GM,

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Here’s what we have for you this week:

• DEGEN Chain Launches

• Wormhole Airdrop

• KAS hits a solid accumulation zone

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Market Rundown

Market overall is down this week. We are seeing consolidation and pullbacks causing liquidations ahead of the halving later this month. However, we are seeing some big price action in certain sectors. Ethena and Wormhole announced their long awaited airdrops and we are seeing a lot of activity on the BASE chain and hype around DEGEN the new L3.

Top Movers

• (+190%) CORE $2.91

• (+62%) ETHENA $1.12

• (+42%) BITGET $1.37

DEGEN Chain’s Hot L3 Launch

Meet Degen Chain, cryptos latest sensation! This "ultra low cost" Layer-3 marvel is turning heads and opening wallets this week. The founders see L3’s as an app or task specific chain: a digital playground where developers unleash creativity with features like community rewards, payments, tipping, gaming—you name it!

Confused about what a Layer-3 (L3) blockchain is? You're not alone, but imagine it as the hottest toy everyone wants but doesn’t fully get. Here’s the scoop: Degen Chain, built on Arbitrum Orbit and launched on Base, is an L3 network tailor-made for the DEGEN token. It’s a tech stack sitting atop layer-2 protocols, which themselves ride on Ethereum. This setup means lightning-fast transactions that won’t break the bank.

The DEGEN token is the lifeblood of Degen Chain, powering everything from microtransactions to massive trades. And this chain isn't just another link in the crypto chain; it’s a breeding ground for the wildest digital experiments.

Since bursting onto the scene, Degen Chain's stats are phenomonal: $100 million transacted in days, over 272,000 transactions, and a playground of 7,500 contracts and 2,300 tokens.

And let's not overlook the meme coin madness: Degen Pepe (DPEPE) hit a $23 million valuation with zero utility, proving hype trumps function. Degen Swap (DSWAP), the network's premier exchange, isn’t far behind with a cool $14 million market cap. These are pretty low market cap’s comparatively but these have grown from $0 in a manner of days.

Despite its novelty, Degen Chain's lacking stablecoin support—so it's all about the $DEGEN, which has skyrocketed by 500% in the past week! This Layer 3 is the crypto scene's new flavor, serving up a meme coin feast and proving that a touch of degeneracy can be wildly profitable.

Airdrop Opportunity

Ether.fi 

Ether.fi not only launched the first market's liquid restaking solution but now controls a significant 25% share of ETH staked on EigenLayer. This pioneer offers instant rewards through native restaking to EigenLayer, outpacing competitors who lag with slower LST restaking methods.

The platform diversifies access via its liquid staking tokens (eETH/weETH) or by allowing users to operate an ether.fi node, starting with zero ETH investment. Recent developments include the debut of "Liquid," a DeFi strategy vault for effortless, diversified yield earning and immediate liquidity. Moreover, ether.fi is gearing up to introduce "Cash," a real-world payment service via credit card, aiming for launch within the next year.

Even before EigenLayer's restaking services go live, ether.fi is proactively securing significant Ether for various EigenLayer-powered projects. With a 60M token giveaway already under its belt, ether.fi is set to distribute another 50M tokens in its ongoing Season 2, highlighting its commitment to rewarding early adopters and maintaining its lead in the crypto sector.

BlockBuzz™️

Quick Hitters from the week

1. Wormhole's Anticipated Airdrop on Solana: Binance and Kraken gear up for listings as over 400,000 wallets prepare for the W token airdrop.

2. Toncoin Payments Go Live on Telegram: Users can now use Toncoin for ad purchases within the platform.

3. Grayscale's Exclusive Proof-of-Stake Fund: Set to offer a new investment opportunity tailored for millionaire investors.

4. FTX's Repayment Roadmap: Bankruptcy estate plans to start creditor repayments by end of 2024.

5. Crypto VCs Buzz Over Q1 Investment Frenzy: Insights into why the first quarter saw heated investment activity, comparing it to past bull markets.

6. High Demand for FTX's Solana Holdings: The estate's $7.5 billion locked solana sale garners significant interest.

7. Dune's TRON Network Integration and HackaTRON Partnership: Joins forces with TRON for its sixth HackaTRON season, expanding its blockchain analytics capabilities.

8. Exploring the World of Memecoins: A look back at the history and the evolving landscape of memecoins.

9. SEC Granted Green Light to Sue Coinbase: A judge rules that the agency can proceed with litigation against Coinbase for allegedly offering unregistered securities.

10.  A Brief History of Memecoins: Their Past and Future

The Twitterverse

A collection of the most interesting stuff on Crypto Twitter this week

Crypto hacker come clean

Some good alpha tweets from a crypto OG

$KAS is sitting around $0.12 as of writing this. If you like KAS (like I do) this is a good level to add to your position. It could fall to the lower support but we agree with Siam that this is near the local bottom.

WAGMI

For the Crypto Culture

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