On Wednesday, the Web3 fitness and move-to-earn platform Stepn unveiled a $30 million airdrop campaign, offering participants the chance to earn FSL points that can be exchanged for GMT tokens. Stepn Reveals $30M Airdrop, Precedes Big Brand Collaboration The Solana-based Stepn has begun the allocation of 100 million FSL points among its users, which they […]
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Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans.
According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.
Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times.
After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation.
The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features.
Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.
As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system.
Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.
Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress.
The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.
However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge.
Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32.
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Upland, a popular Web3 metaverse and crypto game, unveiled the inaugural chapter of its “Share and Build” airdrop series on Friday. This initiative is designed to reward players with tokens for their participation. Upland’s Airdrop Series Rewards Community Participation At its essence, Upland is a Web3 metaverse platform dedicated to virtual land ownership and fostering […]
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PRESS RELEASE. According to community volunteers, CharityDAO will launch a large-scale airdrop event on February 29th. It is estimated that 76 million CHD tokens will be distributed to participating users. The current method of interaction is not yet known. This is another popular Social-Fi project announcing an airdrop following friend.tech’s high-profile announcement last week. Benefiting […]
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A sophisticated social engineering campaign successfully duped several prominent crypto news outlets into promoting a fabricated $10 million Uniswap airdrop on Feb. 16. The scammer, posing as a Uniswap Foundation representative, offered coordinated publicity in tandem with the legitimate Uniswap v4 announcement.
CryptoSlate declined to cover the airdrop, noting concerns about potential malicious changes to tracking links post-publication. While Uniswap’s v4 announcement proved genuine, the accompanying airdrop was exposed as a scam.
The scammer meticulously built credibility, referencing a conversation with “Uniswap’s VP of Communication” and proposing favorable payment coverage. This level of coordination suggests an evolution in tactics utilized by scammers targeting the crypto media space.
As the conversation of a potential partnership continued, the scammer began to increase the complexity of their duplicity. Below is a forged screenshot of an email sent to CryptoSlate to prove the campaign’s legitimacy.
However, on reviewing the content, CryptoSlate identified the use of tracking links using redirects rather than typical UTM parameters, meaning that the links could be changed to direct to any website at any time, with the publication having to alter the content.
The scammer was confronted, upon which further communication ceased. The company involved in the scam is registered in the United Kingdom, one of the top three countries for crypto crime in 2023.
The article in question, successfully published on numerous crypto media sites, falsely claimed the launch of Uniswap V4 and a $10 million UNI airdrop. It included real links to the Uniswap website, which were then changed to point to a phishing site after Uniswap made its actual announcement.
Specifically, it reported a generous $10 million UNI airdrop to celebrate the V4 launch. It described it as a “first-come, first-serve” initiative to reward the community and attract new users. This move was presented as a strategy to democratize financial participation and engage users. This contrasts legitimate airdrops conducted based on previous wallet activity, not first-come, first-serve.
In contrast, the real news highlights the Uniswap Foundation’s announcement of the tentative launch date for Uniswap V4 following the Ethereum Dencun upgrade. The genuine announcement focuses on the development stages, including core code completion, testing, gas optimization, and security enhancements. It mentions a community audit contest and the deployment to the testnet as preparatory steps for the final launch in the Ethereum mainnet, tentatively scheduled for the third quarter of 2024.
While no financial losses for readers have been reported as of press time, this incident erodes trust. For reputable news outlets, maintaining credibility is paramount. In the aftermath, crypto media and industry observers will look closer at measures necessary to safeguard against increasingly sophisticated social engineering scams.
This incident highlights the risks inherent in the fast-paced crypto news cycle. Publishers face mounting pressure to break impactful stories quickly but must thoroughly vet potential sources. The scammer’s use of self-destructing messages adds a layer of security, hindering post-incident investigations.
It serves as a salient reminder of the due diligence required in crypto reporting. In this instance, the fraudulent airdrop scheme closely paralleled a major legitimate product announcement, increasing plausibility. Journalists are advised to maintain a healthy skepticism and employ rigorous verification techniques, even when confronted with seemingly urgent and enticing opportunities.
Solana-based Jupiter airdrop has generated substantial excitement, driving decentralized exchange (DEX) trading activity on the layer1 blockchain network beyond that of Ethereum.
Data from DeFillama shows that Solana-based DEXs facilitated trades totaling $1.14 billion in the last 24 hours, surpassing the approximately $1.13 billion traded on Ethereum-based platforms during the same period.
