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As the price of the two largest smart contract blockchains rises significantly, the next step is to see coins on the blockchain rise as well, much like Solana’s memecoins this year. Additionally, as these chains host the largest percentage of DeFi applications, coins that combine memes with DeFi look very promising. Cutoshi is one such project, built on the Ethereum blockchain.
Memes and Dexes put Solana in the spotlight
SEC Chairman Gary Gensler disallowed Solana ETFs and filed a lawsuit against Binance. Bloomberg ETF analyst Eric Balchunas called the move his “parting gift” to crypto.
Given the upcoming pro-crypto administration, this is not something that Solana bulls are worried about. Although the coin has slightly retraced a broader market pullback, Coinpedia projects 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), accounting for 8.63% of total TVL across all chains, compared to 63% for Ethereum .
Solana’s ever-growing revenue comes from platforms that include coin launcher Pump.fun, liquid staking platform Jito, DEXes Jupiter, and Raydium. The increased liquidity of the cross-chain Jupiter DEX is cited as one of the reasons why Solana meme coins were able to pump so much.
Solana is up 193% for the year and 1,783% from its low of $12, following the FTX scandal.
Ethereum’s DeFi strength lays the foundation for Altcoins
Ethereum has by far the largest share of the DeFi market and has successful dapps of all kinds. However, the most popular dapps in terms of size are for liquid staking and lending, including top-tier protocol Aave, which has benefited significantly this year.
Ethereum is lagging Bitcoin and has yet to reach its previous all-time high of around $4,800. However, ETH maxes are confident that the time is right for Ethereum, as the chain recently broke through the $4,000 resistance level and has outperformed Bitcoin by 28% since November.
As altcoin season begins, many traders are looking for bigger gains than ETH can provide, primarily ERC-20 altcoins built on the strength and reliability of Etheruem.
The rise of Cutoshi following the 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 consider.
Ethereum DeFi coins like OM are up 15,000% this year and Solana DEX Raydium is up 558%. Meanwhile, Ethereum-based memecoin PEPE is up 1,433% and Solana-based meme dogwifhat is up 1,747%.
Image from CryptoBubbles.net
This paves the way for Cutoshi, which aims to bring people to DeFi through an adorable cat meme derived from the Chinese Lucky Cat figurine.
Cutoshi is building a cross-chain DEX that will help people get the liquidity they need, making it easier to trade across blockchains, a task that can be confusing even for seasoned DeFi users.
The Cutoshi project is intended to introduce users to token farming, utility-based NFTs, and much more.
Investors are showing their enthusiasm for the project as it scales on X for the third time. Cutoshi quickly sold out during the last two pre-sale stages. Yet, in its early days for new and existing investors, at stage 4 of the presale, CUTO is selling at $0.031.
For more information on the Cutoshi (CUTO) presale:
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