DeFi
More DeFi protocols could snub US users as crypto airdrops explode – DL News
A version of this article appeared in our Decentralized newsletter of May 7. Register here.
general manager, Alex here replacing my colleague Tim.
Here’s what caught my attention about DeFi recently:
- EigenLayer’s next airdrop eliminates the Americans.
- The announcement of Aave v4 ruffles feathers.
- DL News may have confirmed the true identity of ZKasino’s pseudonymous founder, Derivatives Monke.
It’s a szn airdrop
DeFi projects are announcing token airdrops left and right in an attempt to profit from rising crypto prices.
Last week, the so-called SocialFifriend.tech platform handed over over 13 million FRIEND tokens to early adopters, resulting in six-figure airdrops for some recipients.
But the ami.tech airdrop will likely pale in comparison to the next EIGEN airdrop, scheduled for May 11.
Crypto deposited on friend.tech stood at $13 million as of Monday. Clean diaper? More than 15 billion dollars.
Undoubtedly, a good portion of EigenLayer deposits came from users in the United States.
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US users were therefore upset to learn that they would be excluded from the next airdrop due to their location in a “jurisdiction otherwise considered high risk with respect to the airdrop.”
And no, a VPN won’t save them.
Excluding Americans from airdrops is nothing new. As of 2021, crypto perpetual futures exchange dYdX has banned US users from its airdrop.
But now, airdrops are rarely retroactive. Many protocols have moved to “points” campaigns to attract more deposits. The result is airdrops that look more and more like yield farming.
Many argue that EigenLayer should not have accepted deposits from those in the United States if it never planned to include them in the airdrop – it’s like a bank advertising a lucrative interest rate then refusing to pay it to the depositors.
And EigenLayer isn’t the only multibillion-dollar DeFi protocol gearing up for an airdrop. The LayerZero cross chain bridge also has shared similar projects.
LayerZero and its associated crypto bridge, Stargate, have no problem letting the United States send cryptocurrencies or provide liquidity for bridge transactions.
Airdrop hopefuls are now closely watching whether LayerZero will also ban US users.
The OSS drama continues
I find comfort in the steady beat of a clock, the bounce of a basketball, and a crypto founder complaining that a competitor stole his code.
For our past coverage on the open source crypto conundrum, see here And here And here.
A reminder: open source development is sacrosanct in crypto. The OG cryptocurrency, Bitcoin, is open source. People are free to use the code as they wish.
After all, industry players are trying to build a more open and transparent financial system. Might as well let everyone take a look at what’s going on under the hood.
Here’s the problem: Good ideas spread quickly, but often at the expense of those who invented them in the first place. IP? Copyright? I got tired of it.
The latest hubbub came last week, when Aave Labs announced “Aave 2030“, an ambitious set of proposals that include a rebranding and a new version of the company’s eponymous lending and borrowing protocol, dubbed “V4.”
Within hours, competitors expressed their dissatisfaction.
Curve founder Michael Egorov said DL News he spoke with Aave founder Stani Kulechov, and they are friendly.
“[Aave] probably won’t copy the algorithm. They are fascinated by this feature, but would implement [it] by them selves. This is very good in this case,” Egorov said.
“But it’s not a trivial thing to build either!” It’s like building a rocket. Building your own to go to space is a good thing. …Going to space is not a “concept” that can be stolen.
Disclaimer: Both co-founders of DL News were previously major contributors to the Curve Protocol.
Who is Monke Derivatives?
Last month, ZKasino, a crypto gaming platform, disappeared $30 million in user deposits, swapping user-deposited Ether for a protocol-issued token, ZKAS.
This change caused an uproar, as depositors were unable to redeem their Ether.
New documents shed light on the identity of one of its pseudonymous founders, Derivatives Monke.
“The FIOD has arrested a 26-year-old man on suspicion of fraud, embezzlement and money laundering,” FIOD Beaggingdienst, a Dutch financial fraud prevention agency, said in a statement.
“The investigation focuses on a large-scale scam around the so-called ZKasino gaming platform,” the agency said.
It is unclear who Dutch authorities have arrested in connection with the millions of missing people.
But the legal documents consulted by DL News Elham Nourzai, a 26-year-old Dutch national known online as Derivatives Monke, was the main figure behind ZKasino.
Other evidence, including photos on social media, company registration documents and a scan of a passport shared with DL Newssuggests that Nourzai and Derivatives Monke are one and the same.
Nourzai, who attacked previous charges on social networks, I did not respond to one DL News request for comment.
ZKasino investors are now focused on getting their crypto back.
Previous attempts to recover crypto projects have had limited success. But Dutch authorities making an arrest in connection with ZKasino could be a major step forward in recovering funds.
Data of the week: a revival of friend.tech technology?
We’re keeping an eye on friend.tech activity, to see if last week’s airdrop can reignite interest in the struggling protocol.
This week in DeFi governance
PROPOSAL: Aave details ambitious ‘Aave 2030’ plans, including major upgrade and rebranding
VOTE: GMX Considers Ending Multiplier Points Rewards
VOTE: Rocket Pool considers contributor allocations
Article of the week
John Paul Koning weighs in on USDT issuer Tether’s gargantuan first-quarter profits.
A stablecoin reporting $4.5 billion in Q1 profits with just a few dozen employees is a great illustration of how incredibly profitable it can be to engage in regulatory arbitrage of the US anti-money laundering framework silver.
– Jean-Paul Koning (@jp_koning) May 1, 2024
What we’re looking at…
As launch season approaches, MakerDAO is preparing to introduce two new tokens: NewStable and NewGovToken.
Explore details below ↓ pic.twitter.com/twFAVkE1nZ
– Maker (@MakerDAO) May 3, 2024
MakerDAO’s ambitious and controversial “Endgame” transformation is about to unveil major changes.
Founder Rune Christensen believes Endgame will place Maker and its dollar-pegged digital token DAI beyond the reach of any government, impossible to shut down or deactivate. And it starts with a stablecoin to replace DAI, codenamed NewStable.
Do you have a tip on DeFi? Contact us at tim@dlnews.com.
DeFi
If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation
Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.
The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.
Bonk remains strong despite market fluctuations
While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.
Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.
Pepe should see a big rise in the next bull run
Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.
Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.
In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.
Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4
Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.
With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.
Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.
The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.
RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.
Discover the exciting opportunities of the Rollblock (RBLK) presale today!
Website: https://presale.rollblock.io/
Social networks: https://linktr.ee/rollblockcasino
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DeFi
Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong
Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.
Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.
According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.
“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.
I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.
The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.
“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”
I expect them to launch actively managed crypto ETFs [in the] coming years. ”
Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.
“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.
Chasing mass adoption of normies may be chasing the wrong Grail from the start.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/ktsdesign
DeFi
Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong
Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.
Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.
According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.
“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.
I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.
The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.
“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”
I expect them to launch actively managed crypto ETFs [in the] coming years. ”
Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.
“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.
Chasing mass adoption of normies may be chasing the wrong Grail from the start.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check Price action
follow us on X, Facebook And Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/ktsdesign
DeFi
If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation
Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.
The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.
Bonk remains strong despite market fluctuations
While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.
Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.
Pepe should see a big rise in the next bull run
Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.
Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.
In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.
Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4
Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.
With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.
Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.
The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.
RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.
Discover the exciting opportunities of the Rollblock (RBLK) presale today!
Website: https://presale.rollblock.io/
Social networks: https://linktr.ee/rollblockcasino
No spam, no lies, only insights. You can unsubscribe at any time.
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