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- 🟣 A tale of two airdrops
🟣 A tale of two airdrops
Ethena and Wormhole are going in opposite directions
BTC has been searching for direction following Tuesday’s sell-off. After a full week of positive net inflows into the spot ETFs, Monday once again registered net outflows of about $86 million thanks to more than $300 million leaving GBTC.
Tuesday’s flows included $87 million in bitcoin leaving Ark’s ETF for the first time.
On Ethereum and Solana, however, fresh capital is being minted by synthetic dollar project Ethena (ENA) and cross-chain interoperability protocol Wormhole (W) which airdropped around 5% and 6% of their respective total supply of tokens.
ENA was up 47% in its first day of trading, while W has so far sold off to the tune of 24%, but together they’ve injected a fresh $1.5 billion into the crypto markets.
The USDe supply has continued to grow as the Ethena team begins a new, longer-lived liquidity incentive campaign that will run for 5 months or until the USDe supply reaches 5 billion, whichever comes first. As of Wednesday, there are 1.94 billion USDe in circulation, according to Ethena’s dashboard.
TOTAL3, a measure of the total crypto market cap excluding bitcoin, ether and stablecoins is still about 7% off its most recent April Fool’s Day high of $776 billion.
Solana transactions / success rate:
Source: Blockworks Research
As the Solana memecoin craze ramped up, transactions on the network have skyrocketed, but so too has the failure rate.
This issue is further exacerbated by bot activities, which account for a significant portion of the failed transactions.
Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs.
Parallel Colony is the first major implementation of AI agents in gaming in crypto. The incorporation of AI distinguishes it from other crypto games that have historically been more focused on farming simulators and derivatives of existing games.
The upcoming halving brings forth novel dynamics that could reshape prevailing narratives around Bitcoin economics
Skate, previously known as Range Protocol, seeks to establish the first universal application layer for all chains.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
