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As the two biggest smart contract blockchains rise dramatically in price, the next stage is for the coins on the blockchain to rise as well, much like Solana’s memecoins this year. Furthermore, as these chains host the biggest percentage of DeFi apps, coins that combine memes with DeFi are looking very promising. Cutoshi is one such project, built on the Ethereum blockchain.
Memes And Dexes Put Solana In The Spotlight
SEC Chairperson Gary Gensler has refused the Solana ETFs and filed a case against Binance. Bloomberg ETF analyst Eric Balchunas called this move ‘his parting gift’ to crypto.
Given the upcoming pro-crypto administration, this isn’t something the Solana bulls are worried about. Although the coin retraced slightly in line with a wider market pullback, Coinpedia predicts a rise to $500 by the end of 2024.
Solana, which is often called the ‘Ethereum killer’, lags behind ETH in terms of TVL (Total Value Locked), representing 8.63% of the total TVL across all chains, as opposed to Ethereum’s 63%.
Solana’s ever-growing revenue from platforms that include meme coin launcher Pump.fun, liquid staking platform Jito, DEXes Jupiter and Raydium. The increased liquidity from the cross-chain DEX Jupiter is cited as one of the reasons that Solana’s meme coins have been able to pump so much.
Solana is up by 193% on the yearly and 1783% from its lows of $12, following the FTX scandal.
Ethereum’s DeFi Strength Lays The Groundwork For Altcoins
Ethereum holds by far the biggest share of the DeFi market and has successful dapps of all different kinds. However, the most popular dapps in terms of size relate to liquid staking and lending, including blue-chip protocol Aave, which has benefited significantly this year.
Ethereum has been lagging behind Bitcoin and has yet to reach its previous all-time high of around $4800. However, ETH maxis are confident that now is the time for Ethereum, as the chain recently broke through the $4000 resistance level and outperformed Bitcoin by 28% since November.
As altcoin season begins, many traders are chasing bigger gains than ETH can provide, mainly ERC-20 altcoins built upon Etheruem’s strength and reliability.
The Rise Of Cutoshi In The Wake Of Altcoin Season
Cutoshi combines memes and DeFi on the Ethereum blockchain. Given the strength of memes this year, mixed with Ethereum’s high DeFi TVL, Cutoshi is one to take note of.
Ethereum DeFi coins like OM are up by an amazing 15,000% this year and Solana DEX Raydium is up by 558%. Meanwhile, Ethereum-based memecoin PEPE is up by 1433% and Solana-based meme dogwifhat is up by 1,747%.
Image from CryptoBubbles.net
This sets the stage for Cutoshi, which aims to bring people into DeFi through a loveable meme cat derived from the Chinese Lucky Cat figurine.
Cutoshi is building a cross-chain DEX that will assist people in getting the liquidity they need, making it easy to trade across blockchains, a task that can be confusing even for seasoned DeFi users.
The Cutoshi Project is set to introduce users to token farming, utility-based NFTs and much more.
Investors are showing their enthusiasm for the project as it trends on X for the third time. Cutoshi has rapidly sold out of the last two stages of presale. Still, in its early days for new and existing investors, in stage 4 of presale, CUTO is selling for $0.031.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
*This article was paid for. Cryptonomist did not write the article or test the platform.
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