PRESS RELEASE. Dubai, UAE – Enegix Global, a leading player in the digital mining infrastructure industry based in the UAE, is excited toannounce the launch of its new brand, 21pool. The brand’s flagship product is a bitcoin mining pool that specializes in aggregating the computational power of miners to increase payouts. 21pool utilizes the most […]
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The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM
PRESS RELEASE. Astra Nova, the pioneering Web3 RPG from Saudi Arabia, is excited to announce the launch of its SocialFi platform, The Black Pass. This innovative platform is accessible through a free soulbound NFT and offers a competitive edge by tracking players’ in-game activity. On The Black Pass, users embark on social quests and collect […]
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Robinhood Launches Its First Crypto Staking Product
Robinhood has introduced its first-ever crypto staking product, which will be available to European customers. The company has also launched several other new features for European users. “Robinhood Crypto customers can now stake their solana (SOL) holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the […]
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The XR Foundation Launches XR One: A Revolutionary Layer3 Blockchain; Saltwater Games Leads With 3 Titles in Development
PRESS RELEASE. The XR Foundation in partnership with Saltwater Games is proud to announce the launch of its gaming-dedicated blockchain, XR One. After receiving grant funding from the Arbitrum Foundation, the Saltwater.Labs team has co-developed the Layer 3 Orbit chain leveraging Arbitrum’s ecosystem of technologies. XR One will be powered by its native $XR token […]
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El Salvador Launches Treasury Holdings Site, Confirms Daily Bitcoin Purchases
The Bitcoin Office of El Salvador (ONBTC) has launched a site that allows anyone to confirm the treasury holdings of the country, offering a large degree of transparency in its finances. The site, composed as a custom instance of mempool space, a popular block explorer, confirms that the country has been purchasing one bitcoin per […]
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Okx Launches in Australia With Comprehensive Crypto Services
Global crypto exchange and Web3 technology company, Okx, has officially launched its services in Australia. The platform now offers spot trading for all users and derivatives trading for verified wholesale clients. Users can deposit and withdraw AUD via most Australian banks and have access to express buy/sell, P2P, convert functions, and spot trading. A total […]
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Latam Powerhouse Crypto Exchange Bitso Launches Web3 Wallet
Bitso, the Mexico-based, Latam-focused cryptocurrency exchange, recently launched its own Web3 wallet, targeting the decentralized finance (defi) ecosystem. The idea behind this new product is to ease the onboarding of Bitso’s customers into this landscape, allowing them to dabble in non-fungible tokens (NFTs), decentralized exchange, and other services from a trustable platform. Bitso Launches Web3 […]
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Latam Insights: Illegal Crypto Crackdown in Argentina, Bancolombia Launches Crypto Exchange
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine authorities crack down on illegal crypto investment scam, Bancolombia launches cryptocurrency exchange Wenia, and Genesis Digital Assets announces flare gas-powered bitcoin mining site in Argentina. Argentine Authorities Crack Down on .25 Million […]
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EigenLayer Launches Airdrop Season, Allowing Users To Claim 113M EIGEN Tokens
Restaking protocol EigenLayer has unveiled its highly anticipated airdrop season, during which eligible users can claim a portion of the initial EIGEN token supply.
EigenLayer Sets September 2024 Deadline
The protocol’s announcement on Friday revealed that “Season 1” commences with 6.05% of the total supply, which users can claim starting on May 10.
Moreover, “Season 1 phase 2,” set to begin mid-June, will increase the claimable percentage to 6.75%. Season 1 will distribute approximately 113 million EIGEN tokens to participants. EigenLayer has reserved 15% of the initial token supply for the community across all seasons, signaling its commitment to inclusive participation.
EigenLayer has also announced that EIGEN tokens are currently non-transferable. However, the protocol plans to unlock token transfers once new features are launched and “further decentralization” is achieved.
These developments are expected to take place by September 30th, 2024. Until transfer restrictions are removed, core contributors and investors will not receive EIGEN staking rewards, and no inflation will occur.
Record-Breaking Billion In Assets
Since its soft launch in 2023, EigenLayer has reportedly attracted billion in assets, making it a prominent player in the decentralized finance (DeFi) space.
According to Bloomberg, the protocol’s restaking service offers amplified returns by leveraging the process of depositing ETH coins to support the Ethereum blockchain. Eigen Labs, the Seattle-based firm behind EigenLayer, raised approximately 5 million from notable backers, including a16z Crypto.
Investors gain access to EigenDA by staking EIGEN, a performance data availability system supporting Ethereum rollups. The protocol claims this presents an opportunity for users to secure amplified returns.
Additionally, EigenLayer will shortly introduce compatibility with various AVSs (Application-Specific Verification Systems), offering stakers more options.
Nonetheless, virtual private network users and residents of countries such as the US, Canada, and China have been excluded from the airdrop, highlighting the challenges of operating within regulatory frameworks and ensuring compliance. Eigen Foundation’s executive director, Robert Drost, acknowledged the complexities of navigating regulatory guidelines:
It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity.
Despite these setbacks, EigenLayer’s popularity has positioned it as the second most popular DeFi application, surpassing liquid staking platforms like Lido and Rocket Pool.
While liquid staking provides easier access to staking rewards and leads the DeFi category, it has experienced significant outflows in recent months. DefiLlama data indicates a 27% decline in total value locked in liquid staking protocols since their peak of billion in March. EigenLayer’s restaking service has contributed to the restaking of nearly 4% of all ETH.
The second largest cryptocurrency on the market, Ethereum, is trading at ,890, following Bitcoin’s lead with a 3.8% drop in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
The XR Foundation Launches XR One: A Revolutionary Layer3 Blockchain; Saltwater Games Leads With 3 Titles in Development
PRESS RELEASE. The XR Foundation in partnership with Saltwater Games is proud to announce the launch of its gaming-dedicated blockchain, XR One. After receiving grant funding from the Arbitrum Foundation, the Saltwater.Labs team has co-developed the Layer 3 Orbit chain leveraging Arbitrum’s ecosystem of technologies. XR One will be powered by its native $XR token […]
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