The Weekly Airdrop: 0x94
Dec 8, 2023 // Overall Market +12.7%, Coinbase rolls out USDC payments via TikTok & Instagram; LayerZero plans token launch for early 2024; BTC ETF imminent
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MARKET UPDATE
Crypto markets rallied hard this week with BTC and ETH surging +14.7% and +9.5%, respectively. We saw accompanying rallies in alts ranging from L1’s to meme coins. This broad-based rally began Saturday and continued through most of the week with BTC topping $44k and ETH extending to $2,370 at the time of writing. Despite the run, BTC dominance is at 52.0%, or +4.0% in the past week, which is a healthy sign of a sustainable bull cycle.
We’re currently 29 days out from the January 10th deadline for the SEC to approve a spot BTC ETF. Each day that passes brings bits of evidence the SEC and issuers are crossings T’s and dotting I’s in preparation for launch.
DEFI OVERVIEW
The DeFi sector had another strong week as activity remained elevated and trading volume on DEX’s remained robust. Among the leaders we saw dYdX reach $5.8b in trading volumes, generating just over $1.4m in revenue. Vertex handled $3.9b in volumes so far this week and has brought in $826k in fee revenue. These are strong numbers we’re seeing come in but is likely to grow significantly over the next 2 years as interest beyond crypto natives is picking up steam once again.
Similar to DeFi summer of 2020, we are once again seeing large airdrops and new token issues that are performing well with a similar level of growing enthusiasm.
Starknet Foundation (STRK)
Starknet became a household name in crypto with dYdX confirming the release of a STRK token (i.e. screenshots were leaked sharing airdrop details). The foundation confirmed there would be 10 billion total tokens with 50% being retained by the organization. Although allocation details are unconfirmed, it was rumored that dYdX users would be receiving the airdrop even though V4 has transitioned away from Starkware.
Jito Network (JTO)
Jito, the MEV powered Solana staking protocol went forward with the airdrop of its governance token to early users of the platform on Thursday. Jito airdropped 10% of the total of 1b tokens to users which is currently trading at ~$3.00 valuing the entire protocol at $3b fully diluted, or approximately 4.5x its nearest competitor. This is an important moment that will further drive activity and increased values on Solana as more and more users take active participation roles in protocols for future airdrops as well as the massive wealth effect created by the Jito airdrop. We’re already seeing SOL outperformance since the airdrop, up +14.6% over the last 24hrs trading at $72.
WEB3 OVERVIEW
Legacy brands and companies continue to see the exciting potential of Web3 and DePIN (Decentralized Physical Infrastructure). The latest market entrant, German sensor manufacturing conglomerate Bosch, announced the launch of a Bosch XDK110 Rapid Prototyping Kit this week, a smart sensor that allows users to earn crypto rewards by providing data, without involving a centralized intermediary.
Additionally, global professional services firm Deloitte announced it will use the Polkadot-based Kilt blockchain to offer logistics and supply-chain services focused on the shipping industry. The first service is called KYX, a combination of Know Your Client (KYC) and Know Your Cargo, two processes that identify and verify the client's identity and their shipped goods, respectively.
Helium Mobile (MOBILE)
Helium Mobile, a crypto-based wireless cellular service provider, has expanded its unlimited plan, offering data, text, and talk for $20 per month across the U.S. The company leverages T-Mobile's network to provide this service and users can earn MOBILE tokens by sharing their data or installing a hotspot to add coverage to the network. These earnings can be enough to make your monthly phone bill $0.
The market was highly receptive to the announcement, bidding up the MOBILE token 45.5% over the last 7 days.
Covalent (CQT)
Covalent, the web3 data indexer, announced the launch of GoldRush this week, an open-source modular block explorer. As the Web3 ecosystem has grown in complexity and diversity, the classic block explorer model has become obsolete; the one-size-fits-all approach is unable to cater to the nuanced needs of today’s users. Newly introduced GoldRush can seamlessly interact with 200+ chains, giving users a much better view of the digital asset economy at large.
The project's CQT token spiked 34.6% this week on the news.
THE NEWSROOM
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