This Week In Crypto: The Rise Of Decentralized Physical Infrastructure Networks
Welcome to another episode of This Week In Crypto! This week, we cover Crypto.com’s trading volume surge surpassing Coinbase, a memecoin trader’s substantial profit, and the emerging concept of decentralized physical infrastructure networks (DePINs). Dive in for the latest updates and insights in the crypto world.
- Crypto.com Surpasses Coinbase in Trading Volume as Institutional Demand Grows
- Trader Makes $800K One Hour After Buying Solana Memecoin for $8.5K
- The Era of Decentralized Physical Infrastructure Networks
Crypto.com Surpasses Coinbase in Trading Volume as Institutional Demand Grows
Crypto.com has achieved a significant milestone, surpassing Coinbase in trading volume, largely driven by institutional clients and the introduction of the first spot Ether exchange-traded funds (ETFs) in the U.S. On August 1, Crypto.com reported a 24-hour trading volume of $3.16 billion, exceeding Coinbase’s $2.12 billion, according to Messari data.
Giuseppe Giuliani, managing director of Crypto.com, attributed this growth to stronger market conditions and an improved product offering. He highlighted the acquisition of new clients, both large institutions and advanced retail traders, as key factors. Continued institutional adoption is crucial for cryptocurrencies like Bitcoin to reach new all-time highs, with some analysts predicting Bitcoin’s price could surpass $700,000 if the current adoption curve grows fourfold.
Trader Makes $800K One Hour After Buying Solana Memecoin for $8.5K
A memecoin trader made headlines by multiplying their initial investment 94 times after purchasing a Solana-based memecoin called “CTO.” On August 1, blockchain analytics platform Lookonchain flagged a trader who bought over 256 million CTO tokens with only 50 Solana tokens (worth about $8,500). The trader sold 227 million tokens within an hour, realizing a profit of approximately $800,000.
The trader also made $104,000 on a $3,400 investment in another token called PFI. While some view the trader as a skilled memecoin hunter, others allege insider information played a role in the impressive gains. The rapid rise and fall of such investments highlight the volatile nature of the memecoin market.
The Era of Decentralized Physical Infrastructure Networks
Decentralized physical infrastructure networks (DePINs) are revolutionizing the way internet infrastructure is owned and controlled. Driven by the need for better security, lower costs, and improved data redundancy, DePINs distribute these elements across multiple nodes, enhancing overall system resilience.
Bluzelle, a leading player in the DePIN ecosystem, offers a decentralized storage solution built atop the InterPlanetary File System (IPFS). This platform replicates data across multiple nodes, ensuring enhanced security and redundancy. The growing importance of data storage in DePIN ecosystems is further highlighted by the role of artificial intelligence (AI) in managing this data, particularly in optimizing edge caching for faster content delivery.
Sustainable incentive models are crucial in the Web3 space, with DePINs favoring long-term, stable growth over short-term speculative gains. Bluzelle’s token-based incentive system rewards storage providers, promoting consistent engagement and network stability. DePINs also hold significant potential for decentralized finance (DeFi), primarily through faster trade execution.
Pavel Bains, CEO of Bluzelle, emphasizes the promising future of DePINs, predicting increased adoption and maturity of decentralized infrastructure projects in the coming years.
In addition to Bluzelle, the launch of the Blueberry Ring on Moonchain marks a significant advancement in DePIN technology. The Blueberry Ring is a wearable device that tracks users’ health data and mines $HEALTH tokens on Moonchain, Ethereum’s fastest Layer 3 dedicated to DePIN.
