Solana News: Anatoly Yakovenko Challenges Necessity of Layer-2 Cryptocurrencies as PumpSwap Hits $426M Milestone

In the ever-evolving world of cryptocurrency, new developments and debates continue to shape the landscape. Recently, Anatoly Yakovenko, co-founder of the popular Solana network, has weighed in on the ongoing discussion about Layer-2 cryptocurrencies. Meanwhile, PumpSwap has reached a significant milestone.

Solana Co-Founder Challenges Layer 2s—Are They Even Needed?

Anatoly Yakovenko, co-founder of the Solana network, has criticized Layer-2 cryptocurrencies, arguing that they are unnecessary and only add complexity to blockchain scaling. Yakovenko claimed that Layer-1 solutions, such as Solana, can already provide efficient, cheap, and secure scaling solutions. His statement was a response to a claim by @ripdoteth that there is no reason to build a Layer-1.

PumpSwap Hits $426M Milestone, But Raydium Dominates Solana DEX Market

Pump.fun’s decentralized exchange (DEX), PumpSwap, has surpassed a daily volume of $426 million with 243,000 users. The Solana-based platform also earned over $1 million in fees, including $213,000 on March 24. However, PumpSwap’s market share of 14.5% is still significantly lower than Raydium’s 46.1%. PumpSwap started with modest trading volumes but saw a significant increase starting March 19, peaking on March 24 with 4.2 million swaps processed.

BlackRock Expands BUIDL Fund to Include Solana (SOL)

BlackRock has expanded its tokenized money market fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), to the Solana blockchain. The move, announced by Securitize, introduces a new share class of BUIDL on Solana, adding to its growing presence across multiple blockchain networks. BUIDL was launched in March 2024 as BlackRock’s first tokenized fund issued on a public blockchain, offering qualified investors on-chain access to U.S. dollar yields with daily dividend payouts and NEAR real-time peer-to-peer transfers. The fund primarily holds U.S. Treasury bonds and cash, combining traditional finance with blockchain-based settlement and transfer capabilities.

Pump.fun Resumes SOL Deposits to Kraken After Boosting Earnings

Pump.fun has resumed its Solana (SOL) deposits to Kraken after boosting earnings with PumpSwap. The platform deposited $7.81M worth of SOL to the exchange, bringing the year-to-date total to over 1.57M SOL valued at over $293M. Overall, Pump.fun has produced 3,232,101 SOL in total fees, valued at close to $500M, with over $250M likely cashed out, mostly during the 2024 bull market. Following the latest sale, SOL traded at $145.56, boosted by a series of ETF applications pointing to future demand. Pump.fun is now back in the top 10 of apps, with $1.53M in fees for the last day, reaching over $3M on more successful days.