🪂 $390 Million Airdropped

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Good Morning!

Solana was down for 5 hours yesterday, and despite the criticism posted by Solana haters on Twitter, the price held up pretty well!

The long awaited DYM airdrop was also distributed yesterday, with over $390 million claimed at current prices. Looking for another airdrop opportunity? EigenLayer could be your answer.

Let’s dive in. 👇️ 

Markets

Dymension Goes Live, Airdrops $390 Million in DYM to Solana, Ethereum Users and More (3 minute read)
Dymension's highly anticipated airdrop coincided with the launch of its mainnet on Tuesday, distributing over $390 million worth of DYM tokens to early adopters and chosen communities, contributing to a surge in token value. DYM has seen a 58% increase in value, currently trading at $5.60, with a trading volume exceeding $246 million across major exchanges like Binance, ByBit, and KuCoin. The airdrop equated to 7% of the total token supply.

Taproot Wizards' New Bitcoin NFTs Already Trading at Twice the Initial Sale Price (3 minute read)
Investors who acquired the newly released "Quantum Cats" NFT’s through the Bitcoin Ordinals project Taproot Wizards were quick to capitalize on their investment, with prices doubling within a day of launch, indicating sustained interest in ordinals.

On Tuesday, the floor price for Quantum Cats on Magic Eden reached 0.243 BTC ($10,481), a significant increase from the fixed price of 0.1 BTC each during the initial minting phase that ended on Monday.

EigenLayer TVL soars after deposit cap removed (2 minute read)
Since temporarily lifting total value locked (TVL) caps for all tokens, the restaking protocol EigenLayer has experienced a surge in network deposits. DeFiLlama data reveals that EigenLayer's TVL nearly doubled within the past 24 hours, rising from $2.16 billion to $3.84 billion.

Unlike traditional proof-of-stake blockchains, EigenLayer's security model operates through an open marketplace, allowing validators to opt into Actively Validated Services (AVSs) of their preference. Users can actively participate in securing EigenLayer by depositing their natively staked ETH or liquid staked ETH into the network's smart contracts, thereby exposing them to slashing conditions for additional rewards.

Tech

Solana network restarts after outage that lasted five hours (3 minute read)
Solana's Layer 1 network has successfully resumed operations after experiencing an outage lasting approximately five hours. Engineers are actively monitoring network performance as operations are being restored, with a root cause report underway. The disruption, which began around 09:53 UTC, temporarily halted block progression, resulting in transaction delays as reported by The Block. This incident marks Solana's first major outage since February 2023, when the blockchain experienced a few hours of downtime before being restored after two restart attempts.

Ethereum developer says mainnet eventually will not function as daily transaction hub (3 minute read)
Eric Conner, a prominent Ethereum core developer, recently engaged in a discussion regarding the future direction of Ethereum's mainnet, offering insights into its role within the ecosystem and addressing concerns regarding transactional costs.

Conner underscored Ethereum's commitment to "liveness," emphasizing its essential role in ensuring uninterrupted transactions as a cornerstone for fostering trust in the ecosystem. While acknowledging the issue of high transaction fees on Ethereum, Conner suggested that while the mainnet may not be the optimal choice for daily transactions in the long run, it will continue to serve as a fundamental platform for decentralized applications and settlement layers.

Misc

Wormhole - Hashflow Case Study (2 minute read)
With the proliferation of both EVM-compatible and non-EVM blockchains, DeFi users now have the ability to engage in trading, lending, and permissionless transactions across various ecosystems. However, the seamless transfer of assets across chains remains a crucial challenge for unlocking the full potential of decentralized finance.

Current cross-chain trading experiences often involve tedious processes, high costs, and security concerns, especially when transferring native assets from EVM to non-EVM chains like Solana.

Hashflow, a multichain DEX aggregator powered by the Wormhole interoperability platform, offers a solution to this challenge.

SEC pushes back timeline for decision on the Ethereum ETF (1 minute read)
The Securities and Exchange Commission (SEC) has extended the timeline for its decision regarding the proposed Invesco Galaxy Ethereum ETF, opting to "institute proceedings" after delaying a decision previously in December. The SEC stated that this action is deemed appropriate due to the legal and policy considerations raised by the proposed rule change. This decision follows a pattern of deadline extensions for other spot Ethereum ETF proposals, including one from Grayscale Investments last month.

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