🪂 Uniswap Founder Advocates Generous Airdrops
In today’s edition: 🎉 Bitcoin hits one billion transactions, 🔒 LayerZero's anti-sybil policy, 🔗 Osmosis to launch Bitcoin L2, 🌟 Base shines as Coinbase revenue climbs, and more!
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Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
EigenLayer was in the news recently after it announced its “stakedrop,” where it will distribute EIGEN tokens to early users of the restaking platform.
Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community.
They also address criticisms of the token’s launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
Transcript Ep.640: Why EigenLayer Gave Away More Tokens After Widespread Criticism of Its Stakedrop
What’s Poppin’?
by Sam Sriram, Sage Young, Michael Bodley, Juan Aranovich and Frederick Munawa
‘Don’t Be Stingy’ About Token Airdrops Says Uniswap Founder
If you don’t think the community deserves a significant amount, don’t release a token, said Uniswap’s Hayden Adams.
Bitcoin Has Processed One Billion Transactions
The Bitcoin network has processed one billion transactions, 15 years, four months, and four days after Satoshi Nakamoto mined the genesis block.
Hedge Fund MEV Capital Trying to Bring DeFi to the Masses
Just 1.4% of all crypto users are involved in DeFi, underscoring the difficulty of winning retail investors over to the opaque asset class. DeFi-focused hedge fund MEV Capital is now making a play for this underserved investor group.
Why LayerZero’s New Anti-Sybil Policy Is Getting Both Backlash and Praise
Amidst a week of major airdrop controversy, crypto project LayerZero goes on the offense and its community reacts strongly.
Why Cosmos DeFi Hub Osmosis Is Launching a Bitcoin L2
Cosmos-based blockchain Osmosis is entering the Bitcoin layer 2 race. Its “alloyed bitcoin” product, which will roll out next month, could prove a key component in Osmosis’s security model.
Base Emerges as Rising Star as Coinbase Revenues Surge
Base, the Ethereum layer 2 project which launched last year, had more than twice the transaction volume seen on the Ethereum blockchain over the past 30 days, according to Coinbase CEO Brian Armstrong.
Daily Bits…✍️✍️✍️
⚖️ Coinbase is being targeted by a new class action lawsuit alleging it sells unregistered securities, echoing claims from a previously revived case.
🌿 The SEC delayed its decision on the 7RCC Spot Bitcoin and Carbon Credit Futures ETF until June 24, 2024, citing the need for additional time to review.
💾 Paolo Ardoino, Tether CEO and Bitfinex’s chief technology officer, clarified that recent claims of a Bitfinex database breach were unfounded and investigations confirmed the user database was secure.
🔥 Ethereum's daily ether burn rate hit a yearly low, influenced by significantly reduced gas fees currently ranging between 5 and 10 gwei.
😢 Someone lost over $71 million in wrapped bitcoin due to an address poisoning attack, highlighting the risks in some crypto transactions.
📈 Grayscale's Bitcoin ETF recorded its first net inflow, of $63 million, since its debut in January.
🚨 Former executives of the defunct crypto lender Cred have been indicted, by the U.S. Attorney's Office in the Northern District of California, on charges including wire fraud and engaging in illicit financial transactions.
💵 BTC-e operator Alexander Vinnik pleaded guilty to money laundering, concluding a prolonged legal saga involving multiple countries.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 0.7%, trading at $64,109
ETH is up 0.5%, trading at $3,146
BTC dominance: 50.5%
Crypto market cap: $2.52T
*All data as of today, 06:46 am ET. Source: CoinGecko
Recommended Reads
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Protos: It’s been a messy launch for friend.tech’s FRIEND token
The Defiant: EigenLayer Airdrop Outcry Shows Points are Raising Traders' Expectations
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