According to Blockworks, Solana may experience a significant shift in revenue distribution due to a new proposal from Jito’s DAO. The proposal suggests allocating 3% of all maximal extractible value (MEV) tips collected by the protocol to the DAO treasury and TipRouter, an in-house program developed for Jito’s upcoming restaking platform. Additionally, Jito Labs plans to reduce its own tip share from 5% to 3%, resulting in a total of 6% of all Jito MEV tips being taxed under the new program, up from the current 5%. The proposal estimates that this fee adjustment could generate $22.8 million in annual revenue for the newly-formed Jito DAO. MEV refers to the potential profit generated by reordering transactions within blockchain blocks. Jito has developed a validator client, which is the software validators use to connect to the blockchain. In this system, “MEV searchers” bid to have validators process their profitable sequence of transactions first, often adding tips to incentivize validators. These tips have proven to be quite lucrative, especially during periods of high trading activity on Solana. From March through September of this year, Jito MEV tips generated approximately $232 million in economic value, according to Blockworks Research. Last week alone, Solana processed $20 million in Jito tips amid a surge in memecoin trading. MEV tips accounted for 54% of Solana’s real economic value (REV), a metric that estimates the income generated by blockchains. The Jito DAO proposal represents a significant change in how one of Solana’s major income sources is distributed. Currently, Jito Labs’ 5% share of MEV tips earns it around 2.5% of Solana’s REV. If the proposal passes, less REV would go to Jito Labs, with a portion redirected to the DAO. This shift raises questions about whether stakers or validators should receive more REV, or if Jito deserves a larger share of Solana’s economic value. Another recent change in Solana stakeholder revenue came from Solana Improvement Document (SIMD)-0096, which directs priority fees entirely to validators rather than burning half. Most of the new tip structure would benefit Jito’s DAO, with 0.15% allocated to TipRouter, a protocol designed to programmatically distribute MEV tips. TipRouter will operate as a node consensus network (NCN) on Jito Restaking, similar to EigenDA on EigenLayer. The proposal is subject to a vote from Jito governance, but given the potential $22.8 million annual revenue for the DAO, it is likely to pass.

A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of a breakout despite dipping into the $65,000 range on Wednesday. Crypto trader Michaël van de Poppe tells his 732,700 followers on the social media platform X that Bitcoin’s correction may be over and a return to the all-time high of about […] source: https://dailyhodl.com/2024/10/24/crypto-trader-says-new-btc-all-time-high-incoming-suggests-one-large-cap-altcoin-could-explode-by-up-to-223/

Stablecoin issuer Tether has proposed a new initiative to Turkey: digital tokens backed by boron, a mineral in which the country holds over 70% of the global reserves, Bloomberg News reported on Oct. 24. Boron, essential in manufacturing ceramics, glass, and fertilizers, is a major asset for Turkey’s economy, with sales projected to reach $1.3 […] source: https://cryptoslate.com/tether-proposes-boron-backed-tokens-to-revolutionize-turkeys-commodity-market/

Five people have received prison sentences for their involvement in a cryptocurrency scam that defrauded investors of $21.6 million. source: https://cryptodnes.bg/en/crypto-fraudsters-exposed-after-living-a-lavish-lifestyle-of-private-jets-and-prostitutes/

Coinbase International added perpetual futures trading for Turbo, a popular AI meme coin. These contracts initially launched in halt mode, but full functionality swiftly followed. Next week, the exchange will introduce similar contracts for ApeCoin, a utility and governance token within the APE ecosystem. Coinbase’s Perpetual Future Offerings Coinbase International added... source: https://beincrypto.com/coinbase-perpetual-futures-turbo-launch/

If the user fails their fitness goals, a portion of their deposited crypto gets distributed among successful players. source: https://www.theblock.co/post/322930/hack-vc-leads-3-4-million-seed-round-for-web3-health-accountability-app-moonwalk-fitness?utm_source=rss&utm_medium=rss

Russia’s president Vladimir Putin is open to fixing ties with America—under one condition. Donald Trump has to win the 2024 US presidential election. During a press conference at his BRICS summit, Putin bluntly said there’s no hope for better relations with the Biden administration. The war in Ukraine, the US’s support for Kyiv, and the […] source: https://www.cryptopolitan.com/putin-says-russia-is-open-to-mending-relations-with-america-but-only-if-trump-wins/

According to BlockBeats, on October 25, Arkham monitoring revealed that within the past half-hour, a U.S. government address withdrew stablecoins worth $6.57 million from Aave. These stablecoins were subsequently transferred, along with an additional 177.89 ETH, to the address 0x3486eE700CcaF3E2F9C5eC9730a2e916a4740A9f.

null source: https://x.com/Bitcoinsensus/status/1849509410332344603

Check out why XRP, SHIB, and other leading cryptocurrencies could head north soon. source: https://cryptopotato.com/heres-why-the-very-negative-crowd-sentiment-for-xrp-and-shib-could-be-bullish/

LayerZero has successfully distributed rewards for its Sybil bounty program, highlighting community participation and proactive measures to ensure a secure ZRO token airdrop.