Tesla and Space X CEO Elon Musk is set to, along with former Republican presidential candidate Vivek Ramaswamy, lead a new Department of Government Efficiency (DOGE) set to make the US government more efficient.

The cryptocurrency market has experienced a significant surge in capital inflows since the recent U.S. election, with the supply of Tether’s USDT and Circle’s USDC, the two leading stablecoins, growing by more than $5 billion in a week.

Ethereum researcher Justin Drake has proposed a significant upgrade to the blockchain's consensus mechanism with a project dubbed "Beam Chain." The proposal, presented at the Ethereum Devcon conference, aims to modernize Ethereum's consensus layer while preserving its existing data and execution layers.

Top stories in the Crypto Roundup today:

• Dogecoin Gets a Boost After Trump Announces Department of Government Efficiency (DOGE)
• Stablecoin Supply Jumps $5 Billion Post-Election
• Ethereum Researcher Proposes ‘Beam Chain' to Overhaul Ethereum’s Consensus Layer
• Top-Tier Exchanges Continue to Dominate Trading Volumes

Dogecoin Gets Nod After Launch of Government’s New ‘DOGE’ Efficiency Department

Tesla and Space X CEO Elon Musk is set to, along with former Republican presidential candidate Vivek Ramaswamy, lead a new Department of Government Efficiency (DOGE) set to make the US government more efficient.

According to an announcement from president-elect Donald Trump, the duo will work from outside the government and offer advice on driving large-scale structural reform within it and to create an “entrepreneurial approach to Government never seen before.” The announcement reads:

"Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies -- essential to the 'save America' movement.”

The project, which will last until July 4, 2026, is set to post all of its actions online “for maximum transparency,” according to Musk, who asked the public for feedback whenever people believe they are “cutting something important or not cutting something wasteful.”

The department, whose name is a nod to the meme-inspired cryptocurrency Dogecoin (DOGE) has helped the price of the token surge. DOGE is up nearly 250% over the past month as traders eye a move to the $1 mark.

Stablecoin Supply Jumps $5 Billion Post-Election

The cryptocurrency market has experienced a significant surge in capital inflows since the recent U.S. election, with the supply of Tether’s USDT and Circle’s USDC, the two leading stablecoins, growing by more than $5 billion in a week.

While USDT's circulating supply reached a new high of $124 billion, increasing by $3.8 billion, USDC's supply expanded by $1.6 billion to nearly $37 billion. An expansion in the supply of stablecoins is seen as bullish, as it’s a signal of increased investor interest and capital inflows.

On-chain data from Nansen shows that Ethereum-based stablecoin balances on exchanges declined steadily before the election as investors adopted a wait-and-see approach.

However, following the election, these balances surged to a yearly high of $41 billion, indicating increased investor activity and a willingness to deploy capital into the crypto market.

Ethereum Researcher Proposes ‘Beam Chain' to Overhaul Ethereum’s Consensus Layer

Ethereum researcher Justin Drake has proposed a significant upgrade the blockchain's consensus mechanism with a project dubbed "Beam Chain." The proposal, presented at the Ethereum Devcon conference, aims to modernize Ethereum's consensus layer while preserving its existing data and execution layers.

Drake highlighted it’s currently just a proposal that would require widespread community support to move forward. It would nevertheless include several technical advancements, including SNARKs for chain verification, post-quantum secure cryptography, and a potential reduction in staking requirements from 32 ETH to 1 ETH.

Additionally, Beam Chain would be designed to accelerate transaction processing speeds and mitigate issues related to Maximum Extractable Value (MEV). The implementation timeline would see the client launch in 2026 and comprehensive testing in 2027, and the network wouldn’t require the launch of a new token.

Drake expressed optimism about the feasibility of the upgrade, citing recent advances in SNARK technology and Zero-Knowledge Virtual Machines (ZK-VMs). Validators would have the flexibility to choose their preferred ZKVM implementation, with verification taking place off-chain.

Top-Tier Exchanges Continue to Dominate Trading Volumes

Top-Tier cryptocurrency exchanges account for just around 20% of the total spot exchanges available on the market – 16 out of 81 in total – and yet capture over 60% of the current trading volume. Since April, they’ve seen an average monthly volume of $850 billion out of a $1.4 trillion total.

Binance has led the market with average monthly volumes of $472 billion,f ollowed by Bybit’s $127 billion average volumes. Coinbase, the highest-ranked exchange, came in fifth place with an average volume of $66 billion. 

Dig depper via CCData’s latest Exchange Benchmark report.

State of the Crypto by Top Tier Exchange Volume

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