Recent data reveals that decentralized exchange (dex) platforms built on Solana have outperformed Ethereum in terms of market performance. The statistics show that Solana-based dex platforms achieved a trade volume of $1.447 billion in the past day, surpassing the $1.282 billion recorded by Ethereum trading platforms.
Solana's Dex Volume Surges Ahead of Ethereum
Solana's recent price surge, combined with numerous airdrops, has propelled the trade volumes of the layer one (L1) blockchain's dex platforms to new heights. In contrast, the trade volume of Solana (SOL) on centralized exchanges lags behind that of Ethereum. Data from Defilllama.com confirms that both the 24-hour and weekly trade volumes of Solana's dex platforms have exceeded those of Ethereum.
Recent data shows that Solana platforms' daily trade volumes have surged to $1.447 billion, reflecting a 12.87% increase compared to Ethereum's dex applications, which recorded $1.282 billion. Over the past seven days, Solana's decentralized exchanges have accumulated $10.786 billion, surpassing Ethereum's $9.604 billion in weekly trade volumes. Noteworthy contributors to these volumes are dex platforms like Raydium, Orca, Lifinity, Phoenix, Openbook, and Mango Markets, along with significant activity on Drift, Crema, and Saber.
A significant portion of the trade volume in SOL-based dex protocols was recorded on December 21, 2023, largely fueled by recent Solana airdrops and SOL's substantial 40% increase over the previous week. Over the past year, SOL has demonstrated tremendous growth, surging by 895% against the U.S. dollar. The largest trading pairs on Raydium, Solana's largest dex by volume, are listed as ANALOS/SOL, WIF/SOL, SILLY/SOL, and SOL/USDC.
The recent statistics highlight a significant trend in decentralized finance (defi). While Ethereum's dex protocols remain a dominant force, Solana's impressive daily trade volume and weekly statistics indicate a pivotal shift in the dynamics of the dex market, showcasing the growing influence of the Solana ecosystem.
What are your thoughts on Solana's dex volumes surpassing Ethereum's? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How is gold taxed within an IRA?
The fair market value at the time of sale is what determines how much tax you pay on gold sales. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
Gold can be used as collateral for loans. Lenders try to maximize the return on loans that you take against your assets. This often means selling gold. The lender might not do this. They might just hold onto it. They might decide that they want to resell it. You lose potential profits in either case.
To avoid losing money, only lend against gold if you intend to use it for collateral. Otherwise, it's better to leave it alone.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are called “precious” metals because they're very hard to find and very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This means you'll receive dividends every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. You also have unlimited access to your funds whenever and wherever you wish.
How do you withdraw from an IRA that holds precious metals?
You first need to decide if you want to withdraw money from an IRA account. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. You'll have to weigh the pros of each option before you make a decision.
Bullion bars require less space, as they don't contain individual coins. But you will have to count each coin separately. On the flip side, storing individual coins allows you to easily track their value.
Some people prefer to keep their coins in a vault. Others prefer to place them in safe deposit boxes. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These rules vary from one state to another. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . In Massachusetts, you can wait until April 1st. New York is open until 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
How does a gold IRA work?
You can purchase physical bullion gold coins at any point in time. You don’t have to wait to begin investing in gold.
You can keep gold in an IRA forever. You won't have to pay taxes on your gold investments when you die.
Your heirs inherit your gold without paying capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done that, you'll receive an IRA custody. This company acts as a mediator between you, the IRS.
Your gold IRA Custodian will manage the paperwork and submit all necessary forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit required to purchase gold bullion coins is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You shouldn't take out more then 50% of your total IRA assets annually. You'll be facing severe financial consequences if you do.
Who is the owner of the gold in a gold IRA
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
Consult a financial advisor or accountant to determine your options.
What precious metal should I invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. For example, if your goal is to make quick money, gold may not suit you. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. If you want to invest in long-term, steady returns, silver is a better choice.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Investing in gold or stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. This is because most people believe that it is no longer economically profitable to invest gold. This belief is due to the fact that many people see gold prices dropping because of the global economy. They feel that gold investment would cause them to lose money. However, investing in gold can still provide significant benefits. We'll be looking at some of these benefits below.
One of the oldest forms known of currency is gold. There are thousands of records that show gold was used over the years. It has been used as a store for value by people all over the globe. It's still used by countries like South Africa as a method of payment.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. It is important to determine the price per gram you are willing and able to pay for gold bullion. You could contact a local jeweler to find out what their current market rate is.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. So while the price of gold has declined, production costs haven't changed.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. However, if you are planning on doing so for long-term investments, then it is worth considering. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We recommend that you investigate all options before making any major decisions. Only after you have done this can you make an informed choice.
By: Jamie Redman
Title: Solana's Dex Platforms Surpass Ethereum in Weekly Trade Volumes
Sourced From: news.bitcoin.com/solanas-dex-platforms-eclipse-ethereum-in-weekly-trade-volumes/
Published Date: Wed, 27 Dec 2023 18:30:24 +0000