, it was clear to me that we have to have this moment...of asking for more clarity and more commitment to the original things that everyone voted on."
$ARB

Evan Cheng, the co-founder and CEO of the company building the Sui blockchain, discussed the company’s upcoming SuiPlay0X1 handheld gaming device and other topics in an interview at the Mainnet conference. Cheng said the SuiPlay0X1 is a “software play,” rather than a hardware play, and counts “disruptive developers” among Sui’s most important assets.
In May, Evan Cheng, co-founder and CEO of Mysten Labs, the company building the Sui blockchain, told The Block that crypto's “ChatGPT moment” could come any day.
In a recent interview from the Mainnet conference, Cheng reiterated that the moment hasn't arrived yet, but is still just beyond the horizon.
"Consumers know what they don't like and what they like, but they are not always going to be able to tell you what they want, otherwise we'd have faster horses," Cheng said, echoing a quote often attributed to Henry Ford.
As for Cheng's plan to have $SUI usher in that breakthrough, his view was that by catering to "disruptive developers" and experimenting widely, his blockchain has the best potential to achieve that breakthrough.
"We have an authentic voice. The most disruptive builders tend to think very differently; they're attracted to an authentic voice, our tech, who we are," said Cheng. "From the very beginning [we] would really resist taking shortcuts, resist doing something like, 'Oh, let's just launch an EVM L2…fork some existing project, do something iterative.'"
One of Sui's notable upcoming experiments is the SuiPlay0X1 handheld gaming device, which is now accepting preorders ahead of a planned 2025 launch. While some may see the device as a hardware play, similar to Solana's web3-enabled phones, Cheng sees the device as a software play.
"It's a gaming device that can play all the Windows games,” said Cheng. “What makes it better than other [devices]? The deep software integration and operating system integration. Even serving the existing web3 gamer, it's a superior product, because of the software."
”Hardware is almost like a commodity; it's the software experience that's the magic, that's how you win," said Cheng.
While some gamers and gaming companies have been resistant to web3 integrations in the past, Cheng, who's a gamer with a fondness for Soulslike games himself, said the right game will highlight the benefits of blockchain technology to gamers.
"You have to understand what blockchain offers [gamers]: convenience, capturing the provenance [of items], authenticity, anti-cheat: a lot of these things together, all these properties allow you to accomplish what you're trying to accomplish much more easily…turn your imagination into a real product, a real experience," Cheng said.
Rather than focusing just on gaming, Sui's partnerships have varied widely, from TikTok owner ByteDance to MoviePass, which relaunched in 2023 under its original CEO. Cheng said Sui searches for partners with similar mindsets, regardless of which particular industry they represent.
"We're pretty much in everything, talking to everybody. We're seeking the like-minded partner that wants to do something better and different and challenges the status quo. That's what we're looking for, not 'Oh, we're in this industry or that industry,'" said Cheng. "It really comes down to, do we have the capacity to do as much as we want? As a startup, we always have to worry about that."
As for being a relatively new L1 at a time when other projects choose to join an existing ecosystem, such as Optimism's Superchain, Cheng doesn't feel like Sui is missing out by developing its own platform and community.
"We do believe this space will go 10x, 100x…we believe we have an authentic voice, and we're going to stick with it," Cheng said. "The way we win is not just about taking market share from an existing player; we want to grow the pie."

Standard Chartered’s Geoff Kendrick says solana’s price could potentially surge fivefold by the end of 2025 if Donald Trump wins the U.S. presidential election.In the case of a Kamala Harris win, Kendrick expects bitcoin to outperform ether, which, in turn, would outperform solana.
Based on current prices and the potential implications of Donald Trump winning the U.S. presidential race, Standard Chartered's Geoff Kendrick forecasts that by the end of 2025, solana's price could increase fivefold, ether could rise fourfold, and bitcoin could triple in value.
"In rough terms from today’s prices under Trump I predict the following multiples by year-end 2025: 5X, ETH 4X, BTC 3X," the Standard Chartered Global Head of Digital Assets Research said in a Tuesday note.
He also said that if Kamala Harris were to become president, he expects bitcoin to outperform ether, which, in turn, would outperform solana. "In U.S. dollar terms, we anticipate Ethereum reaching the $7,000 level by the end of 2025 in a scenario where Kamala Harris is president," he added. Kendrick envisions bitcoin rising to $200,000 by the end of 2025, regardless of the election outcome on Nov. 5.
Solana's growth potential under Trump
Kendrick outlined the specific conditions necessary for his valuation predictions for solana to materialize. He views a Trump administration as being more supportive of the Solana ecosystem compared to a Harris administration. "The introduction of a solana exchange-traded fund (ETF) would be more likely under a Trump presidency," he said.
The metrics suggest the market is pricing in a very bright growth future for Solana, with an expected increase in throughput of 100 to 400 times," Kendrick said, emphasizing that achieving his valuation forecast for solana will require the network's throughput to significantly increase. To support these ambitious valuations, Kendrick pointed out that Firedancer, a new third-party validator client software aimed at enhancing Solana's efficiency, would need to be operational. This software seeks to increase transactions per second to one million.
Additionally, he added, Solana would need to establish dominance across multiple sectors, including finance, consumer services, and decentralized physical infrastructure (DePIN), which typically demand high throughput.
#Solana_Blockchain #solonapumping
$SOL $BTC $ETH