Top Crypto Project Updates: SOL Hits All-Time High, Magic Eden TGE Set for December 10, 1 Trillion BONK to Be Burned (Nov 17–23)

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The past week has brought a surge of momentum across the blockchain and cryptocurrency landscape, with major developments spanning Solana’s ecosystem expansion, high-profile token launches, and strategic institutional partnerships. From record-breaking price movements to groundbreaking ecosystem incentives, here’s a comprehensive breakdown of the most impactful updates from November 17 to November 23.

SOL Reaches All-Time High Amid ETF Filing Momentum

Solana (SOL) made headlines this week by surpassing its previous all-time high of $259.90, reaching over $260 — a milestone not seen in 1,100 days. The surge was fueled by strong market sentiment and a pivotal development: Cboe Exchange filed applications with the U.S. SEC for four Solana spot ETFs.

These proposed ETFs are backed by major asset managers including VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject the filings, final decisions are expected by early August 2025. This marks a significant step toward mainstream financial adoption for Solana.

👉 Discover how Solana's growing institutional support could shape the future of DeFi.

Alongside price action, Solana’s Total Value Locked (TVL) soared past $9 billion — the highest since December 2021. Leading protocols driving this growth include:

This resurgence underscores Solana’s expanding role as a core hub for decentralized finance innovation.

USDS Stablecoin Launches on Solana with Major Incentive Campaign

A major milestone for Solana’s DeFi ecosystem occurred with the launch of USDS, the network’s first major native decentralized stablecoin. Built by Sky Ecosystem and powered by Wormhole’s Native Token Transfer (NTT), USDS enables seamless cross-chain operations while unlocking new lending and trading opportunities within Solana-native platforms.

To encourage early adoption, Sky Ecosystem is distributing over 500,000 USDS weekly in rewards across top protocols:

This coordinated incentive program highlights the growing synergy between Solana’s leading DeFi platforms and their shared goal of strengthening on-chain liquidity.

Magic Eden Announces ME Token TGE on December 10

One of the most anticipated events in the NFT space is finally confirmed: Magic Eden’s ME token will launch on December 10 via a token generation event (TGE). With an estimated total distribution value exceeding $500 million, this will be one of the largest community-focused token drops in NFT history.

Key details of the ME tokenomics:

Tokens will be claimable through the Magic Eden wallet app. Notably, more than half of the total supply is dedicated to the community over time, reinforcing Magic Eden’s commitment to decentralized governance.

A five-member security council will oversee emergency actions via a multi-sig wallet to protect protocol integrity. ME holders will also benefit from staking rewards post-launch.

Ethena USDe Supply Hits Record $3.75 Billion

Ethena’s synthetic dollar, USDe, continues its explosive growth, with supply increasing by 47.45% in just one month to reach $3.75 billion — a new all-time high. On November 21 alone, $119 million flowed into USDe, marking the highest single-day inflow since April 2024.

This surge coincides with persistently high Bitcoin funding rates, which enhance the yield generation mechanism behind USDe. Additionally, the staking rate for sUSDe has reached 68.4%, the highest since mid-February, indicating strong user confidence in its yield-bearing utility.

As institutional interest grows, Ethena remains a key player in bridging traditional finance mechanics with on-chain innovation.

FAQ: Understanding USDe and Its Growth

Q: What drives the yield behind Ethena’s USDe?
A: USDe generates yield through delta hedging — capturing funding rates from perpetual futures markets while maintaining a stable peg.

Q: Is USDe backed by reserves?
A: Yes, USDe is collateralized by U.S. Treasury bonds and Ethereum staking yields, providing both stability and yield generation.

Q: Why has demand for USDe increased recently?
A: Rising BTC funding rates increase the income stream from hedging, making USDe more attractive to yield-seeking investors.

Zircuit Launches Transfer Functionality Ahead of Bitget Listing

Zircuit (ZRC), a fully EVM-compatible zero-knowledge rollup, has officially enabled token transfers as of November 25. This paves the way for broader exchange listings and DeFi integrations.

Additionally, Bitget Launchpool will feature ZRC from November 25 to November 30, offering users the chance to earn a share of 9.125 million ZRC tokens by staking BGB or USDT.

With a focus on privacy and scalability, Zircuit is positioning itself as a next-generation Layer 2 solution ready for mass adoption.

👉 Explore how zero-knowledge technologies are reshaping blockchain scalability and privacy.

Emojicoin on Aptos Sees High Activity Despite Low Graduation Rate

Aptos’ meme coin launchpad, Emojicoin, has seen significant engagement since going live — with approximately 1,700 tokens created and total trading volume reaching 1.9 million APT (~$22 million).

However, only about 30 tokens have met the 4,500 APT market cap threshold required to graduate to decentralized exchanges — a success rate of just 1.8%. This highlights both the speculative enthusiasm and the challenges of sustainable project development within meme-driven ecosystems.

Sui Partners with Franklin Templeton for Institutional Blockchain Adoption

Sui Network has announced a strategic partnership with global asset manager Franklin Templeton, signaling growing institutional confidence in blockchain-based financial infrastructure.

The collaboration aims to support builders within the Sui ecosystem and explore new financial products leveraging Sui’s high-performance blockchain. Franklin Templeton plans to use Sui’s scalable architecture to improve transparency and efficiency in digital asset management — a promising sign for real-world blockchain adoption.

BONK Announces “BURNmas” Campaign: 1 Trillion Tokens to Be Destroyed

In a bold move to reduce supply and boost scarcity, BonkDAO has launched “BURNmas”, a campaign to burn 1 trillion BONK tokens before Christmas Day 2024.

The burn period runs from November 15 to December 24 UTC, with tokens sourced from Solana-based applications that utilize BONK. Already, 100 billion BONK have been burned — putting upward pressure on price.

Market response has been positive: BONK hit a new all-time high above $0.000052, with a 24-hour gain of 33.4%.

FAQ: About BONK Burns and Market Impact

Q: Why is BonkDAO burning so many tokens?
A: Large-scale burns reduce circulating supply, potentially increasing scarcity and long-term value for holders.

Q: How are the burned tokens selected?
A: Tokens are drawn from ecosystem apps that integrate BONK for utilities like payments or governance.

Q: Can burns influence short-term price?
A: Yes — combined with market sentiment and speculation, burns often trigger bullish momentum.

SynFutures Signals TGE After Ending Oyster Odyssey Campaign

SynFutures officially concluded its Oyster Odyssey points campaign on November 25, strongly hinting at an upcoming token generation event (TGE) and airdrop.

Launched in March 2024 on Blast and later expanded to Base, the campaign attracted over 6.5 million unique wallet addresses and helped SynFutures become the top-performing decentralized perpetuals platform on both networks by trading volume and TVL.

With cumulative trading volume exceeding $200 billion, anticipation is building around its native token launch.

👉 Stay ahead of upcoming crypto airdrops with insights from leading DeFi platforms.

ETHGlobal Bangkok Hackathon Reveals 10 Winning Projects

ETHGlobal’s recent hackathon in Bangkok showcased cutting-edge Web3 innovation, drawing 713 project submissions judged by industry leaders including Vitalik Buterin (Ethereum), Stani Kulechov (Aave), and Jesse Pollak (Base).

The $750,000 prize pool was awarded to projects spanning AI agents, DAO tools, gaming, and real-world crypto applications:

These innovations reflect the increasing convergence of AI, gaming, social layers, and practical blockchain use cases.

Core Keywords:

This week underscores a broader trend: maturing ecosystems, institutional interest, and community-driven innovation are converging to drive the next phase of blockchain evolution.