This achievement underlines the remarkable growth and widespread adoption witnessed within Solana’s DeFi ecosystem, capturing the crypto community’s attention. Notably, last December marked the first instance of Solana DEXs outpacing Ethereum, propelled by heightened memecoin and stablecoin activity.
While the daily figures demonstrate Solana’s momentary lead, it’s essential to note that the weekly transaction volume of Solana-based DEXs stands at $6.113 billion, slightly trailing behind Ethereum’s $7.852 billion.
On Jan. 31, decentralized exchange aggregator Jupiter executed a noteworthy airdrop, distributing approximately $700 million worth of its native token, JUP, to nearly a million wallets. The trading platform is the most dominant protocol on Solana, facilitating trades worth $11 billion in January.
Its airdrop garnered substantial attention from the crypto community, leading to rapid listings on major centralized exchanges like Bybit and Binance. On its first trading day, the asset witnessed an impressive volume surpassing $1.4 billion, propelling the token’s value to a peak of $0.72 before settling at $0.62 as of press time, according to CoinMaketCap data.
On-chain investigator Lookonchain identified three airdrop participants who amassed over $1 million in gains. These individuals received a collective airdrop of 5.5 million JUP tokens, valued at an estimated $3.6 million, distributed across approximately 27,600 wallets.
The launch and airdrop of Jupiter’s token significantly boosted activity on the Solana network. Notably, the web3 wallet Phantom reported unprecedented traffic levels, tripling the total volumes seen after the recent WEN meme token launch.
Blockchain analytical firm Artemis corroborated this, pointing out that the anticipation of the airdrop had driven active addresses on Solana to more than 1 million earlier in the week.
Despite the surge in activity, Solana’s network demonstrated exceptional stability, dispelling concerns of potential downtime that had plagued it in the past.
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Evernode, a layer-2 network developed on the XRP Ledger (XRPL), has recently provided crucial updates concerning its airdrop for XRP holders. The project, which integrates smart contract capabilities with XRPL, has revised its launch to December 18, 2023, following technical challenges. On the same day, the airdrop is expected to take place.
The revised launch date of December 18, 2023, is primarily due to delays with the XUMM wallet’s integration in supporting account cloning on the Xahau network. This network is a recent addition as a sidechain to the XRPL.
Situated within this new framework is Evernode, a pioneering project on Xahau. Evernode is the first major project built on Xahau, marking the first major initiative developed using the Hooks feature that Xahau introduces to the broader XRP Ecosystem.
Regarding the launch, Evernode stated, “We’re now targeting launch on 18 December 2023… XUMM has been unexpectedly delayed in supporting the cloning of XRPL Accounts on Xahau. We can’t finalize our airdrop until this happens. We believe this will be ready by 18 December, but it is obviously beyond our control and may still change.”
Besides that, Evernode informed the community about a notable achievement. The project’s three Hooks have been successfully audited, an important milestone in ensuring the network’s security and functionality.
Additionally, the project has established the Xahau address for issuing Evers tokens: rEvernodee8dJLaFsujS6q1EiXvZYmHXr8. For users and airdrop participants, it is crucial to verify this address to avoid scams.
The airdrop’s eligibility was determined by a snapshot taken on September 1, 2023, at Ledger #82237135. This snapshot recorded the XRP balances on the mainnet at 6:00 PM AEST (8:00 AM UTC). Eligibility for the airdrop includes XRP holders who held up to 50,000 XRP in a non-custodial wallet or used Bitrue or Uphold at the snapshot time.
Evers tokens will be airdropped into the Xahau account based on XRP holdings in the corresponding XRPL account on the snapshot date. Moreover, the projects’ update further mentioned the commencement of the “formal process” of airdrop preparation on November 27, along with the promise of a tool to assist users in registering and calculating their Evers token allocation based on XRP holdings at the time of the snapshot.
The Evers token (EVRS) has a maximum supply of 72,253,440. The airdrop will distribute 20,643,840 Evers among various stakeholders, including 5,160,960 to XRP holders, 5,160,960 to founders, 5,160,960 to beta testers, and 5,160,960 to the Evernode project itself.
The remaining 51,609,600 EVRS tokens will be held inside the Evernode Registry Hook. They will be distributed as rewards to hosts in 10 epochs of 5,160,960 Evers over 118 years.
Evernode’s launch is anticipated to be a major addition to the XRPL ecosystem. The introduction of a layer-2 network and sidechain could expand development possibilities, leading to more advanced dApps and potentially increasing user engagement with XRPL.
At press time, the XRP price has posted a bullish breakout from its downtrend channel in the shorter timeframe, trading at $0.6185.
Featured image from Shutterstock, chart from TradingView.com
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