Weekly Highlights in Crypto: SOL Reaches All-Time High (Nov 17–23)

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The past week has seen a surge of momentum across the blockchain and cryptocurrency space, with Solana (SOL) reclaiming the spotlight after hitting a new all-time high. From major ETF filings and ecosystem expansions to token launches and institutional partnerships, the landscape continues to evolve at a rapid pace. Below is a detailed breakdown of the most impactful developments from November 17 to November 23.

Solana Soars: New ATH and ETF Momentum

Solana’s native token, SOL, broke through the $260 mark on Friday, reaching an unprecedented all-time high with a 24-hour gain of **12.11%**. This milestone marks the first time SOL has surpassed its previous peak of $259.90, set over 1,100 days ago on November 6, 2021.

The price surge coincided with significant institutional movement. Cboe filed applications with the U.S. Securities and Exchange Commission (SEC) for four Solana spot ETFs, 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.

👉 Discover how institutional interest is reshaping crypto markets — explore the latest trends here.

This wave of optimism has also fueled growth across Solana’s DeFi ecosystem. Total Value Locked (TVL) on the network has surged past $9 billion, the highest since December 2021. The top protocols driving this growth include:

These platforms are benefiting from increased staking, liquidity provision, and yield opportunities — signaling strong user engagement and ecosystem maturity.

USDS Stablecoin Launches on Solana with Major Incentives

A new milestone in Solana’s DeFi evolution arrived with the launch of USDS, the network’s first major DeFi-native stablecoin. Powered by Sky Protocol and enabled via Wormhole’s Native Token Transfer (NTT), USDS now operates seamlessly across Solana-based platforms.

To accelerate adoption, Sky Ecosystem is offering over 500,000 USDS in weekly rewards to early adopters across key protocols:

This strategic incentive program aims to bootstrap liquidity and encourage integration across lending, trading, and yield-generating applications.

ME Token TGE Set for December 10

The ME Foundation has announced that the token generation event (TGE) for ME, the ecosystem token of NFT marketplace Magic Eden, will take place on December 10. With a projected total value exceeding $500 million, ME will be claimable via the Magic Eden wallet app.

The tokenomics reveal a community-centric distribution model:

Out of a total supply of 1 billion ME tokens, more than half are allocated to the community and will be distributed over four years. A five-member security council will oversee a multi-sig wallet to ensure protocol safety, while ME holders will earn rewards through staking.

ME is already listed on several international exchanges such as OKX, Bybit, Bitget, and KuCoin ahead of its official launch.

👉 Stay ahead of upcoming token launches and airdrops — get insights before they go live.

Ethena’s USDe Hits Record Supply

Ethena USDe, the synthetic dollar protocol, has reached a new milestone with its supply climbing to $3.75 billion — a 47.45% increase over the past month. This growth aligns with sustained bullish sentiment in Bitcoin markets, reflected in elevated funding rates.

On November 21 alone, $119 million flowed into USDe, marking the largest single-day inflow since mid-April. Meanwhile, the staking rate for sUSDe has reached 68.4%, the highest since late February, indicating strong user confidence in earning yield from basis returns.

Zircuit Launches Transfer Functionality and Join Bitget Launchpool

Zircuit (ZRC), a fully EVM-compatible zero-knowledge rollup, has opened transfer functionality as of November 25. The network also launched a Launchpool campaign on Bitget from November 25 to November 30, offering a total of 9,125,000 ZRC tokens in rewards. Users can participate by staking BGB or USDT.

Additionally, Zircuit teased a major product announcement for the coming week, further building anticipation around its ZK-tech stack and Layer 2 ambitions.

Aptos’ Emojicoin Platform Sees Surge in Activity

Aptos’ meme coin launchpad, Emojicoin, has seen explosive usage since going live. As of Thursday, approximately 1,700 tokens have been created, with cumulative trading volume reaching 1.9 million APT (~$22 million).

However, only about 30 tokens have achieved the required $4,500 market cap threshold to "graduate" to DEX listings — a success rate of just 1.8%. While speculative activity dominates, the platform highlights growing interest in decentralized launch tools within emerging ecosystems.

Sui Partners with Franklin Templeton

Sui Foundation has entered a strategic partnership with global asset manager Franklin Templeton’s digital assets division. The collaboration focuses on empowering builders within the Sui ecosystem and deploying innovative financial solutions using Sui’s high-performance blockchain.

Franklin Templeton plans to leverage Sui’s scalable infrastructure to develop new financial products that enhance transparency and efficiency in asset management — a strong signal of institutional confidence in next-gen blockchains.

BONK Announces “BURNmas” Initiative

In a bold move to reduce supply and boost scarcity, BonkDAO has initiated a massive token burn campaign dubbed “BURNmas.” Starting November 15 and running through December 24 UTC, the project aims to destroy one trillion BONK tokens.

Burns will originate from applications within the Solana ecosystem that utilize BONK for utility functions. The announcement follows a recent burn of 100 billion tokens and comes amid record price performance — BONK hit an all-time high above $0.000052, with a 24-hour gain of 33.4%.

SynFutures Signals TGE After Ending Oyster Odyssey

SynFutures, a leading decentralized perpetuals exchange on Blast and Base, announced the conclusion of its Oyster Odyssey points program on November 25 — widely interpreted as a precursor to its upcoming TGE and token airdrop.

Launched in March on Blast and expanded to Base in July, the campaign attracted over 6.5 million unique wallet addresses. SynFutures now ranks as the top-performing dApp on both networks by trading volume and TVL.

With cumulative trading volume surpassing $200 billion, according to DeFiLlama, market anticipation is high for the project’s next phase.

ETHGlobal Bangkok Hackathon Crowns 10 Winners

The recent ETHGlobal Bangkok hackathon drew 713 project submissions, judged by industry luminaries including Ethereum co-founder Vitalik Buterin, Aave’s Stani Kulechov, and Base’s Jesse Pollak.

Ten winning projects were awarded from a $750,000 prize pool, spanning AI agents, DAO tools, gaming, and real-world use cases:

These innovations reflect the expanding scope of Ethereum’s developer ecosystem beyond finance into social, gaming, and identity layers.

Frequently Asked Questions

Q: What caused SOL to reach a new all-time high?
A: SOL’s surge was driven by renewed institutional interest — particularly Cboe’s filing of four Solana spot ETF proposals — combined with strong DeFi growth and rising TVL across major protocols like Jito and Kamino.

Q: How can I earn rewards with USDS on Solana?
A: You can earn USDS rewards by providing liquidity or supplying USDS on platforms like Kamino Finance, Drift Protocol, Save Finance, and Jito. Weekly incentives total over 500,000 USDS.

Q: When is the ME token launching?
A: The ME token TGE is scheduled for December 10. Eligible users can claim their tokens via the Magic Eden wallet app.

Q: Is Ethena USDe backed by real assets?
A: USDe is a delta-hedged synthetic dollar backed by staked ETH collateral and hedging mechanisms rather than direct fiat reserves.

Q: Can I participate in Zircuit’s Launchpool?
A: Yes — users can stake BGB or USDT on Bitget between November 25–30 UTC+8 to earn ZRC rewards.

Q: What is “BURNmas” for BONK?
A: “BURNmas” is BonkDAO’s initiative to burn one trillion BONK tokens between November 15 and December 24, reducing supply and increasing scarcity ahead of potential future demand spikes.

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