DeFi News

Potential Ethereum Killer Rises 20% After FTX DeFi Project Announcement

Published by
Potential Ethereum Killer Rises 20% After FTX DeFi Project Announcement

The recent crypto bull market can be partly attributed to the huge uptrend in DeFi tokens, following a bull run in Ethereum. Due to the widespread distribution of Ethereum and years on codes on solidity, there is the leading or the only platform for issuing these Dapps. This begs a question though.

On raised by Meltem Demirors, the CSO of Coinshare and probably echoing with many altcoin investors.

why doesn’t someone just build DeFi on a different base layer

There are few motivations for this as well due to rising GAS fees; the root of the problem with restricted the bull run of 2017, scalability and high fees.

FTX DEX on Solana

Comes, FTX DEX (Decentralization Exchange) is a decentralized version of the FTX centralized exchanges. The daily gain on SOL tokens is currently at 21%. Moreover, the compiled three-day rise in the token from 0.99 is over 100% with the high at $2.06.

Moreover, the rise in the tokens price above $1.5 is attributed to the addition of $SOL tokens across FTX exchange itself. The announcement included a Tesla Truck Giveaway program along with 10,000 SOL tokens. The subsequent rise this morning was extended by the announcement of project serum.

However, the supply of Solana might be a concern for long-term hodlers because of the supply schedule by the end of the year.

Moreover, there are other competitors to Solana as well like Tezos, Tron, Cardano, Ethereum Classic and so many others with faster transaction capabilities.

Why an Ethereum Killer?

Ethereum processes 7 transactions per second, and Serum will be leveraging a tremendously faster platform in the form of Solana. According to SBF Alameda, the founder of FTX exchange it is considerably decentralized as well. He tweeted,

Last but not the least, in a crypto bull market, hefty gains on positive catalysts are not uncommon. This is also reminiscent of the Coinbase effect where addition on the exchange causes a rise in tokens’ price. Currently, FTX is one of the leading derivatives market, and also a platform for a large number of secondary derivates based on volatility and other factors.

Do you think the expansion of DeFi to other platforms will be bullish for the markets in general? Please share your views with us. 

Advertisement

Share
Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025
  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025