Solana DEX Platforms Outperform Ethereum
Recent statistics have revealed a remarkable development in the cryptocurrency market. Decentralized exchange (DEX) platforms built on Solana have surpassed Ethereum in terms of market performance. Over the past week, Solana-based DEX platforms achieved a trading volume of $1.447 billion, overshadowing the $1.282 billion recorded by Ethereum trading platforms.
Price Surge and Airdrops Drive Solana's Success
The recent surge in Solana's price, combined with a multitude of airdrops, has propelled the layer one (L1) blockchain's DEX volumes to new heights. It is important to note that trade volume for Solana (SOL) on centralized exchanges lags behind that of Ethereum. However, data from Deflllama.com confirms that both the 24-hour and weekly DEX volumes for Solana have exceeded those of Ethereum.
Solana's DEX Volumes Soar
Recent data showcases the impressive growth of Solana's DEX volumes. In the past day alone, Solana platforms' daily DEX volumes surged to $1.447 billion, marking a 12.87% increase over Ethereum DEX applications' $1.282 billion. Over the course of the last seven days, Solana's decentralized exchanges amassed a staggering $10.786 billion, surpassing Ethereum's $9.604 billion in weekly DEX volumes. This significant achievement can be attributed to the active participation of DEX platforms such as Raydium, Orca, Lifinity, Phoenix, Openbook, and Mango Markets, along with notable activity on Drift, Crema, and Saber.
SOL's Growth and Trading Pairs
The trading volume of SOL-based DEX protocols experienced a substantial surge on December 21, 2023. This surge was largely fueled by recent Solana airdrops and SOL's remarkable 40% increase in value over the previous week. Over the past year, SOL has demonstrated massive growth, escalating by 895% against the U.S. dollar. The largest trading pairs on Raydium, Solana's largest DEX by volume, include ANALOS/SOL, WIF/SOL, SILLY/SOL, and SOL/USDC.
A Pivotal Shift in DeFi Dynamics
These recent statistics highlight a significant trend in the world of decentralized finance (DeFi). While Ethereum DEX protocols remain a dominant force, Solana's impressive daily volume and performance over the week signify a pivotal shift in DEX market dynamics. It is becoming increasingly clear that the Solana ecosystem is gaining influence and making its mark in the industry.
What are your thoughts on Solana's DEX volumes surpassing Ethereum's? Feel free to share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
Can the government steal your gold?
Your gold is yours and the government cannot take it. You have earned it by working hard for it. It is yours. However, there may be some exceptions to this rule. If you are convicted of fraud against the federal government, your gold can be forfeit. Also, if you owe taxes to the IRS, you can lose your precious metals. However, even if taxes are not paid, gold is still your property.
How much should you have of gold in your portfolio
The amount you make will depend on the amount of capital you have. For a small start, $5k to $10k is a good range. As you grow, it is possible to rent desks or office space. You don't need to worry about paying rent every month. Only one month's rent is required.
Also, you need to think about the type of business that you are going to run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. This means that you may only be paid once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I suggest starting with $1k-2k gold and building from there.
How is gold taxed by Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
Each state has its own rules regarding these accounts. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. In Massachusetts, you can wait until April 1st. New York offers a waiting period of up to 70 1/2 years. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
What are the benefits of a gold IRA
There are many advantages to a gold IRA. You can diversify your portfolio with this investment vehicle. You decide how much money is put in each account and when it is withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This will allow you to transition easily if it is your decision to retire early.
The best thing about investing in gold IRAs is that you don’t need any special skills. They're available at most banks and brokerage firms. You do not need to worry about fees and penalties when you withdraw money.
However, there are still some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you invest in gold is crucial. Is it for growth or safety? Do you want to use it as an insurance strategy or for long-term growth? Only when you are clear about the facts will you be able take an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. A single ounce isn't enough to cover all of your needs. Depending upon what you plan to do, you could need several ounces.
You don't have to buy a lot of gold if your goal is to sell it. You can even live with just one ounce. These funds won't allow you to purchase anything else.
Are You Ready to Invest in Gold?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure of which option to invest in, consider both.
In addition to being a safe investment, gold also offers potential returns. This makes it a worthwhile choice for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. As a result, its value changes over time.
This does not mean you shouldn’t invest in gold. You should just factor the fluctuations into any overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It's also portable.
You can always access gold as long your place it safe. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when the stock market falls.
You can also sell gold anytime you like by investing in it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Do not buy too much at one time. Start by purchasing a few ounces. Then add more as needed.
Don't expect to be rich overnight. It is to create enough wealth that you no longer have to depend on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
What is the best precious-metal to invest?
This depends on what risk you are willing take and what kind of return you desire. While gold is considered a safe investment option, it can also be a risky choice. For example, if your goal is to make quick money, gold may not suit you. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. If you want to invest in long-term, steady returns, silver is a better choice.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
bbb.org
investopedia.com
How To
How to hold physical gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
The alternative is to buy physical gold. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It is easier to view how much gold has been stored. You will receive a receipt detailing exactly what you paid. You're also less susceptible to theft than investing with stocks.
However, there can be some downsides. For example, you won't benefit from banks' interest rates or investment funds. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the taxman may ask you about where you have put your gold.
BullionVault.com is the best website to learn about gold purchases in an IRA.
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