Daily Brief

Solana's Rough Morning

gm Bankless Nation, it was a tough morning for crypto, but today was even worse for Solana builders.
Feb 6, 20244 min read
Solana's Rough Morning
Published on Feb 6, 2024
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SEC's New Rules
  1. 😒 SEC adopts strict DeFi rules. Rules widening the definition of crypto users and entities who would have to comply with "dealer" rules were cleared by the SEC on Tuesday.
  2. 🆙 Solana back up. After a 5-hour outage that halted block progression, core engineers rolled out a fix and brought the network back online.
  3. 🕵️‍♂️ Binance to delist Monero. Privacy coin XMR is getting dumped from Binance, signaling the enduring regulatory pressure that the CEX faces. XMR fell nearly 37% on the news.
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Solana Hit by Major Outage

📊 SOL Survivor: Solana experienced its first major outage in a year, and markets initially responded by selling SOL, sending the token tumbling by 3.5%. Why was this event a testament to Solana’s resilience?

Prices as of 5pm ET 24hr 7d
Crypto $1.66T ↗ 2.0% ↘ 0.6%
BTC $43,195 ↗ 1.9% ↘ 0.7%
ETH $2,383 ↗ 4.1% ↗ 0.4%
SOL $97.69 ↗ 3.2% ↘ 6.1%
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Bull vs Bear: $JUP Token
Bankless Authors: Jack Inabinet & David C.

Jupiter's airdrop last week put 1 billion JUP into the hands of the Solana DEX aggregator's earliest users, but should airdrop recipients be holding onto these tokens?

In today's issue, two Bankless analysts take opposing sides, framing the bull and bear cases for the token's future performance.

🐂 What's the Bull Case for JUP?

Speculation has ingrained itself as one of crypto’s leading use cases. While aggregation has not emerged as a killer product on Ethereum, it is uniquely positioned to succeed on Solana thanks to the chain’s low fees, which make it economically feasible to trade across a large number of pools.

Jupiter, Solana’s leading exchange, takes advantage of aggregation to offer swappers the best possible price on their trades – an appealing feature for crypto newbies and DeFi pros alike – and is currently processing 80% of Solana’s swaps.

For degens not satisfied with spot crypto exposure, Jupiter offers a fantastic perpetuals product, which does hundreds of millions in volume daily, allows liquidity providers to earn 100%+ yields on their deposits, and offers traders 100x leverage on BTC, ETH, and SOL.

With its spot exchange facilitating the majority of Solana swaps and the ceiling on its perps products limited only by caps put in place to manage risk, the bull case for Jupiter shines bright...


Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be.

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Franklin Templeton's Massive Crypto Bet

Franklin Templeton Has Entered the Chat.

Franklin Templeton is a TradFi company with $1.5 trillion in assets. We brought on their SVP, Sandy Kaul, who is a turbo crypto bull. Franklin Templeton seems to be incredibly bullish on crypto and this new intersection between crypto and TradFi. This is exactly what we wanted to explore with Sandy today.

Bankless Citizens get an exclusive Debrief from David & Ryan unpacking the interview 👀

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ERC-404 and Why It Matters
Bankless Author: William M. Peaster

In the Ethereum ecosystem, we have fungible ERC-20 tokens for digital cash use cases and non-fungible ERC-721 tokens for digital collectible use cases. 

But what if you could blend the best of both worlds?

That blending is precisely what ERC-404, a new experimental token standard, was created for. For today’s post, let’s get you up to speed on the basics of the ERC-404 standard and on Pandora, the first project built using this specification!

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What We're Reading
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Earn Airdrops!

Many Bankless Citizens who completed the Jito quests in our Airdrop Hunter app just earned five-figure airdrop paydays!

It's airdrop season, and plenty of other protocols are preparing to reward early users. Get on their lists. Start hunting!

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.