This Week In Crypto 19.04.2024

Welcome to This Week in Crypto, your go-to source for the latest updates, plus must-know insights about cryptocurrency and blockchain technology. In this edition, we’ll explore following topics:

1. Polkadot Unveils JAM Upgrade and 10 Million DOT Prize
2. Degen Chain L3: Ethereum’s Newest TPS Champion
3. Tether’s USDT Arrives on TON Blockchain: Strengthening Web3 Bonds
4. Runes Protocol: Igniting Bitcoin’s Next Era After the Halving

Polkadot Unveils JAM Upgrade and 10 Million DOT Prize

At the Token2049 crypto conference in Dubai, Polkadot’s founder Gavin Wood revealed plans for the Join-Accumulate Machine (JAM) upgrade through the Gray Paper. This upgrade aims to enhance Polkadot’s network capabilities by offering secure and scalable smart contract functionalities.

To foster diversity in JAM protocol development, the Web3 Foundation announced a 10 million DOT prize pool, encouraging projects contributing to JAM implementations from the outset.

JAM combines features from Ethereum within Polkadot’s architecture, paving the way for a more modular and minimalistic design. It enables Polkadot to run generic services and smart contract logic, processing execution results on cores. This upgrade positions Polkadot as a true multi-core world computer, capable of handling diverse services and applications seamlessly.

Goku, a supporter of the blockchain network, emphasized JAM’s potential to transform Polkadot into a cloud service infrastructure, empowering developers to deploy various applications without scalability, security, or efficiency concerns.

Despite the current downward trend, Polkadot’s digital asset DOT experienced a 3% surge to $7 following the JAM upgrade announcement. However, community approval via the network’s decentralized governance is required before implementation.

Degen Chain L3: Ethereum’s Newest TPS Champion

In a whirlwind of activity, Degen Chain, a fresh Ethereum layer-3 network, has soared to the top of the charts in Ethereum’s ecosystem. Over the last 24 hours, Degen boasted the highest transaction per second (TPS) count, clocking in at an impressive 35.7 TPS, surpassing even its blockchain base, Base, at 29.7 TPS. This milestone marks a 62% increase in TPS for Degen within a single day, showcasing its rapid growth and potential. However, despite its TPS triumph, Degen Chain’s trading volume remains modest, ranking 35th out of 44 tracked blockchains. Nevertheless, Degen’s meteoric rise underscores its burgeoning influence within the Ethereum ecosystem, promising exciting developments ahead.

Tether’s USDT Arrives on TON Blockchain: Strengthening Web3 Bonds

Tether, the leading stablecoin operator, has expanded its reach into Telegram’s Web3 ecosystem by launching its U.S. dollar-pegged USDT stablecoin on the TON blockchain. This strategic move was announced during Paolo Ardoino’s keynote speech at the Token2049 event in Dubai, alongside Telegram founder Pavel Durov. In addition to USDT, Tether also unveiled plans to introduce the gold-pegged Tether Gold (XAUT) stablecoin on TON. The integration of USDT on TON aligns with Tether and Telegram’s shared vision of an open, decentralized internet and borderless financial system, offering users seamless value transfer and enhancing liquidity. This milestone marks Tether’s expansion to 15 blockchains, including Tron and Ethereum, cementing its position as a leading stablecoin provider in the Web3 space.

Runes Protocol: Igniting Bitcoin’s Next Era After the Halving

As the 2024 halving approaches, Bitcoin braces for a momentous event: the launch of the Runes protocol. Set to commence alongside the halving, the Runes protocol promises to usher in a new era for Bitcoin, building on the success of the Ordinals protocol launched in 2022. With the Runes protocol, users can create fungible tokens on the Bitcoin network, sparking a frenzy of activity as players compete to issue tokens and secure prime token names. Exchanges and marketplaces are gearing up to support Runes tokens, anticipating heightened demand and trading activity. This historic moment not only signifies Bitcoin’s evolution but also represents a significant milestone in the ongoing saga of Web3 innovation. As excitement builds and preparations intensify, Bitcoin’s second season prepares to unveil its most climactic chapter yet: the age of Runes.