The Weekly Airdrop: 0x93
Dec 1, 2023 // Overall Market +1.2%, MicroStrategy buys 16,130 BTC, IOTA expands to Abu Dhabi with $100m foundation, $500m worth of dYdX token unlocks this week
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MARKET UPDATE
This week was relatively quiet in terms of price action as BTC chopped between $36.8k-38.4k and we saw alts consolidating. On a more interesting note, Microstrategy acquired 16,130 BTC for $593m this month as they plan to continue at the market share sales to raise funds for further BTC purchases up to $750m.
Following the significant shakeup at Binance in the prior week, they have now announced a pilot triparty agreement for institutional investors, furthering confidence in the exchange as they make strides to rebuild their reputation and implement measures of control, safety, and capital efficiency from traditional finance institutions.
Kyber was hacked late last week and the hacker has sent onchain messages to the team and DAO stating his demands following the draining of more than $50m worth of assets from their pools. These sorts of things tend conclude with a 10% bounty being paid out and funds returned, but in this case, the blackhat has a laundry list of demands including transferring ownership of the protocol to his address along with all assets. While this is never the outcome a team would hope for, this is certainly an interesting developing story.
DEFI OVERVIEW
The DeFi sector had a strong week and we saw mainnet activity remain high as displayed by elevated gas prices for the second week in a row. This drove users to L2’s and lower cost chains. The top benefactor of high gas prices was SOL, trading up +7.7% as the DeFI and NFT ecosystem on Solana picked up traction. This comes as there are multiple anticipated airdrops from protocols such as Drift, Jupiter, and JitoSol and will drive users and TVL to the chain to capture those airdrops.
Maple Finance (MPL)
Maple finance, one of the top performers in the past 7 days and month, traded up 50% this week as they announced a partnership with USDC issuer Circle. Circle is funding a loan from their own corporate treasury in USDC to Maple’s secured lending pool, marking a pivotal moment as large traditional financial institutions begin to adopt DeFi products. Maple finance has originated over $2.6bn in loans across a variety of borrowers to date.
Blast L2
Blast, the new proposed L2 that had begun taking in deposits from users to farm airdrop points has reached a staggering $650m in TVL is the few short weeks since contract creation. Currently, all ETH deposited is then sent to Lido to become stETH and provide users with a base asset on an L2 that is yield bearing. While this is a new innovative way of approaching L2’s, the bridge is not complete yet and users can’t bridge out until late February according to Blast’s statements. It’s worth noting in the past bridges have fallen victim to hacks such as Wormhole, Poly Network, and Ronin.
WEB3 OVERVIEW
The DePin (Decentralized Physical Infrastructure Networks) sector has seen notable developments this week, reflecting a surge in market interest. The Solana ecosystem, integral to DePin, experienced a 140% increase in token price post the Solana Breakpoint 2023 conference, driven by growth in DePin and DeFi sectors with key projects like Render, Nosana, and Synesis One. Simultaneously, Grove (formerly Pocket Network), a decentralized infrastructure provider, raised $7.9 million from prominent investors including Fidelity's Avon Ventures, to expand DePin's reach and foster mainstream adoption, further highlighting the sector's dynamic growth and potential.
Chainlink (LINK)
Chainlink has recently launched Staking v0.2 on the Ethereum mainnet, marking a significant advancement in Chainlink Economics 2.0. This new version, which builds upon the v0.1 release, aims to enhance flexibility and security within the Chainlink ecosystem. This update allows existing and new stakers to participate, with a capped pool of 45 million LINK and improved features like an unbonding mechanism, enhanced security through stake slashing, and a modular architecture.
The market response to these developments is reflected in LINK's modest 2.8% price change over the past seven weeks, signaling the community's reaction to Chainlink's continuous evolution and its impact on the token's value.
WiFi Map (WIFI)
WiFi Map, an application focused on enhancing global internet accessibility, has significantly impacted the digital connectivity landscape. It enables users to locate and connect to WiFi networks worldwide, fostering a vast community of internet users. The $WIFI token functions as the core economic component of the WiFi Map app, playing a crucial role in accelerating growth. This growth is evident in several areas: an increase in contributors and their contributions, and a rise in in-app spending, including purchases of eSIMs and VPNs.
The app's success is highlighted by its ranking among the Top 40 Productivity Apps in the USA on Google Play, indicating a growing recognition and preference among users. This achievement reflects the app's utility and popularity in a competitive market. A notable milestone for WiFi Map is reaching 170 million users, a testament to the app's widespread adoption and effectiveness in connecting people to the internet.
The $WIFI token has experienced a significant surge, marked by an 83.8% increase over the past seven days. This remarkable growth in value reflects the increasing demand and confidence in the WiFi Map app and its services, signaling a strong market position and potential for further expansion.
THE NEWSROOM
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