Solana's Memecoin Mania Surpasses Ethereum in Trading Volume

Welcome to the latest edition of Finance Redefined, your ultimate DeFi update. This week's highlights include: Solana-based DEXs dominating trading volumes due to the memecoin craze, Milady NFT collection launching its successful memecoin, ParaSwap narrowly avoiding a hack, Ether's price drop and the risk of liquidating leveraged positions, and a bearish week for DeFi's top tokens.

Is Solana's Memecoin Frenzy Overtaking Ethereum in Trading Volume?

Solana's recent memecoin mania has propelled its decentralized exchanges (DEXes) to the pinnacle of trading volume, eclipsing their Ethereum counterparts. In fact, some Solana-based memecoins have outperformed their Ethereum-based brethren in trading volume on DEXes within hours of launch.

Milady NFT Memecoin Reaches Presale Goal in Record Time

The Milady nonfungible token (NFT) collection has joined the memecoin bandwagon, introducing its own token. Within a mere two hours of its presale announcement, the Milady token raked in an impressive $18.6 million.

ParaSwap's Narrow Escape from a Hack

DeFi aggregator ParaSwap averted a potential catastrophe by swiftly pausing its Augustus v6 contract's API after discovering a vulnerability. Through the astute intervention of a white hat hacker, the protocol secured the funds of its prospective victims.

Ether Price Plunge Threatens Liquidations

After reaching a new all-time high above $4,000, the price of Ether (ETH) has taken a 18% nosedive over the past week. Should the price drop to $3,100, a staggering $212 million worth of positions could face liquidation.

Solana Surges, Ethereum Stumbles

Over the weekend, Solana's network activity surged past Ethereum's amidst a frenzy for Solana-based memecoins. However, the network struggled to keep pace, resulting in transaction failures.

Milady NFT Memecoin: A Presale Success

In less than two hours, the Milady NFT collection's Solana-based memecoin, Milady Wif Hat, attracted 91,486 SOL (approximately $18.6 million) in presale purchases.

ParaSwap Thwarts Hack Attempt

ParaSwap's newly launched Augustus v6 contract exhibited a vulnerability that could have led to a significant loss of funds. However, the discovery and timely intervention of a white hat hacker prevented any major damage.

Leveraged Ether Positions at Risk of Liquidation

If the price of Ether dips below $3,100, over $212 million worth of leveraged long positions could be liquidated. Data from Coinglass reveals that Ether's weekly drop of 18% has brought it dangerously close to this threshold.

DeFi Market Recap: A Bearish Week

According to Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens by market capitalization experienced a bearish week. The total value locked (TVL) in DeFi protocols has fallen below $100 billion.

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