A misinterpreted announcement by the HBAR Foundation suggested that Blackrock’s ICS US Treasury Fund was tokenized on the Hedera blockchain in partnership with Archax and Ownera, leading to a significant misunderstanding and a 96% increase in the HBAR token price within 24 hours. However, Blackrock had no direct involvement in the tokenization process, as clarified […]
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Zeta Markets, a decentralized exchange (DEX) built on Solana, will launch its governance Z token today, according to a statement shared with CryptoSlate.
The DEX revealed that the token’s debut aligns with its commitment to “becoming a fully community-centric protocol” and empowers its community members to influence its decisions.
Zeta has enjoyed considerable interest and adoption from the crypto community thanks to the rising popularity of the Solana ecosystem. The DEX stated that its monthly trading volumes crossed a new all-time high (ATH) of over $1.2 billion, traded by more than 71,000 monthly active users in March.
Data from DeFillama shows that the total value of assets locked on the platform has soared to a new high of over $21 million as of press time.
Z token has a total supply capped at 1 billion. Zeta Markets plans to allocate 10% of the tokens through airdrops, with 5% earmarked for Zeta traders and community members based on their Z-Score.
The platform revealed that 1% of the airdrop would be reserved for other Zeta users affiliated with strategic communities within the Solana ecosystem. In comparison, the remaining 4% will be allocated to Z stakers.
Upon launch, approximately 30% of the token supply will be allocated to incentivize maker and taker trading activities, acknowledging their pivotal role in maintaining liquidity on the exchange.
Tristan Frizza, the founder of Zeta Markets, stated that the token launch is part of the protocol’s long-term vision. This vision includes pioneering a novel vote escrow model on Solana and incorporating a staking mechanism that enables holders to earn additional rewards.
Additionally, Zeta plans to introduce the first layer-2 rollup on the Solana network before the end of this year.
According to Frizza:
“With a platform that has already stood the test of time and facilitated billions in volume for tens of thousands of traders, we’re excited to launch $Z, the governance token of Zeta, to closely align the long-term interests of users with the protocol. This will empower the community to shape the future trajectory of the protocol and weigh in on important decisions as we collectively strive to deliver the ultimate DEX experience.”
The post Zeta Markets launches governance token to steer Solana-based DEX toward community rule appeared first on CryptoSlate.
Badgerdao, in partnership with Lido, has unveiled eBTC, an ether-backed synthetic bitcoin token aimed at enhancing the decentralization and capital efficiency of borrowing bitcoin in the decentralized finance (defi) space. Badgerdao and Lido Forge Partnership to Launch eBTC Badgerdao, a decentralized autonomous organization (DAO) committed to integrating bitcoin (BTC) into defi, has announced the launch […]
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Liquid restaking platform EtherFi’s ETHFI token has faced considerable struggles since its airdrop, partly due to one of its early investors selling their airdropped tokens.
Blockchain analytical firm Nansen reported how Arrington XRP Capital, one of EtherFi’s investors, allegedly may have gamed EtherFi’s airdrop process for personal profit.
Nansen’s findings reveal that Arrington XRP Capital staked 5,000 ETH across ten separate wallets, each containing 500 ETH. This move allowed the firm to claim the ETHFI airdrop from ten separate wallets, amassing 200,498 ETHFI tokens.
Subsequently, all the airdropped tokens were transferred to the Binance crypto exchange, suggesting the firm might have divested its holdings.
Such maneuvers, known as Sybil attacks, are usually frowned upon in the industry as they enable individuals to manipulate a network by utilizing multiple identities and potentially circumventing vesting schedules.
Several community members, including blockchain sleuth ZachXBT, immediately voiced concerns about Arrington XRP Capital’s actions while highlighting the unfair advantages the project gained.
Since the March 18 airdrop, ETHFI’s price has faced considerable sell-pressure, declining by more than 32% within the last three days to as low as $2.83 before rebounding to $3.24 as of press time, according to CoinMarketCap data.
EtherFi’s team defended Arrington’s action, asserting that the investment firm duly informed it about the multiple wallet staking strategy.
According to EtherFi, Arrington belonged to the top-tier staker category, with a linear distribution model in place. Consequently, the multiple wallets did not equate to the firm garnering additional points.
The project added:
“These assets, including the ETHFI tokens is a very small percentage of their position and it’s part of their liquid fund which is actively traded, and that is the reason the assets were moved to Binance.”
Despite this explanation, some community members remained skeptical, suggesting that Arrington’s maneuver might have been a means to bypass the three-month vesting period applicable to wallets holding over 25,000 ETHFI tokens.
In response, EtherFi stated that Arrington was unaware of the vesting period, as the decision was made shortly before the airdrop.
Meanwhile, Arrington Capital also denied Sybil attacking EtherFi, saying:
“This was not a sybil attack and did not take advantage of the protocol’s distribution methodology. Because each account was over a minimum threshold in value, the airdrop distribution was linear. This means that the total number of ETHFI tokens airdropped to our wallets is the same as if all the eETH was in one wallet.”
It further explained that it only sold a small percentage of its ETHFI allocation, amounting to just $700,000, representing a tiny percentage of its overall position in the project.
Bitcoin.com, a leading figure in the world of cryptocurrency and blockchain technology, is thrilled to announce a significant enhancement to the utility of its ecosystem token, VERSE. In a groundbreaking collaboration, VERSE has now been integrated with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. This integration heralds a new era of […]
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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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ceτi AI, a pioneering decentralized artificial intelligence infrastructure provider, is thrilled to announce the successful launch of its CETI token. Founded by a team of visionaries led by Dennis Jarvis (formerly of Bitcoin.com and Apple), ceτi AI is on a mission to democratize access to AI by building a globally distributed, high-performance, intelligent, and scalable […]
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Amid a significant uptick in ERC20 tokens, especially meme coins, the expense of conducting transactions on Ethereum has notably increased, pushing the average fee to $22.19 for each operation. Further data indicates that executing a swap on a decentralized exchange (dex) platform could incur a cost of $66. Transfers and Dex Swaps Costlier as Ethereum […]
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The top three meme tokens — dogecoin, shiba inu, and bonk — have captured double-digit gains over the past day, rising between 23.3% to 37.5% against the U.S. dollar. Dogecoin has risen 29.9% and nears crossing the $0.13 threshold. Dogecoin, Shiba Inu, and Bonk Spark Meme Coin Frenzy With Major Gains They say every dog […]
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