Ethereum Revenue Plummets Post-Upgrade Amid Major Crypto Shifts: Solana, Terraform Labs, and ZKsync Face New Challenges

Today's cryptocurrency news highlights several significant developments:

1. **Ethereum's Revenue Drop**: After the recent Dencun upgrade, Ethereum saw a 99% drop in network revenue. The upgrade benefited Layer-2 solutions by reducing transaction fees, which diverted some usage from Ethereum's main network. This shift has raised concerns about Ethereum becoming inflationary again, contrasting its previous deflationary status.

2. **Terraform Labs' $62M Bitcoin Transfer**: Amid legal troubles involving co-founder Do Kwon, Terraform Labs moved $62 million worth of Bitcoin. The transfer comes as Kwon faces legal proceedings for fraud and bankruptcy charges in the U.S. and South Korea.

3. **Solana Foundation Defends Decentralization**: Solana is countering claims that its network is centralized, stating that coordinating updates doesn’t equate to central control. The foundation points to its over 1,500 independent block-producing nodes as proof of decentralization.

4. **Matter Labs Workforce Cuts**: Due to a decline in demand for its ZKsync Era protocol, Matter Labs, which specializes in Ethereum Layer-2 scaling, has reduced its workforce by 16%. Active users of ZKsync dropped significantly from earlier this year.

These stories indicate major shifts in the market, especially around Ethereum's scalability and the ongoing legal and security issues across the industry.#ETHERUM #etherumETF #solonapumping #solonameme #hmsteriscmng

#MyFirstFeedPost Hello, Binance Square!
As the main bitcoin halving week comes I am expecting a dump in btc by 15-30 percent and altcoins at 60-70% .. don’t panic hold your assets and for sure buy the dip…
I’m am extremely expecting 1000% from wif and some other meme coins on solona network ..
#bitcoinhalving #Memecoins #solonameme $BTC $SOL $WIF #Write2Earn

💰 JUST IN: Solana-based meme coins surge 8x over Ethereum counterparts in 2024.

#SOFR_Spike #solonacoin #solonameme

I buy memecoins with strong communities 💯
It’s simple.🤝
Which community is consistently raiding hard?✈️
SHILL ME THE NEXT GEM 💎
All solona Meme Coin big pump soon ✈️

#solona #HotTrends #sol #solonameme
#SolanaMemecoin

and here is MOMO AI
this is a another mining bot
but you need $SOL for claim momo token.
token will be Given wallet directly
you will able to make a good profit after list.
#HotTrends #airdrop #solonameme

$SOL $SOL
Solana (SOL) has been facing some challenges recently. After a 20% decline in August, the token is now dealing with increased short-selling activity in the derivatives market, as seen by a rise in open interest (OI). This bearish sentiment is further confirmed by a negative funding rate, which has remained low, indicating traders are expecting further declines.
$SOL
On-chain activity has also slowed, with Solana's decentralized exchange (DEX) volumes hitting a 6-month low. Despite these headwinds, the token has managed to stay above critical support levels around $127, though there's a risk of further declines if it breaks below that threshold.

However, some analysts are optimistic about a potential recovery in September, predicting a slight uptick in SOL's price to around $133. Despite the bearish indicators, Solana has had a history of stronger performance during September in previous years.#solonapumping #Solana_Blockchain #solonameme #solonapriceupto200dollars #solona

$SOL
Solana (SOL)
Price: $143.40
Market cap: $66.4 billion
Year-over-year return: 646%
Solana launched in March 2020. Like ethereum, its network supports dApps, smart contracts and nonfungible tokens. But solana’s unique, hybrid proof-of-stake and proof-of-history verification system makes it faster and cheaper than ethereum.
Unfortunately, outages have plagued the network since it launched, undermining solana’s credibility. In fact, it has suffered several major and partial outages since early 2022. Solana supporters see the crypto as a potential long-term threat to the ethereum network. But solana’s stability must improve if it wants to live up to its hype as an “ethereum killer.”
Invest 5% to 8% of your portfolio
#solonapumping #Solana_Blockchain #solonameme #IntroToCopytrading #VanEck_SOL_ETFS