What’s Interesting Today:
Grayscale's Solana Trust (GSOL) shares have surged to a staggering 784% premium over the actual Solana (SOL) price, with GSOL trading at $202 compared to SOL's $59. This unprecedented premium, much higher than the 43% peak for Grayscale's Bitcoin Trust (GBTC) in 2019, signifies strong institutional interest in Solana amid its recent 40% price rise. Grayscale's trusts, notably popular among U.S. financial institutions for crypto exposure, often diverge significantly in price from their underlying assets. The recent positive court ruling for Grayscale's Bitcoin Trust ETF conversion and rising expectations for a spot Bitcoin ETF further fuel bullish sentiments in the crypto market, as evidenced by GBTC's 200% year-to-date growth outperforming Bitcoin's 10% increase.
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THORChain has emerged as the third-largest decentralized exchange (DEX) in terms of trading volume, trailing only Uniswap and PancakeSwap. In the past week, THORChain recorded a trading volume of $1.32 billion, surpassing even Curve Finance, which was an earlier prediction by THORChain core developer Chad Barraford. The platform's native token, RUNE, saw a significant increase, rising 51% in the last week and over 200% in the past month. THORChain, akin to a multichain Uniswap, enables users to swap cryptocurrencies like Bitcoin and Ether directly. It offers high annual percentage rates (APRs), with some liquidity pools, especially those involving Bitcoin and RUNE, offering APRs over 353%. Notably, THORChain processed nearly 2% of the overall spot Bitcoin trading volume in a single 24-hour period, highlighting its growing importance in the crypto market. The THORChain project, launched at the Binance Dexathon in 2018, has been developed by a team that largely remains anonymous.