The crypto market slides amid growing uncertainty. Let’s explore the key trends and events on Nov. 12.
Sonic Labs is unveiling an updated tokenomics model that features a revised fee monetization structure designed to foster a deflationary ecosystem for its native token.
The redesigned framework offers tiered rewards for builders, ranging from 15% to 90% depending on network usage. Validators will receive a fixed 10% allocation. The remaining tokens will be burned, and all transaction fees on the Sonic blockchain will continue to be paid in S tokens.
With incentives for both builders and validators, Sonic aims to stimulate ecosystem growth. At the same time, the token-burning mechanism is expected to reinforce its deflationary economic model.
Bitcoin (BTC) is trading near the $103K-$104K mark on Nov. 12. At the press time, according to the data from CoinMarketCap, BTC price is $104,021, which means that it lost 0.98% over the last 24 hours.
Despite the dip, US spot Bitcoin ETFs saw a strong rebound in demand. BTC ETFs recorded $524 million in net inflows on Nov. 11, led by BlackRock and Fidelity’s institutional-grade products.
These inflows marked a sharp turnaround following several consecutive sessions of ETF outflows, which reflected renewed institutional confidence after a week of investor hesitation.
Visa has launched a US pilot program, which allows users of Visa’s digital payments network, Visa Direct, to send USDC and other US dollar-pegged stablecoins straight to recipients’ crypto wallets.
According to the company, the pilot enables recipients to choose to receive funds in stablecoins, while US-based businesses and platforms can send payments from fiat-funded accounts directly to users’, workers’, or employees’ stablecoin wallets.
The long-awaited spot XRP ETF has officially gained regulatory approval.
Canary Capital’s Spot XRP ETF, which will trade under the ticker XRPC, is scheduled to debut on the Nasdaq Stock Market on Nov 12, pending final certification. This will be the first US-approved spot ETF fully backed by XRP.
The fund will be fully backed by physical XRP, tracking its price through the XRP-USD CF Benchmarks Reference Rate Index. Canary Capital has confirmed an annual management fee of 0.50%.
JPMorgan has officially rolled out its blockchain-based deposit token, JPM Coin, for institutional clients. The token represents US dollar deposits held at the bank and enables users to send and receive funds through Coinbase’s Base public blockchain.
The launch will allow payments to be completed within seconds, without the delays related to traditional banking hours.
JPMorgan plans to extend the service to additional blockchains in the future.