Delta-neutral ETH-backed stablecoin protocol, Ethena Labs, announces the end of their Shards campaign, which coincides with the release of the ENA token and the airdrop for participants. BadgerDAO drops their latest product, eBTC, as well, while Ethereum L2, Linea, unveils yet another campaign in a bid to attract liquidity to their chain.
Overview
Total Value Locked (TVL) across all chains recovers slightly as Bitcoin reclaims key levels through the week and Bitcoin ETF inflows turn positive again after five consecutive days of net outflows. Notable outperformers to the trend include Ethereum L2s, Linea, Base, Blast and Mode, which have all seen increases in TVL in the 30% range.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
Nouveau discusses the airdrops space and how users should assess and decide on which airdrops to farm.
TL;DR:
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Airdrops are a positive flywheel, rewarding users while pumping protocol metrics which help them achieve higher valuations
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Airdrops should be viewed similarly to a trade in terms of protocol chosen, capital used, fees incurred and return on investment
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Focus capital on high-conviction airdrops and spray and pray with smaller amounts of capital
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Explore more on-chain, use more tokenless protocols in your regular actions and don’t be afraid to move on from a poorly performing farm.
Ethereum: BadgerDAO Drops eBTC
BadgerDAO launches eBTC, the most decentralized form of BTC on Ethereum. Users can now deposit ETH, WETH, stETH or wstETH to borrow eBTC at zero fees, while earning staking yields from Lido Finance.
Rollup-as-a-Service protocol, AltLayer, unveils staking for the ALT token. Staking is the first step in the release of MACH Alpha, a fast finality layer leveraging EigenLayer’s technology. The layer will be designed to support Optimism and Arbitrum initially.
Other Product Launches and Updates
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Real-world asset (RWA) platform, Ondo Finance, enables 24/7 redemption and subscription to OUSG, their product which invests in US Treasuries. Beyond that, Ondo will also be transferring $95 million of OUSG’s backing to BlackRock’s latest BUIDL fund.
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Cross-chain money market platform, Pike Finance, announces the tokenomics for their governance token, P. In the same week, Pike conducted their presale, where PIU token holders can burn their PIU for a discounted price during the presale.
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Liquid restaking protocol, EtherFi, kick off Points Season 2, which will run until 30th June, whereby 5% of the ETHFI supply will be distributed to participants. Stakers will receive more points the longer they stake their ETH with EtherFi.
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Lending protocol, Notional Finance, launches V3 on Ethereum mainnet, opens up for deposits in USDC, USDT, ETH and rETH. NOTE incentives are also live for users and can be maximized using leveraged lending or borrowing strategies on Notional Finance.
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Stablecoin protocol, Angle Protocol, unveils USDA, their USD-pegged stablecoin, which operates alongside EURA, their Euro-pegged stablecoin. USDA holders can also stake their tokens for a yield derived from real-world assets.
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ETH liquid staking token (LST) stablecoin protocol, PrismaFi, has been hacked for $12 million worth in mkUSD and wstETH. The protocol has since been paused by the team. Their two stablecoins, mkUSD and ULTRA are also reported to have remained overcollateralized.
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Liquidity bootstrapping pool (LBP) platform, Fjord Foundry, announces their upcoming LBP token sale on April 13, as well as the airdrop for the FJO token to users of Fjord V1 and V2 LBPs.
L2s: Introducing Linea Voyage: Surge Campaign
ConsenSys-backed L2, Linea, announces a new campaign for the chain, the Linea Voyage: Surge, which will last for the upcoming six months or until Linea reaches 3 billion in TVL, whichever occurs first. This campaign is also implied to be the last campaign on the chain.
Other Product Launches and Updates
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Arbitrum-based perpetuals decentralized exchange (DEX), Hyperliquid, announces upcoming support for spot trading on the platform as well as an upcoming airdrop of the PURR token to Hyperliquid point holders. 50% of the token supply will be dropped proportionally to points held, with the remaining 50% used for liquidity provision.
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Liquidity management solution, Maverick Protocol, announces the upcoming Maverick V2 upgrade to their protocol, which will introduce greater gas efficiency, more flexibility over liquidity pool and directed MAV token incentives, which will be controlled via their vote-escrow token model.
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StarkNet-native DEX, SithSwap, kicks off the token sale for their governance token, SITH. Users can contribute to the token sale in STRK tokens, with 15% of the total token supply up for grabs. The token sale will end on 5th April.
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Blast-based NFT game, Munchables, has been exploited for $62.5 million, due to a rogue developer on the team. The funds have, fortunately, since been transferred back to the protocol.
Another Week, Another Airdrop
Stablecoin protocol, Ethena, announces the wrap up of their Shards campaign on 1st April, with the token generation event (TGE) and airdrop occurring on 2nd April. The top 2,000 accounts by number of Shards will be subjected to a linear vesting period for 50% of their allocated tokens.
Interoperability layer, Wormhole, announces the claim date for the W token airdrop as 3rd April.
Omni-chain orderbook DEX, Orderly Network, launches their gamified trading campaign, “The Road to Order,” where users earn “Merits” for a share of the Orderly Network token when it launches. A significant portion of the token airdrop will be allocated to participants in this campaign.
Tweet of the Week
Eugene discusses the reality of memecoins taking the place as the optimal beta for the L1 trade, with WIF surging to new highs over the week and a similar observation on Base with Base memecoins.
Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!