Markets
Top crypto news this week: Blast Airdrop, Trump-Biden debate
This week, some major news caught the attention of investors and crypto enthusiasts.
Market observers expect these developments to have a substantial impact on decentralized finance (Challenge) sector and the broader crypto industry.
Blast Airdrop Launches
Blast, an Ethereum Layer 2 (L2) network, will launch his long-awaited airdrop next week, June 26. On June 19, the project announcement that Blast-based decentralized applications (dApps) must distribute all Blast Gold and Blast Points to users before June 25 to be eligible for the airdrop.
The airdrop will also distribute tokens among network users and developers. Fifty percent of the tokens will be awarded to developers via Blast Gold and 50% to users via Blast Points. User allocations will be determined by their wallet sales and activity on dApps.
Users must also log in to the Blast Dashboard from an eligible External Account (EOA) wallet to be eligible for the airdrop. EOAs are non-custodial wallets controlled by a user via a private key.
Users with points or gold in their EOA must log in to the Blast Dashboard with that EOA at least once, either by receiving an invite or by linking it to an existing account. Users are also reminded to link built-in wallets.
Initially, the airdrop was planned for May, but the project delayed its token generation event (TGE) last month. Therefore, it increased users’ airdrop allocations.
Launch of Ethena’s ENA catering pools
Ethena, a synthetic currency protocol based on the Ethereum network, will release its first ENA replenishment pools on Symbiotic on June 26. Symbiotic is a recently launched protocol that allows for permissionless reconstitution.
In his announcement last week, Ethena said that staked ENA and sUSDE will be the only newly available assets to deposit into Symbiotic during the next epoch. Ethena also detailed the rewards for the ENA put into play in Symbiotic.
“ENA staked in Symbiotic will receive the following rewards: Ethena 30x per ENA per day, Symbiotic Points, Mellow Points, and potential future LayerZero RFP allocations (if allocated to Ethena),” the team said. said.
Learn more: What is the Ethena protocol and its synthetic dollar USDe?
GMX will begin distributing 5.4 million Arbitrum (ARB) tokens as ecosystem incentives
THE Arbitration DAO approved a proposal of GMX, a decentralized exchange (DEX) in the Arbitrum ecosystem, to launch the STIP-Bridge incentive program with a grant of 5.4 million ARB. These tokens will support the growth of GMX V2 and the Arbitrum DeFi ecosystem. The incentive campaign begins on June 26.
GMX’s STIP-Bridge program includes three categories of incentives: liquidity incentives for LPs in GM pools, trading incentives offering a 75% discount on fees on GMX V2 markets, and incentives for grants for developers integrating projects with GMX V2. The campaign runs from June 26 to September 16, 2024.
GMX will distribute the incentives weekly, starting every Wednesday at 00:00 UTC. This initiative aims to improve liquidity and trading activity on the GMX platform.
Biden vs. Trump Debate and Its Impact on Meme Coins
President Joe Biden and former President Donald Trump are set for a presidential run on CNN debate on June 27. This event marks the first confrontation between a sitting president and a former president since 2020, with Trump having skipped the Republican primary debates.
The debate could be a defining moment in the presidential race, featuring two universally known candidates. Unlike previous Biden-Trump debates, this one will not have a studio audience.
The results could also impact the price of meme coins related to both candidates, including TRUMP, MAGA and BODEN. Historically, the statements or campaign actions of these candidates have influenced the price movements of these very coins.
Optimism and other major token unlocks
On June 30, Ethereum Layer 2 Optimism will increase the circulating supply of its native token by releasing 31.34 million OP tokens. These next unlocked tokens are worth approximately $56.73 million. According to TokenUnlocks data, the project will distribute these tokens to investors and major contributors.
Learn more: What is optimism?
The OP token unlocks. Source: TokenUnlocks
Some members of the crypto community are aware of the potential outcomes of this token unlock. One member warned that selling just 5% of tokens issued each month could result in a substantial 30-70% decrease in the value of some assets like OP on major exchanges, as this could lead to liquidity issues.
In addition, some projects will have major token unlocked this week. One notable unlock is AltLayer, which will release 105.21 million ALT tokens. At the current market price, these tokens are worth approximately $20.32 million.
Read This item for more detailed information on the major crypto tokens unlocked this week.
Anticipation builds for Ethereum ETF approval
In addition to these key events, crypto investors and traders are keenly interested. awaiting approval for Ethereum spot exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). ETF analysts, including James Seyffart and Eric Balchunas of Bloomberg Intelligence, have confirmed their July 2 predictions as the launch date for Ethereum ETFs.
This increased confidence came after several asset managers, such as Fidelity and Bitwise, updated their S-1 forms. Although the SEC has approved Form 19b-4, issuers still need approval of their Forms S-1 to begin trading in the market.
This week’s crypto news highlights important milestones and potential changes in the market. Investors and enthusiasts are closely monitoring these events, anticipating their impacts on market dynamics and broader adoption of cryptocurrencies.
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